Storing up on success: Optimization and new tech investments

We constantly come across shiny new tech promising to supercharge our brands.

But how do we pick the right tech investments? And how do we optimize our current setup?

Strap in for a fun-filled ride through the world of ecommerce optimization and tech investments!

Setting the stage: The importance of optimization

Ever heard of the Goldilocks principle?

It's the idea of finding the "just right" balance, and boy, does it apply to your ecommerce tech stack.

Overcomplicate it, and you're left with a jumbled mess.

Oversimplify, and you risk missing opportunities.

But optimize it just right, and your brand becomes a well-oiled machine that your customers will adore.

Optimization means making the most of your resources, whether that's your technology, your team, or your time. It's about continually refining and improving your processes, your platforms, and your customer experience.

The end goal?

To create an eCommerce brand that's not just functional, but absolutely loveable.

Upgrading your ecommerce store

Upgrading your ecommerce store periodically is essential to keeping up with the latest trends, developments, and changes in customer expectations.

In this guide, we'll walkthrough key consideration and how to make the most of your store upgrades.

The power of tech investments

Remember when phones just made calls?

Now, they're pocket-sized computers, cameras, and personal assistants. That's the power of tech advancement! It's the same in ecommerce.

New tech can transform your brand from a simple online store to a dynamic, interactive, and personalized shopping experience. Take mason, for example. We use AI to help merchants sell to the right person, at the right place, at the right time.

Now, we're not saying you should rush out and invest in every shiny new tech that hits the market. But smart tech investments—ones that align with your brand, your audience, and your goals—can be game-changers.

Making smart investments

So, we've established that new tech investments can supercharge your ecommerce brand.

But how do you pick the right tech? Let's dive into some guiding principles:

Solving pain points

If your customer checkout process is as complex as a Rubik's cube, you've got a pain point. Look for tech that can make the experience smoother, like one-click checkouts or autofill forms.

Enhancing customer experience

Tech that elevates your customer's experience is a win. Personalization tools, live chat support, VR or AR tech—these can transform the way customers interact with your brand.

Boosting operational efficiency

If you're juggling multiple platforms for inventory, sales, and customer service, you might need a tech upgrade. Integrated eCommerce platforms can streamline operations, freeing up time for more strategic tasks.

Making a tech investment is like buying a new suit. It's not just about the price tag—it's about the fit, the quality, and whether it's right for the occasion. So before you invest, make sure the tech fits your brand, delivers quality benefits, and is right for your current needs and future goals.

5 Key factors to consider when making new investments

1. Leverage customer data and feedback

Customer data and feedback can be a valuable compass for identifying areas of your store that need improvement.

By addressing customer concerns and frequent drop-off points, you can make targeted upgrades that will improve the user experience and boost customer satisfaction.

2. Prioritize upgrades

Start by identifying the upgrades that will have the most significant impact on your store's performance, such as improving site speed, optimizing for mobile devices, or adding new payment options.

Then, prioritize those ideas so that you get the biggest bang for your buck. You can use a framework such as the ICE framework to evaluate ideas for your store.

3. Use free or low-cost tools

There are plenty of free or low-cost tools available to help you upgrade your store, such as website builders, ecommerce plugins, and social media management tools.

Utilizing these tools can help you save money while still achieving your upgrade goals.

4. DIY where possible

If you have the time and skills, consider tackling some upgrades yourself, such as optimizing your website's images or improving your product descriptions.

DIY upgrades can save you money on outsourcing and allow you to have more control over the final result.

5. Consider outsourcing

While DIY upgrades can be cost-effective, sometimes it's more efficient to outsource certain upgrades, such as website design or SEO.

Consider outsourcing to a freelancer or agency that specializes in ecommerce store upgrades.

The biggest optimization bang for your buck

To identify the biggest bang-for-the-buck opportunities to upgrade your ecommerce store, it's essential to focus on areas that will drive the most value and impact for your business.

Here are some of the most common areas of opportunity and how to address them effectively:

Catch 'em all: Optimize cart recovery

Did you know the average online shopping cart abandonment rate is 70%?

A lower cart abandonment rate translates to more completed transactions, higher sales, and a better ROI for marketing efforts.

By optimizing the cart review and checkout process, you can significantly increase conversion rates and derive cost efficiencies.

Industry benchmarks for best-performing carts vary by sector and type of business, but generally, top-performing ecommerce stores have a cart abandonment rate between 50% to 60%.

