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52 ecommerce stats every business should know to grow 0

Posted on May 08, 2017 by Rob Petersen

ecommerce stats

Ecommerce stats show we buy more online from more devices in more places and at more times of the day than ever before. And this migration is going to continue.

But ecommerce consumers are savvier. They have high expectations and demands that, if not met, cause them to go elsewhere and not likely to return.

To help your business get the most from this movement, here are 52 ecommerce stats every marketer should know to grow.

WHO BUYS? AND HOW MUCH?

  1. $394.9 billion are ecommerce sales for 2016, an increase of 15.1 percent from 2015. (U.S Department of Commerce)
  2. 191.1 million U.S. online buyers. (Statista)
  3. 98.9 million online buyers who have purchased at least once via a mobile device (Statista)
  4. $1,800 in the U.S. and $1,600 in the U.K. is how much the average eCommerce consumer spend per customer over the course of the year  (Statista)
  5. 80% of the US population has made an online purchase; 50% have made more than one. (Business Insider)
  6. 67% of Millennials and 56% of Gen Xers prefer to shop on online rather than in-store. (Big Commerce)
  7. 54% of online purchases are made by Millennials. (USA Today)
  8. E-commerce sales in 2016 accounted for 8.1% of total sales compared to 7.3% of total sales in 2015. (U.S Department of Commerce)

WHAT ARE BUYING BEHAVIORS?

  1. 51% of Americans prefer to shop online. (Big Commerce)
  2. 58% of consumers say their least favorite part of shopping online is paying for shipping. (Small Biz Trends)
  3. 55% of consumers would rather interact with technology in store than a sales associate. (Forbes)
  4. 49% of parents say they cannot live without online shopping. (Big Commerce)
  5. 46% of online shoppers read social media reviews and blogs before purchasing online. (Selz)
  6. 46% feel online review help make them feel confident about their purchase and 45% feel they make companies be accountable to their customers. (Pew Research)
  7. 39% of Americans have shared their experiences or feelings about a commercial transaction on social media platforms. (Pew Research)
  8. 30% of all products ordered online are returned as compared to 8.89 percent in brick-and-mortar stores. (Small Biz Trends)
  9. 25% of online shoppers are age 54 or older. (IBM)
  10. 23% of shoppers are influenced by social media recommendations/reviews. (Big Commerce)

WHERE ARE WHEN DO THEY BUY?

  1. 85% of customers start a purchase on one device and finish it on another. (Google)
  2. 82% of Americans consult online ratings and reviews when buying something for the first time. (Pew Research)
  3. 72% of Millennials research and shop their options online before going to a store or the mall. (Forbes)
  4. 65% of Americans indicate that when they need to make purchases they typically compare the price they can get in stores with the price they can get online and choose whichever option is cheapest. (Pew Research)
  5. 62% of smartphone users have made a purchase online using their mobile device in the last 6 months. (Outer Box)
  6. 44% of retail internet minutes were spent using a smartphone device, while 11% were spent using a tablet, as compared to just 45% spent using a desktop. (IBM)
  7. 43% of online shoppers have made a purchase while in bed. (Big Commerce)
  8. 43% of e-commerce traffic comes from Google search (organic) and 26%  comes from Google Adwords. (Wolfgang Digital)
  9. 40% of Americans (and roughly half of those under the age of 50) indicate that they nearly always turn to online reviews when buying something new. (Pew Research)
  10. 23% of online shoppers have made an online purchase at the office. (Big Commerce)
  11. 20% of American online shoppers have purchased from the bathroom. (Big Commerce)
  12. Only 11% of users access the Internet via desktop only – almost all users are using multiple devices. (comScore)
  13. 22% of consumers spend more as a result of using digital; just over half of these shoppers report spending at least 25% more than they had intended. (CMO)

WHAT ARE EXPECTATIONS?

  1. 92% of U.S. customers would consider delivery within 2 days to be ‘fast delivery’, but only 18% would consider delivery within 5-7 days as fast. (Criteo)
  2. Over 90% of people buying on Amazon wouldn’t purchase an item with less than three stars. (Feedvisor)
  3. 75% of reviews on eCommerce sites give the full 5 stars. (YOTPO)
  4. 71% of shoppers believe they will get a better deal online than in stores. (Selz)
  5. 69% of online shoppers want more reviews from ecommerce sites. (Big Commerce)
  6. 66% of online shoppers have decided not to buy an item because of shipping costs. (Big Commerce)
  7. 44% will abandon their shopping card if the shipping cost is too high or if there are unexpected additional charges. (Receiptful)
  8. 40% of customers are fine interacting with chatbots. (Forbes)

WHAT CAN YOUR BUSINESS DO TO BENEFIT?

