What is Revenue Recovery and how does it help eCommerce companies?
As eCommerce businesses navigate a tumultuous 2023, many are wondering how to optimize existing efforts. Such as, influential content & marketing, Search Engine Optimization (SEO) and most importantly optimize sites to enable revenue recovery.
In this article, learn what revenue recovery is, how website errors shape your customer’s experience, and how you can give your buyers a seamless digital experience.
What is Revenue Recovery?
Simply put, revenue recovery focuses on fixing website errors that could prevent eCommerce sales from processing through correctly or drive potential buyers away.
The eCommerce industry is unique because it does not require brick-and-mortar storefronts. For customers, their only opportunity to know you and your brand is to browse your virtual shop. Because of this, there are some built-in advantages. You can know precisely how many customers visit each of your website pages at any given range, how much time they’re spending on those pages, which operating system they’re using, key demographics, and much more. Retailers focusing on sales primarily from a brick-and-mortar storefront, may miss quantifying some of these key data points.
But on the flip side, if any of your website functionalities aren’t working as they should, this could leave a lasting impression on potential buyers. And with so much competition in eCommerce, if your website is presenting any hoops to jump through or causing frustrations, it can easily lead to customers jumping ship and purchasing from your competition. This is where revenue recovery is significant in capturing ready-to-buy customers.
What’s Really Happening with Your Customer’s Experience?
For eCommerce retailers, getting caught in the weeds of day-to-day operations and quarterly goals and projections can become very easy. And even if you have a dedicated website team, it’s not uncommon to miss a small detail that could significantly impact your customer’s experience impacting your conversion rates, sales and revenues.
Think of it this way: It’s 5 p.m., and you’re ready to dine at a new restaurant you’ve heard rave reviews about. You made reservations two weeks ago and are prepared to sit down and experience all the savory delights you’ve listened to everyone in town gushing over. But from the second you walk through the door, things have been less than memorable. First, your reservation couldn’t be found in the system, and you had to spend an extra 20 minutes for management to dig into the files to find your booking. Then, after sitting down, the waiter is exuberant in detailing all the main dishes on their eco-friendly QR code virtual menu. Excited to order one of the featured offerings, you scan the code, and it leads to their breakfast menu but not their dinner menu. Showing the waiter, he checks a few other things and resorts to bringing a paper menu. After ordering your entree, time starts ticking by. Your waiter has forgotten to deliver your drink order, and you’re becoming parched. Finally, when your soup arrives, you’re ready to dive in. The problem is that there’s no spoon. And as you inch the bowl closer to you, you realize that your soup is not steaming hot; It’s lukewarm at best. Trying to catch your waiter’s attention yet again, you’re wondering what all the excitement about this eatery was about.
For eCommerce customers , the experience could be the same for a potential customer. Only they’ll have a much faster time exiting your eCommerce site than you’d have to reach the restaurant exit doors.
How eCommerce Site Errors Could Affect Customer’s Experiences
Unfortunately, nine out of ten times, your eCommerce customers won’t let you know if they’ve had a bad experience; They’ll simply abandon carts and leave your website. And if they do voice their concerns, more often than not in our hyperconnected world, they’ll share their feelings with not just your team but also let the world know by posting on their favorite social media account.
To dig into where your potential for revenue leaks lies, you’ll first want to understand just a handful of the places where sales could drop off. Depending on devices, screen resolutions, and browsers your customers are using could significantly impact website functionality. Buttons could appear skewed, elements could be cut off, or forms could be missing entirely. Additionally, customer journeys leading them from one webpage to another could have a dead link or overly complex navigation. A required form response could trigger an error page or have trouble advancing to the next step in the checkout process. These are just a handful of mishaps that could shape prospective customers’ opinions of your brand and determine if they buy from you. Additional locations where revenue leaks could occur are listed below.
10 Common Website Mistakes That Leak Revenue
- Website error codes
- 404 errors
- Slow load times
- Lengthy website forms
- Mobile compatibility
- Duplicate content across pages
- Complex navigation
- No search boxes / Bad search results
- No CTA (Call-to-Action)
- Failed log in
- Coupon code issues
For one of our clients, Taos Footwear, the online shopping experience was integral to a great customer experience. Because Taos doesn’t own storefronts, every element on its site had to be working in top shape. So when one busy holiday season, their digital teams couldn’t pinpoint why site traffic was up, but sales were down, they knew they had to resolve it quickly. Their digital teams employed multiple web tools, including Shopify analytics, Google Analytics, and Yottaa, to measure buyer trends and site metrics and gain insights into the overall shopper journey experience. But when they still couldn’t pinpoint declining conversion and poor ROAS, they knew this was a more significant revenue recovery issue they had to resolve.
Give your Customers a Seamless Experience
Revenue recovery can help give your customers a seamless experience. A leading eCommerce monitoring and analytics solution can help your teams detect, alert, prioritize, and resolve all operational and technical issues to recover lost revenue and help your eCommerce company scale sales.
eCommerce monitoring solutions can help you:
- Stop relying on your customers to alert you to errors
- Ensure your IT team is never missing a bug on your website
- Give your team the tool they’ll need to be more data-driven with their decisions
- Enable efficient error resolutions on your eCommerce site
Webeyez Can Help
Webeyez is a leading eCommerce monitoring and analytics solution that helps teams detect, alert, prioritize, and resolve all operational and technical issues to recover lost revenue. Webeyez grew out of a personal quest to align website technology with business success (and failures). We equip our customers with the optimal insights to search below the surface, perfect the online buying experience and increase site conversions.
Our dedicated and professional team remains customer-centric, keeping our customers at the center of each step in the journey. We believe in integrity, teamwork, growth, and, most of all, data.
How Webeyez Saved Over $20K for One eCommerce
Using Webeyez, the Taos Footwear team was able to quickly identify that hundreds of the “place order” failures were stemming from “payment gateway is invalid” and “enter a valid phone number” steps. Furthermore, Webeyez Session Analytics revealed the specific third-party scripts causing each error, allowing the Taos team to address and resolve them, immediately driving up conversions.
Automated Webeyez 404 Alerts notified Taos of an increasing number of 404 pages (Page Not Found) arriving on the site from Taos’ Facebook ads. Because Taos actively runs multiple campaigns on social platforms and invests heavily in Facebook ads, these errors significantly impacted their ROAS. However, the Taos team quickly identified and stopped the faulty paid campaigns and re-routed visitors to a healthy landing page. This fast response saved over $20,000 in “burned” marketing dollars and instantly lifted Taos’ ROAS.
Leverage Webeyez’s Monitoring and Analytics Solution to Recover Lost Revenue
Learn where your website is leaking sales and revenue. We’ll be there to support you every step of the way. Meet with the Webeyez team to learn how to recover your eCommerce revenue.