Category: Business

Holidays and BFCM Conversion Rate

Holidays and BFCM Conversion Rate

Holiday. Whenever anyone hears this word a sudden smile immediately starts showing on their face. Why? Simply because, holidays are the easiest escape from our daily routine and pressure and the perfect time to reconnect with the people we love and cherish; it’s a time to relax, to be our genuine selves, and just be whoever we need to be. 

The World Health Organization has conducted a research that proves that approximately all mental illnesses, counting stress-related issues, will be the second reason of incapacity by 2020. Denying the presence of stress and pressure will only make things worse. Therefore, holidays are becoming a necessity nowadays, not only a matter of fun. 

Alongside the holidays comes the need to spend money on shopping and activities, and this is exactly when the companies find the need to benefit. So, they start with their sales to expand their traffic and income.

We should note that, one of the most anticipated sales period for all merchants online and in-store is BFCM: Black Friday, Cyber Monday. Seeing how customers are beginning their holiday shopping earlier each year, it appears like it’s continuously the correct time to begin planning for BFCM.

First, we will start by giving tips to an average conversion rate for BFCM: 

In the weekend of the BFCM, you’ve got a chance to gain a decent amount of money. How much? Nearly a third of your yearly profits. It’s not bizarre for online stores to create more than 30% of their yearly income in this period. 

The key is being prepared for it. 

Next, we must clarify what precisely is an average conversion rate.

In ecommerce, the change rate can mean numerous things, including: 

• Percentage of individuals that add items to their cards 

Percentage of leads who sign in to your email account 

Percentage of individuals who add items to their wish list.

Basically, a conversion rate remains inactive over the course of a year. But if you play your cards right, it’ll spike on Black Friday. The average value is 8% higher during the Black Friday week, compared to the rest of the year. 

 

 

Second, we will discuss why we need to decrease BFCM conversation rate:

Expanding your budget, raising brand mindfulness, and running paid advancements will definitely bring more activity and traffic to your website, but you would like to do more than that. 

It is obvious that this year’s income will not show very high numbers compared to the previous years in BFCM weekends, but experts conduct that even under all circumstances, BFCM weekends will not suffer a lot.

You will notice an increase in online shopping during this period. Individuals will doubtlessly visit your website, and your goal should consist on making the most out of each visit. Arranging to do that, you just have to lower your cart rate significantly. Despite the fact that the normal cart deserting rate in BFCM changes from a country to another, the number drifts around 70% in most places. 

If you oversee to lower it, you will get your deals. Here’s what to keep in mind: 

• Boosting CTR on social media advertisements will allow you a little increase in your income

• Getting a lot of product views won’t have a greater impact on sales

• A huge effect can be reachable by a 3% decrease on carts abandonment rate

Basically, by bringing down cart abandonment rates on BFCM ecommerce, businesses have a chance to benefit as much as possible from the sales.

 

Finally, we will conclude by giving 10 ways you can use to increase BFCM conversation rates:

1. Make sure to highlight the refund and return policies:

You should know that in online shopping 30% of the products are returned. Therefore, you should reassure your customers as much as possible by explaining all details regarding your refund and return policies. And letting your refunds easy to claim back to the customers.

2. Support your customers:

One of the most important reasons why offline shoppers prefer the traditional in-store shopping is the support they receive inside the shops, they are directly assisted and there’s always someone available to help them with any purchase they need and to solve any problem they might have. Therefore, you should always focus on your support team, and let them stay up to date with all customer inquiries for you to gain your customers’ trust in your business and products especially in BFCM period because they spend the most during this time.

 

3. Prepare answers in advance:

More than 70% of online shoppers expect to be assisted in less than 5 minutes, therefore you should rely on automated replies by researching in advance what are the most asked questions in BFCM periods, and a customer service team that is always ready to keep up with all customers’ needs.

 

4. Personalize messages for your customers appropriately:  

Customers are extremely picky when it comes to online shopping, therefore, make sure you offer them the products they need with the requirements they are looking for. You can also give them personalized recommendations of products they might like so you can increase purchases on your website.

 

5. Have a customer support team ready at peak hours:

Automated replies and all product authenticity won’t be enough if you don’t have agents available to assist customers especially in the busy hours of your business.

During sales, customers tend to get confused with prices and products, that’s why you should always have a team ready to assist them all as soon as possible.