  1. Using product videos on eCommerce sites can increase product purchases by 144%. (Small Biz Trends)
  2. 88% of shoppers characterize detailed product content as being extremely important. (Forbes)
  3. 74%of small business websites have no eCommerce. (Small Biz Trends)
  4. 60% of shoppers actually read your return policy before completing a sale, and the return policy ultimately influences 80% of the sale. (Small Biz Trends)
  5. 60% of consumers have completed a “buy online” to “pickup in-store” purchase via mobile. (Forbes)
  6. 50% of mobile coupons that are redeemed are captured from a retailer’s site by the consumer. (Neilsen)
  7. 58% of the Top 1000 US online retailers send welcome emails. (Internet Retailer)
  8. 39% of smartphone users have redeemed at least one digital coupon in the past year. (Neilsen)
  9. 30% of mobile shoppers abandon a transaction if the experience is not optimized for mobile. (Marketing Profs)
  10. 30% of mobile coupons are obtained from specialty sites like Groupon and Living Social. (Neilsen)
  11. 20% of grocery store sales are expected to come from online by 2025. (CNBC)
  12. At least 15% of retailers will offer a price match guarantee. (Biz Journals).
  13. Online sales in the United States are expected to reach $523 billion, up 56% from $335 billion in 2015. (Forrester)

To know what’s next in ecommerce, here is an infographic from the Villanova School of Business.

Do these ecommerce stats you see how your business can benefit. Do you need building an ecommerce plan for your business?

ecommerce stats

4 best practices for building a referral network (Infographic) 0

Posted on May 01, 2017 by Garret Norris

Referral Network

Referral network refers to a group of business owners and professionals who try to promote each other to gain more leads and sales. It’s a highly effective strategy for building business because it’s based on trust. Here’s why it works:

  • 92% of people in business trust referrals from people they know
  • 87% of front line sales reps, 82% of sales leaders and 78% of marketers agree that referrals are the best leads you can get
  • 86% of companies with a formalized referral program have increased revenues over the past 2 years (Source: Digital Intelligence Today)

What’s the best way to create one? Here are 4 best practices for building a referral network with an infographic.

  1. CONNECT WITH PEOPLE RELATED TO YOUR INDUSTRY: The first step to building a referral network is to dedicate time to meeting people in and outside your industry. To determine who this should be, ask yourself: What sort of products or services would your customers benefit from the most? Who are the best people to provide those products or services? Who are the best local providers for such products or services? What value can you provide for their customers?
  2. SEGMENT YOUR REFERRAL NETWORK: Evaluate connections and divide them into three segments: 1) Those most likely to need what you offer, 2) Related businesses in the same industry or who have the same Buyer Persona and 3) Totally unrelated businesses but important to your customers.
  3. HAVE A CHECKLIST FOR GIVING REFERRAL: When you give a referral to your one of your customers, base it on the following considerations: 1) RELEVANCE: Make sure a referral you give is relevant to their situation, 2) QUALITY: Refer only those who deliver on what they promise and 3) AUTHENTICITY: Avoid overrating a referral and keep your customer’s need the priority.
  4. MAXIMIZE VALUE OF YOUR REFERRAL NETWORK: Building the referral network is half the work.  You need to learn how to use the network so you and your connections can mutually benefit from the gains of each other. Consider: 1) Collaborating with people in your network on an assignment, 2) Use their products or services and 3) Offer them an incentive to use you on one of their assignment.

If most sales and marketing professional rate a referral network as their most effecting business building asset, why wouldn’t you have one?

Below is the infographic from Business Coaches Sydney on building a referral network for your business.

Do these best practices help you in creating one?

Referral Network

About the Author, Garret Norris: For over 15 years Garret has been one of Australia’s leading Corporate Sales, Management Training and Coaching organisations. Garret has been improving the performances of business Managers, Leaders and Sales Teams. Garret simply gets results!

50 compelling facts how online video boosts business 0

Posted on April 24, 2017 by Rob Petersen

online video

Online video now accounts for nearly 70% of consumer internet traffic.

With its rise, the conversation about online video has evolved from ways to create video content to how to get the most out of it?

To help answer this question, here are 50 compelling facts how online video boosts business.

  1. 98% of millennials watch videos on smartphones, compared to 56 percent on computers. (Animoto)
  2. Viewers retain 95% of a message when they watch it in a video compared to 10% when reading it in text. (Insivia)
  3. 93% of Twitter videos are watched on mobile. (Twitter)
  4. 92% of mobile viewers share online videos. (Animoto)
  5. 90% of information transmitted to the brain is visual, and visuals are processed 60,000X faster in the brain than text. (3M Corporation and Zabisco)
  6. 87% of online marketers use video content (Outbrain)
  7. 85% of Facebook video is watched without sound, (Digiday)
  8. 82% of Twitter users watch online video content on Twitter. (Bloomberg)
  9.  Including video in a landing page can increase conversion by 80% (EyeView).
  10. 80% Of Millennials use online videos when researching a purchasing decision. (Animoto)
  11. 80% of internet users who recall watching a video ad on a website they visited in the past 30 days. Of that 80%, 46% took some action after viewing the ad. In fact:
    • 26% looked for more information about the subject of the video
    • 22% visited the website named in the ad
    • 15% visited the company represented in the video ad
    • 12% purchased the specific product featured in the ad (Online Publishers Association)
  12. 77% of professional marketers and SMB owners are seeing results with video marketing. (Animoto)
  13. 75% of smartphone viewers watch a video to completion, while only 25% watch videos on desktop to completion. (Animoto)
  14. 75% of executives watch work-related videos on business websites at least once a week. (Forbes)
  15. 73% of B2B marketers say that video positively impacts marketing ROI. (Tubular Insights)
  16. 70% of marketers have found video produces more conversions than any other type of content. (Small Biz Trends)
  17. 65% of people who watch the first three seconds of a Facebook video will watch for at least 10 seconds, and 45% will watch for 30 seconds (Facebook)
  18. Video of a live event increases brand favorability by 63% (Twitter)
  19. 61% of young executive say they will rely more heavily on online video in the next 5-10 years (Cisco)
  20. 60% of marketers use videos in their social media marketing. (Social Media Examiner)
  21. 60% YouTube subscribers would follow advice on what to buy from their favorite creator over their favorite TV or movie personality (Google)
  22. 59% of executives agree that if both text and video are available on the same topic, they are more likely to choose video. (MWP)
  23. 55% of people consume videos thoroughly — the highest amount all types of content (HubSpot)
  24.  52% of marketing professionals worldwide name video as the type of content with the best ROI. (Syndacast)
  25. 52 percent of mobile traffic is a search for video. (Animoto)
  26. 54% of senior executives share work related videos with colleagues weekly (TubularInsights).
  27. More than 50% of videos are watched on mobile. (Ooyala)
  28. Almost 50% of internet users look for videos related to a product or service before visiting a store (ThinkWithGoogle).
  29. Marketers who use video grow revenue 49% faster than non-video users (VidYard).
  30. 48% of marketers plan to add YouTube to their content strategy in the next year (HubSpot).
  31. 48% of millennials view video solely on their mobile device. (Business of Apps)
  32. Almost half (46%) of viewers say they’ve actually made a purchase as a result of watching a branded video on social media and a third (32%) say they’ve considered making a purchase as a result of watching a video. (Animoto)
  33. 45% of internet users view at least one online video every month. (comScore)
  34. 45% of people watch more than an hour of Facebook or YouTube videos a week. (Wordstream)
  35. 43% of marketers said they’d create more video content if there were no obstacles like time, resources, and budget (Buffer).
  36. 43% of people want to see more video content from marketers in the future (HubSpot)
  37. Companies which use videos in their marketing enjoy 27% higher CTR and 34% higher web conversion rates than those which don’t. (Aberdeen Group)
  38. Using the word ‘video’ in an email subject line boosts the open rates by 19%. (Syndacast)
  39. U.S. online video ad spend projected to teach $17 billion by 2020. (eMarketer)
  40. Snapchatters watch 10 billion videos a day. (AdWeek)
  41. Periscope users have created more than 200 million broadcasts (Periscope)
  42. 1.8 million words. That’s the value of one minute of video, according to Dr. James McQuivey of Forrester Research.
  43. 50x easier to achieve a page 1 ranking on Google with a video (Forrester)
  44. More video content is uploaded in 30 days than the major U.S. television networks have created in 30 years. (Wordstream)
  45. Native videos on Facebook have 1oX higher reach compared to YouTube links. (Social Bakers)
  46. Videos are 6X more likely to be re-tweeted than photos and 3X more likely than GIFs (Twitter)
  47. 4x as many customer would rather watch a video about a product than read about it (Animoto).
  48. Blog posts incorporating video attract 3x as many inbound links as blog posts without video. (Moz)
  49. People spend on average 2.6x more time on pages with video than without (Wistia).
  50. Online shoppers who view demo videos are 1.81x more likely to purchase than non-viewers (DMB Adobe).

