Webeyez Launches Lost Revenue Simulator to Help Online Businesses Pinpoint and Patch Revenue Leaks
With e-commerce competition at an all time high, there’s no room for site friction leading to abandoned carts or customer dissatisfaction. Many times, site issues happen under the radar, and it can be extremely difficult to understand where or why customers are dropping off mid-way through the buying journey.
If you’re trying to pinpoint where your site is leaking revenue – and why – the current options are surprisingly lousy. But not all hope is lost. The right digital experience analytics partner can help you get past the blind spots inherent in third-party analytics and the dark abyss of manual analytics – to prioritize and fix what matters, fast.
Speaking of which… we just launched a brand new tool to help brands fix leaky funnels and grow revenue. Introducing the Webeyez Lost Revenue Simulator.
Our Lost Revenue Simulator aggregates data from hundreds of e-commerce websites every month to highlight the most common conversion and revenue killers in the online funnel.
“The e-commerce landscape is constantly evolving for both online brands and consumers,” said Uri Strauss, Webeyez co-founder and CEO. “We created the Lost Revenue Simulator to give brands critical visibility into where and why they’re losing revenue – specifically revenue that’s recoverable in most cases.”
The simulator divides root causes into business issues (non-technical issues causing user friction) and tech issues (issues with the underlying code or page performance).
Using the simulator, you can take a look at benchmark data by industry, average order value, and monthly site visitors. You can also input your own site information to get a real picture of where your site is leaking revenue.
Plus, you can sign up to receive a monthly report of real industry data. Here’s a sneak peak of some key insights we uncovered this month:
- Every minute, brands are losing 25-30% in revenue to bad user experience.
Across all industries, brands who aren’t surfacing or fixing site issues lose 25-30% of their revenue – to solvable issues.
- Non-technical issues are the cause for half of lost revenue.
Nearly 50% of lost revenue is due to front-facing issues like login errors, declined transactions, or outdated promo codes.
- 3rd parties are wreaking havoc.
Unmonitored failures involving third-party technology (failed third-party calls, errors with third-party scripts or syntax) drive upward of 25% of lost revenue.
- Page load time gets unfairly blamed.
For all the tools out there touting the importance of optimization page load speed – slow page load only drives between 5-10% of lost revenue across industries.
- High-frequency promotional categories face unique challenges.
Replenishable, promotional categories (like beauty and cosmetics) see a greater share than others lost to login/registration issues (12%) and errors applying discounts (10%).
- High-ticket categories suffer the most revenue lost from declined payments.
12% of lost site revenue in luxury comes from declined transactions – roughly 2x the rate of smaller-ticket categories (like beauty and cosmetics).