{"id":31238,"date":"2022-03-17T09:25:50","date_gmt":"2022-03-17T08:25:50","guid":{"rendered":"https:\/\/multiplica.com\/?post_type=mx_articulos&p=31238"},"modified":"2022-03-14T10:26:36","modified_gmt":"2022-03-14T10:26:36","slug":"experiment-to-innovate-how-cro-boosts-your-sales","status":"publish","type":"articles_post","link":"https:\/\/multiplica.com\/en\/articles\/experiment-to-innovate-how-cro-boosts-your-sales\/","title":{"rendered":"Experiment to innovate: How CRO boosts your sales"},"content":{"rendered":"

Optimizing conversion rates is one of the most challenging aspects of eCommerce. To do this, businesses must reject old practices in favor of new methodologies, backed by experimentation and external leadership. How can CRO assist in enhancing conversions now that eCommerce is in full swing, with record numbers and an increasingly bright future?<\/span><\/p>\n

In 2020, Latin America was the fastest growing region in the world in terms of digital commerce. According to a Business Insider<\/a> study, over <\/span>38 million people in the area made their first digital purchase during this time<\/b>. By 2021, <\/span>the consultancy forecasts that the total of digital buyers will increase to 248.7 million, which represents almost half of the population<\/b> that is of 14 years of age or older.<\/span><\/p>\n

On the other hand, <\/span>retail eCommerce sales in Latin America grew by 63.3% during 2020, totaling more than 104 billion USD<\/b>. These <\/span>revenues were five times more than the 12.5% increase forecasted in November 2019<\/b>, only a few months before the pandemic broke out; and <\/span>more than the triple of the estimated growth projected in May 2020<\/b>.\u00a0<\/span><\/p>\n

When it comes to eCommerce growth, Spain is no exception. Experts<\/a> estimate that since the pandemic began, <\/span>operations through digital channels in the Iberian country have increased by 22.9% reaching $32.89 billion<\/b>. These are expected to continue to rise until 2023 <\/span>reaching $41.72 billion<\/b>.<\/span><\/p>\n

In short: It is a great time to promote eCommerce. Taking the leap \u2013and doing so in a planned, orderly, and efficient manner\u2013 it’s either now or never.<\/span><\/p>\n

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CRO: Buddhism applied to marketing<\/b><\/h2>\n

Buddhism transmits a fundamental idea that motivates subjects in the pursuit of their dreams. Gurus often repeat \u201cEverything we see in the physical world was first an idea in someone\u2019s mind\u201d. This encourages the individual to first imagine what their ideal situation, objective or goal would be, and then experiment until they achieve it.\u00a0<\/span><\/p>\n

When it comes to CRO, the same idea applies. Any experiment begins with an idea, with a notion in the mind of an individual or a work team. The concept is then put to test, and the outcome is assessed to see if it is as predicted.\u00a0<\/span><\/p>\n

All companies that sell through digital channels want and need to increase their conversion. What if they could organize their ideas in a systematic way in order to materialize them?<\/span><\/p>\n

Conversion Rate Optimization (CRO) is not just a metric, contrary to popular belief. It\u2019s a method for increasing a website\u2019s conversion rate by employing a set of techniques. CRO proposes eCommerce, a scientific system that allows for the validation of various hypotheses through continuous experimentation.<\/span><\/p>\n

The fundamental issues that determine a website’s success or failure are familiar and well-known: content, usability, design, checkout, and mobile-responsiveness, to name a few. CRO\u2019s job is to analyze each of these aspects, experiment with them, and purpose improvements in order to create a more relevant and optimized experience.<\/span><\/p>\n

The main objective of CRO is to increase conversions through improving the efficiency of the web shop through greater usability, rather than by advertising investments in an effort to attract more traffic.\u00a0<\/span><\/p>\n

When it comes to conversions, it\u2019s common to think of and measure them solely in terms of sales, when in reality they\u2019re much more complex than that. First and foremost because achieving a conversion is a time-consuming process. Second, because it, like any process, has intermediate steps and objectives known as \u201cmicro-conversions,\u201d such as user registration on a website, newsletter subscription, or downloading a document, to name a few examples.\u00a0<\/span><\/p>\n

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Methodology, testing and experimentation<\/b><\/h2>\n