Hubspot created the infographic below to give you more guidance on online video and your business strategy.

To these facts help you see how online video can boost your business? Does your business need help with online video marketing?

online video

10 of the most successful company blogs and why they work 0

Posted on April 17, 2017 by Rob Petersen

successful company blogs

Successful company blogs have plenty of evidence to prove they generate results.

  • Blogs for B2B marketers have 67% increase in lead generation over  their peers that don’t. (Insideview)
  • Blogs are 63% more likely to influence purchase decisions than magazines. (Contentplus)
  • Websites with Blogs have 434% more indexed pages with search engines and 97% more inbound links to help SEO (U.addresstwo)

But blogging is hard work. It’s takes time, resources and requires a purpose.

If you need examples to prove it’s worth the effort, here are 10 of the most successful company blogs and why they work.

successful company blogs #1

1. BIGELOW TEA: Who knew Bigelow Tea can bring out the flavor of Roast Loin of Pork, make the perfect Cosmopolitan more perfect or be your companion to the Ultimate Fall Tea Party? That’s just some of the many uses you’ll discover for Bigelow Tea when you read the Bigelow Blog. When a commodity product conveys versatility beyond what you imagined, doesn’t that make you think about the brand in a different light?

successful company blogs - #2

2. CLEVELAND CLINIC: Many believe they are putting out the best healthcare content anywhere. In a regulated industry generally far behind the content marketing curve. The Cleveland Clinic blog, Health Essentials, helps people deal with chronic diseases, overcome depression, and the battle to live a healthier life. They publish as many as three blog a day and all of the content is written by physicians who practice there. No wonder a regional hospital has more than 2 million Facebook Likes.

successful company blogs #3

3. DOLLAR SHAVE CLUB: It’s hard to think of shaving – or anything bathroom-related –  as fun. But on Dollar Shave Club’s company blog, the brand creates content that displays a sense of humor while also providing practical information about men’s shaving and other bathroom habits. By taking on a fun and friendly tone in its blog posts, the business is able to successfully discuss bathroom habits openly in a way that maintains a lightheartedness and makes readers feel like a buddy, rather than just a customer.

successful company blogs #4

4. EVERNOTE: The era of post-it notes is coming to its end. With an increased focus on technology, apps are increasingly becoming the preferred method for taking notes for thousands of people. Note taking apps like Evernote help you simplify the complications in everyday life. For example, no one wants to forget an anniversary or birthday. With content that’s tailored to helping make you more productive at home and at the office, you’re sure to find something that fits your needs on Evernote’s blog. Like how you can spend less time in meetings and more time getting work done.

successful company blogs #5

5. GENERAL ELECTRIC: General Electric’s brand is old manufacturing, but all that is changing, The company is becoming digital. GE Reports provides great content on the next ideas and around the industrial internet of things and beyond. To rank among top blogs, brands need to focus on using their blogs to provide information, engage readers and establish trust. Successful company blogs will continue to be an integral part of a successful marketing strategy, so marketers must ensure they are incorporating these effective and successful strategies into their blogs into 2017.

successful company blogs #6

6. HUBSPOT: HubSpot is one of the leading companies within the marketing industry, so it would make sense that its successfblog follows suit. The brand’s content utilizes many best practices that keep readers constantly coming back for more. HubSpot’s company blog makes the topic and application of inbound marketing readily available and easily digestible for the brand’s customers and leads. It also serves as an excellent example of how a company can use its blog to effectively promote its products and services, without being overly pushy or assertive. Readers leave feeling as though they’ve learned something instead of being sold.

successful company blogs #7

7. MARRIOT: Marriot On the Move, Marriot’s company blog, signs off each blog post, “I’m Bill Marriott and thanks for helping me keep Marriott on the Move.” At least twice a month, the founder and CEO of the company put his voice behind his brand. He recognizes employees, explains company developments and defines leadership. If the chairman spoke to you regularly, wouldn’t it increase your positive perceptions of the company? That’s what successful company blogs do.

successful company blog #8

8. PATAGONIA: Mention the brand, Patagonia, and travel and adventure come to mind. But, in the highly competitive world of e-commerce, materials, stitching, color availability and shipping policy are what has to take priority to any potential buyer. How to accomplish both? Your blog. On The Cleanest Line, Patagonia’s Blog, you can read about paragliding in the Alaskan mountain ranges to the many species of animal that inhabit Ibera National Park in Argentina. All without leaving the website. Doesn’t that make a premium-priced brand a little bit more worth the money?

