In a competitive ecommerce landscape, mastering experimentation is essential for revenue growth. CommerceNext’s latest webinar focused on providing strategies to optimize the testing process, helping maximize conversions and revenue growth to stay ahead of the curve.
What we learned:
- The importance of experimentation and how to amplify it
- How to leverage data for agile testing
- Best practices for conversion rate optimization
Speakers:
- Kamanasish Kundu, Vice President, Head of Digital & Ecommerce, Kendra Scott
- Lisa Perlmutter, Chief Customer Officer, Hanna Andersson
- Stephanie Urban, Vice President eCommerce, Camuto Group
- John Murdock, CEO, Fastr
- Moderated by: Veronika Sonsev, Co-Founder, CommerceNext
Watch the replay here or read the recap below.
The Importance of Experimentation and How to Amplify It
Experimentation is crucial in the ecommerce landscape for several reasons. Firstly, it helps businesses to stay updated with the rapidly evolving industry and changes in consumer behaviors. Companies can adapt to emerging trends and consumer preferences by continuously experimenting with different strategies and approaches. Additionally, experimentation enables businesses to identify and resolve pain points in the customer journey. Through systematic testing and analysis, companies can find areas where customers face challenges and obstacles and subsequently make improvements to enhance the overall experience.
To amplify experimentation in ecommerce, it’s crucial to prioritize creativity and innovation in brand messaging and experience design. This is essential for creating deep, lasting connections with customers and building strong brand loyalty. A great example of this is Camuto Group, which has adopted a creative testing strategy that promotes knowledge sharing and learning among IT and corporate teams. By leveraging powerful tools such as Lively and Optimizely, they conduct 10-50 experiments every month across multiple channels with individual roadmaps and feedback loops. Camuto Group prioritizes continuous improvement and knowledge sharing their commitment to innovation across the customer journey.
How To Leverage Data For Agile Testing
Leveraging data for agile testing has been successful for companies like Hanna Andersson, Camuto Group and Kendra Scott, which prioritize comprehensive testing strategies spanning various digital channels.
“By integrating agile testing methodologies, such as A/B testing and multivariate testing, companies can quickly experiment with different strategies and adapt their approaches based on real-time feedback.”—John Murdock, Fastr
This approach enables them to optimize various aspects of the customer experience, from personalized messaging to seamless navigation, ultimately enhancing customer satisfaction and loyalty. Hanna Andersson emphasizes a shared responsibility approach across all channels, ensuring clear objectives and desired outcomes in testing, while Camuto Group extends testing efforts beyond the website, embracing a cross-channel perspective to maximize impact. Kendra Scott established the analytics and personalization function to drive its testing and personalization goals. By empowering teams to take ownership of KPIs and integrating learnings into personalization strategies, these companies drive continuous improvement and achieve tangible results in their testing endeavors.
Best Practices For Conversion Rate Optimization
To improve conversion rates, embracing the latest technology and automation trends, especially AI is imperative.
“Although AI has become a buzzword, it’s a significant turning point in the industry, signaling a new era of user experience and interactions” —John Murdock, Fastr
Brands and retailers must take proactive steps to adapt to these changes by experimenting with new methods and simplifying their processes. Camuto Group demonstrated expertise in conversion rate optimization through targeted testing by product categories, resulting in a notable 4% increase in conversion rates, particularly in warmer regions. Despite lacking personalized customer approaches, they achieved remarkable results. Similarly, Kendra Scott and Hanna Andersson excel in A/B testing and meticulous measurement of metrics and KPIs. Kendra Scott emphasizes immediate customer actions such as revenue per visit (RPV), guided by pre-testing and ROI-driven prioritization. Hanna Andersson prioritizes specific KPIs for each test to ensure clarity and effective decision-making. By streamlining metrics, teams can continuously refine and optimize conversion strategies.
To delve deeper into Scaling Testing and other hot industry topics like composable commerce, join us at the 2024 CommerceNext Growth Show on June 11-13th in NYC. Register now to secure your spot!