 

6. Make sure the checkout process is simple:

A big amount of customers will leave the page and abandon their purchase if they find it hard to process the checkout. So make sure the questions asked at the end are limited to the basic information you may require from the customers, like their name, email and their delivery addresses. In this way you will avoid the decrease of cart abandonment rates.

 

7. Let them leave as guests:

Just like it is not important to take too many personal information from the customers, don’t make them create an account on your website and waste time because every minute counts to the customers in BFCM period. In this way you will be increasing customer satisfaction and automatically speed up the checkout process. Customers will most likely get back to your profile by themselves if they will need anything else.

 

8. Accept many payment methods:

Nothing will drive away your customers more than not letting them use their preferable payment methods. Therefore, make sure you have the most commonly used payment methods available on your website.

 

9. Let your customers know that your business is safe:

Online security is a huge deal to online customers. You need your guests to feel secure at all times. So, you need to improve your validity at each step. This could be wiped out in many ways:

• Make beyond any doubt that you just have SSL introduced at your checkout

• Place pictures of all of the products and payment methods within the shopping cart 

• Display identifications so your clients know you’re using website security

 

10. Put a countdown to trigger urgent purchases:

If a store is offering a 50% discount for like an hour, and you inform your friends about it, they are more likely to visit and shop instantly to benefit from them. That’s because customers are afraid to risk missing out on offers. Therefore, use countdowns to trigger their purchase need.

 

Last but not least, you should always make sure the customer experience on your website is fun, because after all, you should always keep in mind that this is the holiday season and many visitors tend to use online shopping as an escape to enjoy their purchases and get presents to pamper themselves and their loved ones. 

 

A-Z Logostics – Interview with Yusr Sabra Co-founder of Wakilni

Yusr is the co-founder of Wakilni. A doer with a passion for building and empowering productive and happy teams; Yusr established Wakilni – a smart logistics solution focused on e-commerce SMEs – in 2016. Today Wakilni is one of the fastest growing last mile service providers covering all of Lebanon. In 2020, Yusr established the Wakilni E-commerce Hub powered by Antwork which offers e-commerce businesses shelving, storage and fulfillment services in addition to delivery. Yusr was featured by the American University of Beirut as one of the women alumni impacting the world through their work. She is committed to transferring enthusiasm and knowledge and to being the driving force behind creating and delivering services that make people’s lives easier.

Tell us a bit about the story of Wakilni and when did it all start?

In 2015, we had the idea to start a concierge service, basically a service that would allow individuals and home owners to have their errands run such as dropping off laundry, paying bills, watering plants, etc… Soon after we started, we realized that there’s a bigger demand from businesses for courier and delivery like services and that’s when we started focusing on delivery services for E-commerce businesses. Fast forward a few years, towards the end of 2018, we realized that with the large number of ecommerce businesses we are servicing, we have become part of a community to which we can offer beyond delivery services. In 2019, we established the Wakilni e-commerce hub powered by Antwork which offers ecommerce businesses and suppliers of ecommerce businesses, hot-desking, private offices, shelving and storage solutions. We also have a large conference room that can be used for events and workshops.

Can you describe two major productive events for this year?

Between the revolution and covid, events have been pretty shy however we did run two productive one. The first was a legal workshop in partnership with Orurus, the session introduced ecommerce businesses and their founders to what they need to know from a legal perspective about running an ecommerce business.

In January, when startups were facing difficulties with the banks being closed and restrictions to cash and transfers, we held a brain storming session that was attended by a number of business founders who shared the difficulties they were facing and some possible solutions. We look forward to holding additional such events in the near future.

What is your favorite part of being in a co-working space?

The hustle bustle, the energy and the new faces! We love meeting new people and the new ideas they bring to the hub.

What were the challenges that you introduced to adapt workers for this community base culture?

It is still a challenge reminding our team that we are now part of a community and that we share the space with others. Our team can be pretty loud! Of course we hold routine awareness sessions and we post signage on the walls at the hub that acts as a reminder that it’s a shared space. At some point though, it becomes intuitive, and people have adapted.

What advices can you give to a startup moving from a traditional office to coworking space?

