BBVA API Market
No one in the world of digital sales understands their relationship with their products and consumers without the need for measuring, optimizing, changing and ultimately improving the revenue process.
Conversion rate optimization is usually referred to as CRO. It is so important that it has become a discipline in its own right within online communication and marketing, halfway between web analytics and usability:
This intends to be a list with some interesting tips for users who have or want to have an e-commerce business, although some of these practices can also be applied to digital projects in other sectors:
1. Improving what is not known is difficult
This sounds like a truism, and perhaps it is, but it is not too far removed from a particularly common problem: it is difficult to introduce changes in erroneous processes if we are not aware of the noise or the frictions in those processes. Measuring and drawing the right conclusions is the first step for improving. And the user should be the ultimate goal of our measuring, attention and obsession. If you own an e-commerce business it is essential to have several web analytics tools to identify your project’s potential users.
Some interesting solutions for finding out:
2. Improving the browser to the point of exhaustion
When an e-commerce page includes many products it can reach a very high number of references. The people who the lead the project can know by heart each of these products and the associated details, but customers do not. Having a good browser, with advanced search options and different filters (brand, color, size, prize…) can be a great competitive edge and a requirement in any optimization process. Kissmetrics is the perfect tool for measuring searches and the subsequent movements generated by each e-commerce customer. It measures the success of the search or else the frustration.
3. Looking after the registration processes and the payment gateway
Registration and the problems associated with the payment gateway are usually two of the main reasons why e-commerce achieves a satisfactory or detrimental user experience for the business goals.
As regards registration, one interesting option is to maintain it as an optional requirement, which would enable the customer to add products to the cart and complete the purchase without having to sign up as an e-commerce user. However, that does not mean that we cannot suggest the benefits of registration, even with gamification elements such as discount coupons or gifts if the customer finally registers. Registration in exchange for something.
In the case of the payment gateway there are two very important elements:
4. Regaining the customers who do not convert
In the buying process it is quite likely that some customers will not fulfill the ultimate conversion goal: for users to buy one or more products. This is known as the shopping cart attrition rate on an e-commerce site. The idea is to use analytics tools that make it possible to determine where and when a customer left the conversion funnel and enable those customers to be contacted to try to redirect the purchase before the transaction is closed. These processes fall under the umbrella of an activity known as remarketing.
If you are considering setting up an e-commerce business, find out about Nimble Payments, a BBVA solution for small virtual businesses
APIs allow companies to offer their own e-wallets, building a new user experience that drives and contributes to customer loyalty.
Rulebook 43 is one of the main banking communication standards. It allows any company to receive daily statements of its accounts and, although they still have a long way to go, APIs can help implement it in any size of company.
Checkout financing is a digital alternative to credit cards that boasts advantages such as flexibility, creating one credit facility per customer and ensuring their future loyalty, thus improving the customer lifetime value.