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Top trends and tips from Baltic e-Commerce Forum 2023

Photo: Screenshot 2023-03-14 at 17.17.49
Photo: Screenshot 2023-03-14 at 17.17.49

Yesterday ADM’s eCommerce Business Lead Tõnis Nerep and strategist Andres Laaspere took part in the Baltic E-Commerce Forum. The 2023 E-Commerce Conference in Tallinn was about how companies can grow and succeed in the changing e-commerce landscape. The conference focused on how to optimize online stores, how to stay competitive, and how to connect with customers. It also discussed marketing strategies, international trends, and the newest technologies in the E-Commerce industry. Attendees were provided with actionable insights and strategies to help them prepare for the coming years and stay ahead in the ever-evolving digital landscape. 

Following are some of the key takeaways for you to stay ahead of the competition.

Interesting facts from the presentations: 

– 68% of online experiences begin with search engines
– The top three Google search results generate 54% of the traffic
– 83% of users need some kind of help when buying online- 60-80% of users abandon their cart on average (50% because of limited shipping options)
– The standard conversion rate is 1.7-2.4%
– 91% of users look for available delivery options before checkout (66% shipping and return policy)
– 62% of customers say that delivery speed influences their buying decision
– 87% of customers are more likely to return after a good delivery experience
– In the UK cost per click for digital ads is almost 10 times higher for the same keywords
– 97% of sites have accessibility issues. E-commerce sites must be compatible with accessibility standards (en 301 549) by 28.06.2025
– The potential impact of personalization (content, search, product discovery, offers, etc) can be 10x of improved conversion rate
– TREND: 80% of communication moves to POS by 2026
– TREND: cross-border B2C e-commerce market is expected to grow 4x by 2026 (4.8tn <- yes, it´s trillions of dollars)
– ECONOMIC TREND: The job market is still strong, people still have excess savings, Euribor will probably not raise – in a nutshell people will have more money to spend

Top tips for optimization from the speakers: 

– Measure your card abandonment rate to learn how to improve conversion on your e-commerce site
– Implement live chat feature and reply in less than 2min (79% of businesses see value after implementing, 24% less abandoned carts can be expected) 
– To improve conversion, you need to improve your value proposition communication and add incentives while reducing friction and anxiety 
– Make returning easy and add Where´s my order function. Communicate it to reduce cart abandonment 
– Don´t hide shipping charges
– Clear value propositions and trust signals help to increase the conversion rate
– When it comes to SEO content and backlinks – always prefer quality over quantity. Backlinks need to always be from sites that are related to your business
– Online shopper profile is constantly changing – re-check your buyer persona regularly
– Add honest images – 22% of customers return products because the image gave a wrong impression about the product
– Customers now expect perfect everything: your mobile experience, search, product description
– Get familiar with conversion formula: C = 4m + 3v + 2(i-f) – 2a (Learn more: https://marketingexperiments.com/conversion-marketing)

Overall, the conference was practical and of great value for e-commerce business owners. We would like to thank e-Kaubandusliit for organizing this and suggest taking part next year if you missed it.  

If you want to improve your e-commerce performance, ADM´s e-commerce conversion rate optimization experts can help you with that. We are working with top e-commerce sites like HP and Selver and are certified by Baymard Institute. Contact our strategist Andres Laaspere for a free consultation: andres.laaspere@adm.ee.

DID YOU KNOW? ADM´s design team helped AirBaltic to design and launch their token-based loyalty program: https://mint.planiesnft.com/  

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