Get to know the space well, ask for all the details (opening hours, accessibility, what’s offered, what’s not offered). Co-working spaces means there’s probably much more space and even activities than what you would usually find in a traditional office. Try to find your spots. At the Wakilni hub, most of us have an eating spot, a chilling spot, and a favorite quiet spot to work from.

How do you stay motivated notably in this economic and pandemic phase?

It’s easier to stay motivated when your work is linked to a purpose and when you are surrounded with people who share your purpose. Our community is also our support system. When one of us is having a low day, most likely than not someone will notice and will cheer them up.

What advice can you give to workers not able to balance between personal life and work load time?

I stopped trying to balance personal and work life a long time ago! Running a startup means long hours, no way around it. The Wakilni hub has helped me merge the two so I don’t feel the pressure of always needing to balance my life. My colleagues and team mates are also my friends. We share lunch breaks, coffee breaks (lots of them), we laugh, we play and we hold movie and game nights and we also work and toil together. This might not sound ideal, but I know it works for me and it keeps me sane! 

Check out Wakilni’s Social Media pages Instagram Facebook and their Website

The Future of Video Gaming in MENA Region. Interview with Entrepreneur Reine Abbas.

Reine Abbas Entrepreneur Gaming

With more than seventeen years in the gaming industry and fifteen years in higher education, Reine Abbas is one of the first female game designers in the Middle East and the first to be a founder of a video games company. She is the COO and Co-Founder of Wixel Studios, the first independent gaming company in Lebanon and one of the first in the Mena Region. She is also the CEO and founder of Spica Tech, one of the few gaming academies in the region. 

Mrs. Abbas’ work has been recognized around the world and she has won many awards, including the WIT Women in Technology Award 2010, the WOW award for artistic expressions 2013 at the 6th New Arab Woman Forum, Inc.com‘s World’s five most powerful women in gaming in 2013, one of The World’s 100 Most Powerful Arab Women in both 2014 and 2015 as selected by ArabianBusiness.com, winner of the MIT Enterprise Forum Pan Arab Region competition 2017 and Mena Region winner in the Cartier Women’s Initiative Awards of 2019. In 2019, she also won the Best Animation award at the ARFF Paris International Awards for her music video “Right Now”. She was featured in Forbes 2019 and was a TEDx Beirut speaker in 2011.  

Can you tell us what inspired you when you were young? Did your parents or friends influence your decision to get into games? or were you interested on your own in this so called ‘man’ field?

Since childhood, I was called the freak child who draws on the balcony in summer vacations.
Since the age of 11, I was interested in all kinds of art and liked to go play Atari games.
My two brothers used to go to a ‘flipper’ shop where once I finally was able to sneak-in after cutting my long hair and dressing like a boy.
When I entered this boy zone and saw all big Atari games in the shop, I fell in love with them!
I was grounded many times for my actions but couldn’t help myself because I was very passionate about video gaming and my parents did not used to bring us such games to the house.
Afterwards, it was an easy phase for me as a girl.

I graduated in masters of visual arts and entered the animation world with Warner Brothers for a year to launch a Saudi animation program.
Through my work, someone introduced me to DigiPen (sister company of Nintendo) which was based in Lebanon and was recruiting artists and animators.
I was the only artist at that moment in the department and started to learn development even coding to understand and communicate with a team of 30 developers.
Meanwhile I worked and travelled between Lebanon and the US and soon became head of art department.

When I started with DigiPen, I never realized that we were only two women in the whole company and we were considered minority in this field.
I never understood why they defined a specific category limited to being a woman in the gaming industry.
I even started in 2008 my own company Wixel Studios without knowing the terminology of ‘entrepreneur’ and its meaning.

A major event was in 2010, when I was the only female speaker in the first Arabnet conference held in Lebanon, talking about video games. Twitter traffic and trend was at that day talking about a woman who understood well the gaming industry and was passionate about it.
I was nominated by NGO the female of the year in technology.
inc.com also chose me between the five females in video games.
I am invited to many panels all over the world covering women in business, women in gaming, and women in technology.

Do you see any trend driving the content of mobile games today?
First of all, casual games were mainly used: story driving games and racing cars.

The so-called trend now is Hyper Casual games. They are fast to do with a low production cost, and publishers are demanding these kind of games which drive users.

What criteria and knowledge base increase the chance of designers and developers to get hired these days?      

