Client Success Story - Jewelry
With a plethora of jewelry retailers in the market - offline, online and some companies with both a web and brick-and-mortar presence, it’s hard to break through all of that ecommerce noise. Luckily, our client had the forethought of using Hivewyre’s second-party data programmatic strategy to attract new shoppers to its site. The potential new customers we brought to our client’s online retail space had a much higher likelihood of making a purchase on its site compared to the clients it had been getting previously.
Q: How is losing money per visitor acquired good for your business?
A: When 8x more of those visitors are making purchases.
From July 1-July 31st, 2016
Hivewyre was able to achieve the following results:
12.31% Conversion Rate
Hivewyre’s biggest strength is finding qualified shoppers for our client’s e-commerce business. With our Jewel-ry client, we were able put its shop in front of over a half-million unconverted shoppers, who had just left other jewelry sites within our ecommerce data co-op. The result was quite impressive. This site’s usual conversion rate was at 1.3%, but the shoppers Hivewyre was able to bring to the jewelry website converted at a very healthy rate of 12.31%.
Over 8x More Conversions
With an increase in conversions by over 800% with the new shoppers we were bringing to this site compared to what our client was converting before using Hivewyre, it’s hard to argue with our data and methodology.
Revenue Per Visitor vs CPV
The average revenue per visitor on this site was $2.13 and the cost per visitor (CPV) was $2.46 At first glance it would appear it was costing our jewelry client $0.33 for each new visitor we helped bring to the site...
But not so fast...Here’s the silver lining:
268 - new shoppers brought by Hivewyre (NS)
33 - Hivewyre shoppers converted (HSC)
Revenue from shoppers = $571
Cost of getting new shoppers = $659
Net gain/loss = -$88.00
Avg. Net = -$0.33 (AN)
Avg. order by converted shoppers = $173.72
$5,733 total order
Overall gain: $5,644
Overall gain = (Total order - (.33 x HSC)) + ((NS-HSC) x AN)
16% Higher Avg. Order - Bling!
We did see a 16.51% increase in order value from the shoppers we were bringing to this site vs. the site’s overall average order value ($173.72 vs.
A little extra “bling” for our client was achieved by working with us.
Taking the number of new visitor sour campaign brought to the site (268) and substituting the site’s overall conversion rate (1.3%), the company would have only netted 3 new purchases at $149.10 each or $447.30, with the type of shoppers it was getting previously.
This is over $5K less than what our campaign was able to generate for this consumer electronic company with the second-party data from our ecommerce co-op.
Other 2016 Client Success Stories: