According to Baymard Institute, the average cart abandonment rate is 68.55%; that’s almost 3 in every 4 willing shoppers who abandon their cart without completing the checkout process. If you are currently earning $1.2 million in sales per year, your potential earnings would have been $3.81 million.
So, why do people abandon their carts? A survey conducted by VWO eCommerce determined that the number one reason is Unexpected Shipping Costs. However, if you have a follow up process in place that re-targets your customers with a slight discount, 54% of shoppers are willing to complete their transaction.
Generating enough leads is one of the most crucial aspects of running any successful business. According to eMarketer’s study, 60% of businesses have difficulty generating leads. Capturing just 100 extra email addresses each month, assuming you have a 3% conversion rate with an average sale price of $100, you are missing out on an estimated $3,600 of additional revenue per year.
There are many creative ways to generate more leads from contests, digital eBooks, to prize drawings. Dean Zelinsky for example, the owner of Dean Zelinsky Guitars, generated over 14,000 e-mail opt ins through Fishbowlprizes.com in just a few months. Not only is it a fantastic and innovative solution to lead generation, but it also gives back to the community through charitable actions.
Consumers expect very fast service such as Amazon Prime NOW, Netflix Streaming, even websites have to be fast. A full 47% of consumers expected a web page to load in 2 seconds. For every 1 second delay in page response you could potentially result 7% loss in conversions according to Akamai and Gomez.com. If your Magento store earns $1,000 a day, just an extra second could potentially cost you $25,500 per year!
So how do you improve your Magento store’s performance? Take a look at what Marketfleet did to make their site faster:
Marketfleet is an e-commerce based business in Chico, California that supplies and enriches its customers with luxurious but yet affordable products. As a growing business with multiple store-fronts which markets to the young and impatient, a solution was required to lower page load times for a better customer shopping experience.
With a motto of “Building Brands”, founders Chris Friedland and Dave Bonillas needed a Managed Magento Optimized Hosting Solution to focus specifically on their business, and took on the challenge to increase website performance. Marketfleet partnered with eBoundHost to engineer a custom Magento hosting environment based on the JetRails™ platform, to help to reduce page load times by almost 50% and improve time to first byte by nearly 10X.
Marketfleet’s main challenge was to find a Managed Magento Hosting solution that offered the optimal speed performance . Prior to migration, based on a single user simulation, it took 3.374 seconds on average to reach the first byte of data and 7.404 seconds to load a page.
After being put in the Magento optimized environment, First Byte Time and Load Times were reduced to 0.341 seconds and 4.187 seconds respectively.
“Mostly server management, price, and speed were a few of the issues we previously had. They were the culmination of things that made us decide to change hosting, but everything has been great since moving to eBoundHost!”
Dave Bonillas – CoFounder
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