How Chatbots are Turning a 3% Conversion Rate to 17%
While the e-commerce world may be very well versed with the term conversion rate, here's a quick and easy breakdown.
It represents the size of the audience who goes into your website or socials and completes a desired action.
And by that, we mean making a purchase, which, if we're talking e-commerce pain points, it's the biggest one in the space.
Let's say that, out of 100 website visitors, 3 end up making a purchase.
Here, your conversion rate would be 3%, and unfortunately for most businesses, this is as high as their average conversion rate goes.
Good news though!
Because this is exactly where my chatbots come into play: changing that mere 3% CVR to an unheard of 17%, going as high as 35.79% in some cases!
How is this possible?
Don't worry; I'll let you in on this game-changing secret in just a bit!
But first, some introductions are in order.
If we haven't met, Hi, I'm Liz.
I've been running a DFY AI chatbot agency on a mission to change how online brands monetize their Instagram and Facebook channels, one conversation at a time.
The framework I created is geared towards conversion rate optimization, by bringing the sad average of 3% conversion rate I mentioned earlier, to OUR average 17%.
However, we don't want you to stop there!
With some clients we've seen their CVR leave that average in the rearview mirror, going up to a mind-numbing 35.79% conversion rate!
Social Media Over Websites
With the definition of conversion rate clear, and the promise of a way to increase it past anything the ecom space has ever seen, where are we going from here?
Bear with me a moment and everything will make sense.
Retargeting is the clear solution in today's market for optimizing conversion rates in your marketing campaigns.
Here's the first change my team and I introduced: prioritizing social media over website optimization.
Why?
Despite all the marketing efforts, re-engaging customers on landing pages who didn't convert can be quite challenging and even completely futile, if they haven't shared their email address.
And even when they do, it's no secret that email open rates are notoriously low nowadays.
So, can an email that most users don't even read, truly help you increase your CVR?
On the other hand, social media platforms such as Facebook and Instagram provide free DM push notifications that have shown open rates of over 90%.
These allow you to truly reach out to potential customers with personalized DMs, gently nudging them toward a purchase over a specific period.
That all sounds like a lot of work, right?
Well, what if I told you that your very own automated well-oiled machine can get this done through a process called DM automation, even while you're sleeping?
Conversion Rates: In-Store vs E-commerce
Picture yourself stepping into a brick-and-mortar store.
After spotting something appealing, you swiftly grab it, make a purchase, and follow along with your day.
Get some ice cream, perhaps?
The entire process is smooth and instant.
Now, consider the experience of shopping online.
You add items to your shopping cart while browsing a website, but dinner or a phone call causes you to divert from finishing the purchase.
Customers will likely overlook the items in their cart with the "I'll check out in a bit" mentality, AND THAT is what results in a conversion rate of only 3%.
Ecom managers know this well.
Some have even tried using chatbots to fix it 5 years ago, but back then everything was way more limited and undefined.
Nowadays, if you know what you're doing, it doesn't matter how many users DM you, interact with your posts, or go through your landing page: chatbot DM automation can get to all of them instantly.
With personalized messages that keep your products on your customer's minds, even answering FAQs, educating your audience, or giving them exclusive offers and coupons, chatbots are a godsend.
Using those push notifications we talked about earlier, chatbots can send a 20% off coupon, address any remaining FAQs, and gently nudge them towards completing their purchase.
By adopting this personalized approach, a stronger bond is formed between the brand and the customer, leading to more conversions and increased engagement.
Oh, and a bonus?
Meta rewards businesses that keep their audiences on Facebook and Instagram by boosting their visibility.
So chatbots helping your clients do their shopping while staying inside their socials is a must-have!
In today's market, the path to higher conversion rates lies in implementing chatbots and DM automation on FB and IG DMs that consistently engage with potential customers.
That ensures your brand remains at the forefront of their minds, and increases the likelihood of conversion to massive heights!
The Power of Push Notifications: Boosting Conversion Rates in E-commerce
With our strategic use of push notifications, we have witnessed a remarkable increase in conversion rates, reaching that impressive 35.79% we established earlier.
What makes push notifications so effective?
Immediacy and relevance.
Socials are at the forefront of people's phones most of the time, so notifications have a higher chance of being noticed and opened compared to emails.
And with the ability to personalize these notifications for each potential customer, they come across as a friendly reminder rather than a pushy marketing tactic.
You also need to follow our golden rule to a T:
Keeping the content 80% value driven and 20% sale driven.
Understanding the Impact of Education on Conversion Rates
When it comes to converting potential customers, a lack of education about your offer is a big challenge for any company.
If customers have doubts about a product, and no easy way to answer them, it easily turns into a missed opportunity for a sale.
Thankfully, chatbots are three moves ahead in this e-commerce game of chess.
With the ability to respond to inquiries instantly and offer valuable insights, chatbots have the power to quickly address concerns and foster confidence in users who have completed or are going through the DM automation funnel.
Chatbots offer valuable insights and subtle prompts that effectively maintain the interest of potential customers, even adding offers or coupons with an expiration date that adds urgency to the process, ultimately transforming hesitant shoppers into loyal patrons.
All while maintaining the brand's tone and a friendly vibe, taking the total number of conversions to the moon.
The Results?
Let's finish with some hard data.
When brands implement DM automation, check-out times improve significantly:
- Clothing and apparel: 6 days, 22 hours, and 40 minutes
- Food: 7 days, 0 hours, 52 minutes
- Toys: 8 days, 15 hours, 41 minutes
- Fitness: as little as 8 minutes!
Chatbots and push notifications are dominating today's digital marketing and conversion rates like Messi dominates the ball at any soccer game.
By moving past the limitations of landing pages and marketing emails while still working in tandem with both, these automated tools provide a more captivating, customized, and impactful approach to customer interactions that achieve high conversion rates like nothing else!
If you liked this blog, check out my video here to learn how to market your business on social media in 2024.
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