Categories
omnichannel

What is a Micro conversion?… and how video supports it

Micro conversions unlock how to improve overall conversion. Discusses the presence of video as well as live video and how it impacts micro conversion.

Micro conversion, whilst sounding complex, is actually a common sense term. You may be familiar with them in Google analytics as “goal filters”. Micro conversions are small (micro) conversions or steps leading to a larger conversion.

That larger conversion never happens by itself. It has to be aided and influenced: key events drive the customer into getting them to the tipping point.

Data’s role in micro conversion

While your lovingly-written marketing or website messaging forms part of the process, the data from micro conversions will help you understand how it arose. With a good supply of micro conversion data, some handy technology for reacting to the data, and robust applied thinking, then, you can quickly understand your customer to help them with the decision-making process.

Measuring micro conversion will therefore help you optimise your overall conversion; the macro conversion can be seen as the Purchase itself.

Micro Conversion Data predicts increases e-commerce revenue

It’s fair to say you’re probably already making use of micro conversion data, even if you’re not yet understanding where to intervene if at all. In the world of e-commerce, micro conversions are recognisable through familiar statistics like video engagements, specific (important) page views and site duration. These are all arguably micro conversions, as they contribute to the increasing desire to accomplish the task (whatever that task is).

Probably the most important thing an e-commerce manager can do is identify what micro conversions predict overall conversions.

To summarise, micro conversion is not a new concept in the pursuit of greater revenue and life time value. It is simply a convenient term describing an understanding of your own customer journey, and knowing which parts are the most important (or – indeed – the weakest) in making the customer do what you want to. Making sense of micro conversion in eCommerce will therefore make you a hero in the marketing team as much as the finance team.

Livestream shopping is the ultimate micro conversion

The use of video is a strong micro converter. If you find that shoppers are three times more likely to purchase if they view an explainer video, you have a micro conversion right there. The next most logical thing to do might be:

  • Make that video more prominent
  • Make more videos and spread them through key (relevant) parts of the customer journey
  • Expand your outbound marketing to external video platforms like YouTube and facebook
  • Consider live stream video – a rich, live interactive experience that has the greatest potential to match shopper needs
video as a micro conversion

And so, the desire to make them behave in the way you want is increased. This is what a good retail expert in a shop would do having seen a customer examining stock over and over, so why wouldn’t you apply this to e-commerce?

Confer With has been built with the micro conversion in mind

The Confer With platform is not simply branded facetime for retail. It has been built with conversion in mind. Every step on the customer journey in Confer With is a micro conversion, which builds up to to the ultimate desired behaviour – a purchase. Using the same predictive techniques that a ecommerce manager or a marketer uses to identify important events, you can build up the ideal match, engagement, immersion and closing techniques to drive incremental revenue, lifetime value and customer satisfaction.

As a result – you have a powerful platform that can, over time, predict conversion – particularly of customers who wouldn’t normally purchase online. All you need to do is execute a fantastic visual merchandising plan, ensuring key actions are executed early on in the journey.

Talk to us about how you can predict conversion using the Confer With platform.

Related Articles

image alt

18 Oct, 2021

3 important reasons why eCommerce needs human interaction 

In 2009, CEO and founder of IMShopping, Prashant Nedungadi said: “no level of automation can replace the human touch, shoppers still want real people to help them purchase products, even in a digital setting”.  Since then, eCommerce sales have risen to record levels, but we are not here to talk about that. We are here to talk about why your brand still […]

image alt

1 Oct, 2021

Online Shopping vs Brick-and-Mortar: what wins and what doesn’t

At Confer With, we discuss opportunities eCommerce can provide across personalisation, immersive experiences and product discovery. Today we look at what drives purchases and deters shoppers away from physical stores and online shopping. Research taken from YouGov and Retail Gazette illustrate the changes we are witnessing across the high street. The barriers to brick-and-mortar sales, moving away from […]

image alt

30 Sep, 2021

Live video shopping: 5 step guide to increase online sales

Brands are now using video sales solutions to capture customer demand across digital touchpoints. In this 5 point guide, we share how you can make the most of your sales solution.