A prominent provider of automated algorithmic trading software from Italy, catering to many investors and traders. The one-time purchase software is used by over 3,500 traders in the world. They sell this digital product exclusively through their website using Shopify. The business owner was confident in the product's potential and wanted to sell more without increasing Ad spending. This is where Conversion Rate Optimisation (CRO) comes into the picture.
Understanding customer hesitation, and addressing the trust and support issues through Design and Content proved to be the major driver of growth.
What We Did
To address the client's challenges and improve revenue, we thought from the website's performance point of view. Focusing on converting customers who had already landed on your website so as to eliminate the need to spend more on ads.
Basically, fixing the middle and bottom of the funnel. We followed a data-driven, customer-centric Conversion Rate Optimization (CRO) strategy:
UX Audit and User Psychology: We conducted an in-depth UX audit of the website and utilized principles of user psychology to identify areas that needed improvement. Understanding user behaviour and preferences helped us identify opportunities for better user engagement.
Customer Support Analysis: We collaborated with the client's customer support team and thoroughly analyzed product reviews, help queries, and support chat interactions. This allowed us to gain valuable insights into customer pain points and positive experiences.
Thematic Analysis: Based on the data collected, we identified four key themes: "Lack of Trust," "Lack of After-sale and Email Support," "Sales Enablement Missing," and "Pricing Justification." These themes formed the foundation of our optimization efforts.
Lack of Trust: Potential customers were hesitant to make a purchase due to concerns related to the refund policy, the absence of a free trial, and negative reviews that questioned the software's legitimacy. The website looked dated making it more difficult to trust.
Lack of After-sale and Email Support: Users expressed frustration over the lack of comprehensive after-sale support and delayed responses to customer inquiries, leading to support issues.
Sales Enablement Missing: Users, especially Mac users, struggled to understand how to use the software effectively. Insufficient customer education and the absence of currency conversion options led to confusion. This in turn impacted conversions.
Pricing Justification: Despite offering high returns, some potential buyers perceived the software as expensive, necessitating a compelling pricing justification.
We formulated a comprehensive list of data-driven suggestions, including website design enhancements, messaging improvements, content revisions, and pricing adjustments to address each theme effectively.
A typical project involves estimating the effectiveness of each of these hypotheses and prioritising them based on effort, impact and confidence. Once we had a list of experiments and robust experiment plans, we went on to test them on-ground.
Over the next three months, we implemented a series of CRO experiments based on the formulated hypotheses. The experiments targeted the identified themes to improve user experience, build trust, and optimize conversion pathways. The key experiments included:
Trust-Building Measures: We implemented a clear refund policy, introduced a limited-time free trial, and addressed negative reviews with authentic customer testimonials to build trust. We also revamped the entire website's design leading to more modern look, optimised for action.
Enhanced After-sale Support: Implementing a robust FAQ section significantly reduced stress on the email support system. This led to fewer enquiries and quicker response times by the customer support team.
Sales Enablement Improvements: We created user-friendly guides for Mac users and provided comprehensive customer education materials. Additionally, currency conversion options were integrated to cater to a global audience.
Pricing Justification Strategies: We redid pricing tiers and pricing pages. Through persuasive content and data-driven comparisons, we justified the software's pricing by highlighting its remarkable returns.
The CRO experiments yielded remarkable outcomes, leading to a significant improvement in the client's e-commerce performance:
Purchase Increase: The client experienced a remarkable 32% increase in purchases, indicating enhanced appeal and confidence in the algorithmic trading software.
Revenue Growth: The revenue skyrocketed by an impressive 83% within 6 months, demonstrating the positive impact of our CRO efforts on the client's bottom line.
We successfully transformed our client's Shopify website by using data-driven analysis, customer insights, and CRO best practices. The improvements led to higher conversions, increased trust, and positioned them for success in the competitive financial software market. Our collaboration resulted in substantial revenue growth and a stronger reputation as a customer-focused provider of automated trading solutions.