successful company blogs #10

9. WISTIA: Much like HubSpot, Wistia takes what it knows and effectively shares it with the world. The online video hosting and analytics company posts content that educates, informs and engages its readers on everything they’d want to learn about video marketing. What makes Wistia’s blog so successful. If customers have purchased the service, then offering expertise, tips and how-to’s on various video-related topics only keeps them coming back to learn how they can enhance what they are creating with Wistia. The blog follows the simple rules of ‘be kind, be friendly, be inclusive and professional, and take care of others.

successful company blogs #10

10. ZAPPOS: If you thought their blog was only going to talk about shoes, you’re sorely mistaken. Instead of Zappos’ blog being a place for promotions and company news, they transitioned it to an outlet for inspiration and everyday life. With everything from their culture and style to active lifestyles and kids, you’ll find something that takes you there in their company blog, Beyond the Box.

Does this help you understand what makes for successful company blogs. Does it inspire you to create one?

7 stories how best way to predict the future is to create it 0

Posted on April 10, 2017 by Rob Petersen

best way to predict the future is to create it

The best way to predict the future is to create it. – Peter Drucker

By creating your future, you are an active player in the events as they unfold. By knowing what you want, and what you are willing to do to get there, you can help to shape what the future holds.

If it helps to hear from practitioners, here are 7 stories on how the best way to predict the future is to create it.

  1. ACTIVELY LOOK FOR NEW TRENDS: After operating a small chain of convenience stores in southern California, Joe Coulombe had an idea: that upwardly mobile college grads might want something better than 7-11. So he opened a tropical-themed market in Pasadena, stocked it with good wine and beer, hired good people, and paid them well. He added more locations near universities, then healthy foods, and Trader Joe’s got started. As Peter Drucker says, “If you want something new, you have to stop doing something old.”
  2. UNLOCK POTENTIAL THROUGH EMPOWERMENT: Ross Smith was a leader at Microsoft trying to keep his team of 80+ employees motivated and focused. So, he let them become “free-agents.” They could choose one of four teams to work for. The leaders of each team could not offer more money to the “free-agents” but could offer new development opportunities and different types of work. When the process was complete, 95% of the staff preferred the new process. As Peter Drucker mentions “most of what we call management consists of making it difficult for people to get their work done”.
  3. LOVE WHAT YOU DO: Phil Robertson so loved duck hunting that he chose that over playing pro football for the NFL. He invented a duck call, started a company called Duck Commander, eventually put his son Willy in charge, and spawned a media and merchandising empire for a family of rednecks known as Duck Dynasty.
  4. EXPERIMENT, EXPERIMENT, EXPERIMENT: According to Natalie Goldberg in her book, Writing Down the Bones: Freeing your Inner Writer, one of the key pillars of being a good writer is that you just get out there and write. Just write. Experiment. Write about what you had for lunch, write about your friend’s new silver plated bracelet, and write about how you think your parents met. This experimentation is crucial to the success of today’s managers and is particularly important in these times of change.
  5. FIND YOUR AUTHENTIC VOICE: Author Todd Henry in his book, Louder than Word, Harness the Power of your Authentic Voice, says: While it’s important to turn your thoughts inward and reflect on what’s important to you, that’s only the beginning of the process of developing your voice. It’s also essential to turn your attention outward to determine the type of impact you want your voice to have on those you serve. While you may never know exactly where your work will lead you, a guiding vision will help you make crucial decisions and invest yourself in ways that matter.
  6. DEAL WITH SETBACKS: Mary Kay Ash, founder of Mary Kay Cosmetics, says: “When you reach an obstacle, turn it into an opportunity. You have the choice. You can overcome and be a winner, or you can allow it to overcome you and be a loser. The choice is yours and yours alone. Refuse to throw in the towel. Go the extra mile that failures refuse to travel. It is far better to be exhausted from success than to be rested from failure.”
  7. ACT. LEARN. BUILD. REPEAT: Based on the research of Saras D. Sarasvathy, of the University of Virginia’s Darden School of Business. And similar work by others at Babson College, this approach is a time-tested process for dealing with the unknown. Put simply, in the face of an unknown future, act. Deal with uncertainty not by trying to analyze it, or planning for every contingency, or predicting what the outcomes will be. Instead, act, learn from what you find, and act again.

Do these stories help you to see how the best way to predict the future. Are you ready to take the first step in creating your future?

 

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