8 ways to use data to increase conversion
# 8 ways to use data to increase conversion
Running a business can feel like a Sisyphean task. Remember Sisyphus? The famous Greek figure who was forced to push his massive boulder up a hill for all eternity. See the similarities?
OK, so running a business isn’t *so* bad. Yes, it can be hard work, however there’s also real moments to savour – the sales, the growth, the firsts that act as milestones along the path to success. But, of course, there’s also hard work, worry, and the difficulty of finding a moment to stop and enjoy the good times. Basically, the feeling that your boulder needs to keep rolling upwards, and even some moments when it feels like it might all topple down.
When doing business is hard, you need all the tools available to make it feel just that little bit simpler. One of those is undoubtedly data. You see, understanding how your customers shop and the levers you can use to increase your conversion rate is key to selling more, improving what you do, and growing your business. And it can be an effective way to make your boulder feel that little bit lighter.
So, in this article we’ll explain how to collect data and use it to understand your customers better and sell to them more effectively.
How to collect customer data
Data can be a great way to improve the customer experience and increase sales, but finding the best sources for that data isn’t always obvious.
Some of the best places to gather customer data are:
– Website analytics
– Social media
– Analytics tools
– Market research
– Payment gateway analytics
– Other websites
It’s best to treat all the technology that your business uses as a chance to collect data about your potential customers. That way, you can map out as much of the customer journey as possible to understand the triggers preventing a sale or pushing shoppers towards a purchase.
Use Google Analytics to assess behaviour on your website, track social media to see what’s connecting with your audience, and study payment data to optimise what you do. That way, you’re doing everything you can to convert as many shoppers as possible.
8 ways to use data to increase ecommerce conversion
Use geo-data to sell more
One thing that’s vital to understand is where your online shoppers are based. Using geo-data, you can see where visitors come from to understand their needs. This includes the language they want to see while browsing and the payment methods and currency they prefer when they checkout. We’ve seen ecommerce businesses more than double their conversion rate by adding these features to their site.
Working with a PSP like Mollie can help you automatically show the correct language and currency on your ecommerce store’s checkout page to boost your conversion rate.
Tools to use: Google Analytics, Similarweb
Discover when your customers buy
You can discover more about your customers’ spending habits by analysing your data. This includes the times that they like to buy. Knowing this, you can use data-driven marketing activities to target them at the times of day they want to shop – such as when they’re on their lunch break or scrolling their socials in the evening. With the right tools, you can do this for individual shoppers to personalise their experience and market to them more effectively.
Suppose a customer hasn’t purchased in a while. In that case, personalised retargeting ads (created using data like purchase history, page visits, etc.) can be a great way to get them to return and increase brand loyalty. For more, see our guide on creating a personalised ecommerce experience.
Tools to use: Google Analytics, CRM software
Explore your cart abandonment triggers
There are many reasons a customer might decide to abandon their cart. Some leading causes are unexpected costs, being forced to create an account, and security concerns. Use tracking tools to determine why your shoppers aren’t completing their purchases and then see how you can remove those barriers to sale – increasing checkout conversions. This could be by introducing free shipping or enabling guest checkouts on your site.
Use Google Analytics to track the pages where shoppers are exiting your site or analytics software to create heat maps that can show you how shoppers are interacting with your ecommerce site.
Tools to use: Google Analytics, Hotjar
Recover your abandoned carts
A shopper adding something to their shopping cart strongly indicates that they want to buy it. But if they then abandon their cart, something has happened to change their mind. Using the advice above, you can minimise cart abandonments, but you won’t be able to eliminate them altogether. But you can use tactics to reengage a shopper and entice them to return to buy their chosen item.
You can do this by setting up notifications that trigger when a shopper tries to leave your site, offering them incentives to buy or asking why they might have second thoughts. And by sending out a cart abandonment email after a (sensible) length of time, you can try to get them to complete the sale. If they’re a known customer, refine these emails by assessing their previous orders to calculate a suitable discount rate to offer.
At Mollie, we offer second-chance features to help give your shoppers a second chance to pay. With the flick of a switch, automatic emails remind the customer to finish a purchase, driving conversions.
Tools to use: Email marketing software, Mollie
Learn what device they use to browse and buy
It’s vital to understand as much as possible about your customers, including the devices they use to browse and buy. You can investigate data to see what devices they use when visiting your store and develop a plan to sell to them more effectively.
This could include ensuring that your site is optimised for mobile, creating a mobile app, or improving the desktop-to-mobile flow using QR codes on the checkout screen. For more, see our mobile commerce guide.
Tools to use: Google Analytics
Discover why (and where) they leave
Cart abandonment is bad, but so is a shopper leaving your site without even being tempted to make a purchase. By assessing the pages on your site to see which have the highest exit rate, you can determine what might be putting visitors off – whether that’s on your shipping page, a landing page, a product description page, or others. By doing this, you can spot and address the issues that cause them to leave your online store.
Tools to use: Google Analytics
Understand their favourite payment methods
A shopper always has a favourite payment method (or methods). And making sure you offer all the payment options your customers like is a great way to increase your conversion rate. The best payment methods to provide depend on the industry you operate in and the markets you sell into. If you want to learn more about what those might be, check out our guide to the best payment methods for your business.
By partnering with the right PSP, you can offer multiple payment methods and access real-time payments data to determine what your customers like to use – whether that’s cards, local options, or buy now, pay later. And the best PSPs should go one further, providing other benefits like dedicated support teams that can explain how to use payments to grow your business.
Tools to use: Payments with Mollie
How payment analytics can help
Getting into the finer details of your payments is an excellent way to understand what’s working and what’s not. Using a detailed breakdown of your business’s transactions, you’ll be able to spot things like a batch of failed payments or track refund data to address any problems with your products.
With Mollie, you can use webhooks to access real-time payment status updates. You can add a webhook URL when creating a payment for almost instant reconciliation. We also help you track and manage payments through our Dashboard, which offers real-time payments management, including the ability to initiate refunds. You can also see data and reports to improve what you do and keep up to date with your growth.
The Mollie App also lets you manage your payments on the go. Available on Android or Apple, you can use it to see when a payment comes in, track your transactions, and view your current balance – wherever you are. It also lets you send payment requests or generate a QR code to receive in-person payments from your customers. You can also add other team members and organisations to the app to make doing business even more straightforward.
Tools to use: Payments with Mollie
Forget the boulder and dig into your data
Sisyphus might have had a hard time, but he didn’t have the technological tools that could have made rolling that hefty slab up his hill as simple as possible. But you do. Think of data like a chisel that you can use to chip away at the problems that might be holding back your business (and preventing sales) and use it to delight shoppers, make customers happier than ever, and sell as effectively as possible.
Running a business will rarely feel easy, but being smart about what you do can make it feel just that little bit more manageable.
Grow your way with Mollie
Here at Mollie, we provide an effortless payments solution that helps you increase conversions, delight customers, and improve what you do. Sign up to Mollie to access more than 25 leading and global payment methods, a conversion-optimised checkout page, and a range of powerful integrations to boost your business.
One of Europe’s fastest-growing payment service providers, we also offer dedicated multilingual support teams, advanced payment features, and a Dashboard and app to manage your payments. This comes with settlements paid out according to your schedule, transparent pricing, and no hidden fees or lock-in contracts.
Find out more about payments with Mollie, or sign up to start using our effortless payments solution.