The dominance of Indie Game development is a trend with success, where a group of people creates for example a mind craft or color switch game in their house garage without outside source or publisher.

Concerning the recruitment, video gaming is now the biggest industry in the world, where during the pandemic, remote and online work also made it happen without a need for work visa, or to go to an office.
In MENA region, with a lack of education in gaming, there are very few chances.
On my personal level, I am teaching game design and animation in universities and through SpicaTech, creating mini developers to craft their own products and publish their games.

Can you share the percentage of how much work is completed in house versus outsourced?
Definitely, in-house is ideal for confidentiality, secrecy and protection of our production.
However, sometimes we need to outsource depending on the project. We look for sound designers, musicians, artists, especially after COVID-19 pandemic, the work load increased, everyone wanted to do games and go digital.
So we had to recruit more people; but they are working online from home.
Also outsourcing is not a bad idea, major companies adopt this concept, plus it is cost saving.
We, at Wixel studios, do both.

wixel studio reine abbas

Please tell our audience about your superpower mom’s project for your son and how it became ‘Spicatech’?

My son was only 4 when he started to learn how to do games.
I always took him to work with me, and he knows that I produce games.
He used to ask everyone: “Are you playing games? did you try this game?”
But everyone was telling him the same answer: “NO”
It was very frustrating for him ’till one day he asked me to teach him, and his colleagues in school, to do their own games.

It was a really weird question for his age. He told me “because everyone is playing, no one is creating”.
I prepared a 14 Hour Course of game design and pitched it to their teacher who was very excited.
I saw how kids changed automatically their mindset, the logic.
For this reason, I wanted to make it official and start SpikaTech academy to test this idea of shifting kids and teens to game production and becoming digital producers instead of consumers.
I am very proud of what we’re accomplishing in terms of awareness, education, investments received and competitions won so far.

We’re teaching kids entrepreneurship, project management, critical and creative thinking,
problem solving, and we’re using their passion for video games to teach them math, science, reading, writing, things they find really boring at school and difficult to learn.
We have more than 1000 students in only 2 years and we’re opening two new models in Dubai and KSA.
My purpose is to create success stories from the MENA region to the world.

In your opinion, how much technology should be used in classrooms?
Is Lebanon on the right track?
It is not a matter of tools (the smart board, iPad, computer) because everyone is using them.
To me, we should change the way we are teaching kids.
The education system must focus on interactive curriculum, fun and easy to remember.

By using games and apps to teach math, science, history, and geography, the material becomes interesting, and all kids will never forget what they learned.
Also, we give a chance for all kids without exception to finish school.
For example in my academy SpicaTech, we had kids with dyslexia, autism, ADHD hyperactivity disorder, everyone did great in finishing their games just like the other kids.
All kids are passionate for games, it is interactive and fun and everyone can do it though games.

Concerning Lebanon – even all MENA region – is not on the right track because unfortunately, there is no education in gaming industry.
We need both education and hub for companies to open in our region and create million of job opportunities in game design and game development.

Any plan for distance learning during the pandemic as kids activity for video games production?
Even before COVID-19 pandemic, we had already started our online platform and we were ready to teach online gaming production and the know-how, while reaching kids through zoom, teams or our online platform.
It’s going well and we were ready anyway.

It’s easy to be a CEO. What’s hard is getting there.

“It’s easy to be a CEO. What’s hard is getting there. There’s a huge Dip along the way.” Today, we would like to shed light on one of our favorite books by @sethgodin “The Dip”. Whatever your aim, you will experience a Dip, or a period of struggle.

Let’s say you want to master figure skating. Learning how to gracefully glide across the ice, and even skate backward, can happen pretty quickly.

But learning how to land a perfect quadruple jump will take a great deal of time and strenuous effort before you can perfect it. This is the time when you’re struggling – deep in the Dip.

The same experience can happen when you’re bringing a new business to life. At first, it’ll be smooth sailing as you fall in love with your exciting and innovative ideas. But then there’s the inevitable mountains of paperwork to overcome and figuring out how to solve the many problems that will arise during the early stages.

Chances are, it’ll be years before the Dip is over and you’re comfortable running a successful business.

The good news is, by recognizing these Dips for what they are, you can find comfort in the knowledge that they’re supposed to be difficult and that it will get easier if you just stick with it.

Seth Godin website:https://www.sethgodin.com/