How is Coronavirus Affecting eCommerce (and what we’re doing about it)
Learn how we are helping our customers deal with the effects of the Coronavirus.
[update March 17th, 2020: we are starting to see key metrics rebound this week across majority of our customer datasets]
Here at Elevar, we want to do everything we can to support our customers and community through this unforeseen pandemic.
Amidst our personal lives being temporarily turned upside down, we are putting our focus on assisting your business as much as we can.
To start – we are upgrading ALL of our existing PRO customers to include our marketing tag monitoring package free of charge. This includes all onboarding and setup costs.
Ensuring marketing audience and data quality is of utmost importance during this time period, given it is directly correlated to the impact on campaign performance – Facebook, AdWords, affiliates, display, etc.
We hope this small gesture will provide you with one less thing to worry about so that your time can be maximized, allowing you to focus on the ‘big rocks’ in your business.
And then – when things settle down, and the market turns back around, you can focus on capitalizing on this and scale back up with accurate data.
We don’t want to stop there.
We also want to share insights to help you navigate through fluctuations in sales.
If you are seeing a drop across your key metrics this last week – you are not alone.
In a random cohort, 76% are seeing a decrease in revenue (March 8-12 to March 1-5) and out of those seeing a decrease, the average is 17%.
For some, this decrease could simply be irony (i.e. you had a big sale first week of March).
For others, it’s a high sales volume period due to the types of products you sell.
And finally, there are businesses that are feeling the impact of this event…
If this is you then here are a few tactics to inspire your creativity to maximize your sales.
If you are seeing a drop in paid search ROAS…
- Analyze your campaign spend. Do you have any campaigns that should be scaled back to save on budget?
- Push harder on remarketing campaigns and those that are farther down the purchase funnel. Consider ramping up acquisition tactics (discounting etc).
- Connect with your loyal customer base. Do you have upsells/cross-sells that fit their purchase history?
- Over-communicate with those leading your digital campaigns
If you are seeing a loss in traffic…
- Create more granular remarketing audiences based on high value event behavior that have historically had a high conversion rate. For example, if users who watch product videos on site are much more likely to convert then retarget these users.
If you want to get creative with tactics on your website to increase engagement….
- Create a quiz on site (consider a tool like RightMessage)
- Have an “easter egg” hunt on your site. Our senior data analyst, Alex, did this at a previous brand where he was eCommerce manager. He created a fake golden egg product that when the user added to cart it unlocked free shipping / discount.
- Try more bundles or tiered pricing strategies
If you are seeing a decrease in conversion rate…
- Add a poll or survey to your website to talk to your customers and understand what might be holding them back from purchasing today
- Consider offering more pre-orders (especially if you may have inventory issues)
- Add more urgency callouts on site (limited quantities, etc)
- Consider calling out the origin of packaging to mitigate concern on spread risk
- Proactively provide tips on handling packaging (wash hands before, etc)
For those seeing an uptick in sales…if you are seeing an increase in sessions and conversion rate…
- Create more awareness campaigns
- Create look-a-like audiences from recent purchases to prospect
- Expand generic search campaigns
- Incentivize account creation for repeat purchases through loyalty programs, etc
If there is anything we can do to help in your unique scenario please don’t hesitate to reach out to us. We’re here to help.
We’ll be reaching out to our PRO customers regarding the monitoring onboarding ASAP.
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