Here's what you can do to improve cart recovery:

Stagger reminders

Studies suggest that sending the first reminder within 1-3 hours of cart abandonment, followed by another 24 hours later, and a final reminder 48-72 hours after abandonment, is an effective strategy.

This staggered approach ensures customers receive multiple reminders at optimal intervals without overwhelming them.

Leveraging different channels

Using different communication channels can help reach customers in their preferred medium.

Email, push notifications, SMS, and retargeting ads are all viable options for sending cart recovery reminders.

Offer personalized discounts

Offering personalized discounts based on the customer's cart value can lead to a 24% increase in recovered revenue.

Tailor your promotional offers based on customer preferences, purchase history, or cart value. This can include discounts, free shipping, or bonus items.

Address additional costs

Adding extra costs such as shopping, tax, and fees is the most popular reason for drop off.

Use add-on shipping and tax calculators that provide an estimate of costs in the cart review stage.

Address abandoned cart on mobile

Mobile is increasingly the most popular device for shopping, but also the biggest contributor to abandoned carts.

That is because most retailers fail to prioritize store experience needs for mobile users. Optimize mobile experience with responsive design, streamlined checkout, multiple payment options, and real-time customer support.

One-click checkout

One-click checkout simplifies the purchasing process by allowing customers to complete transactions with a single click, reducing cart abandonment rates.

To implement it on your ecommerce store, use apps or plugins like Bolt, Fast, Shop Pay, or WooCommerce One-Click Checkout, depending on your platform.

Make your discounts shine

If you are not already doing this, be sure to highlight discounts and promotions using product badges, announcement bars, and banners.

These are easy to make updates but are very effective in communicating value to customers.

Product badges

These can be added to individual products or to product categories, making it easy to highlight specific promotions or sales using eye-catchy tags.

Announcement bars

They are narrow strips that run across the top of your webpage, displaying important information such as free shipping, promotions, sales, and new products.

Banners

They are larger and more prominent than announcement bars. They come in a variety of shapes and sizes, and can be placed at the top or bottom of the page or even in the sidebar. Banners can also be used to showcase discounted products, offer codes, or other important information related to the promotion.

Make sure that your announcement bars and banners are mobile-friendly.

By using responsive design and ensuring that the text and graphics are easily legible on smaller screens, you can reach a wider audience with your promotions.

With these effective marketing tools in place, you'll be well on your way to driving higher sales and enhancing your ecommerce success.

Help your customers find their way

When customers are closest to making a purchase decision, they evaluate information about payment methods, shipping costs, returns, and inventory availability.

They want to know that they can get assistance if they have questions, concerns, or issues.

Providing clear and accurate information that is visually appealing can help reassure customers and encourage them to move forward with their purchases.

🚀 Pro tip: Here's a neat hack to create Help docs and FAQ’s using product details → FAQ Generator

Elevate your social proof

As we saw in our previous guide, customers look for reviews, ratings, and testimonials. They evaluate other customers' experiences and opinions of the product to determine whether it meets their expectations.

Social proofs are more than just helpful in providing social validation and building trust. More importantly, user-generated content, such as photos and videos of customers using the product, can provide powerful motivation to get customers over the line.

For example, the baby diaper brand, Freestyle is quick to gain the trust and confidence of parents by displaying plenty of trust and social proof points.

Create a sense of urgency

Creating a sense of urgency is a powerful technique for driving higher conversions.

Use tactics such as showcasing trending items or showing products that are low in stock. Here are some tips for creating urgency on your homepage:

• Highlight trending or popular items by showcasing items that are currently in high demand.
• Feature low-stock items by displaying items that are running low in stock.
• Use persuasive language when highlighting trending or low-stock items, and use persuasive language that emphasizes urgency. For example, "Don't miss out on the latest trend!" or "Only a few left - act fast!"
• Offer limited-time promotions such as flash sales or exclusive discounts, and amplify the deals with count-down timers

Key takeaways

As we conclude this tech-savvy chat, let's remember that building a loved ecommerce brand is a journey, not a destination. It's about continuously learning, improving, and adapting. It's about making smart tech investments, optimizing your operations, and always keeping your customers at the heart of everything you do.

While tech can supercharge your ecommerce brand, let's not forget the human element.

After all, behind every click, every purchase, every review, there's a person. A person who chose your brand, who engaged with your content, who decided to be part of your eCommerce journey.

So as you explore new tech and optimization strategies, remember to stay true to your brand, true to your values, and most importantly, true to your customers.

We’ll leave you with this: May your investments be wise, your optimizations effective, and your brand always loved. ❤️