Client Success Story - Sporting Goods Retailer
What do you do if you’re a sporting goods retail site that has strong name recognition, good brand loyalty, has been around for nearly half a century and has stores all over the United States? You want to be sure that while you retain your strong base of regular visitors that you continue to grow this foundation by exposing new shoppers to your stores.This was the case for our client, who had a pretty busy site (400K monthly unique visitors - MUVs) and was looking to see if our second-party ecommerce co-op was the right fit for its company..
Q: Why aren’t you happy with every 6th visitor to your site making a purchase?
A: Because you just found out Hivewyre could get you every other.
From July 1-July 31st, 2016
Hivewyre was able to achieve the following results:
60.95% Conversion Rate
Most ecommerce companies would tell you you can never have too many new visitors to your online retail shop. And with Hivewyre’s first focus being new customer acquisition, we wanted to leverage the over 2-million unique monthly shoppers looking for sporting goods equipment within our exclusive ecommerce data co-op and put our cllient in front of them.The result was quite convincing. This site’s usual conversion rate was at 13.20%, good by industry standards; but the shoppers we brought to this client’s website converted at an amazing 60.95% rate.
More Than 3.5x More Conversions
The increase in conversions by almost 362% with the new shoppers we were bringing to our client compared to the rate it was converting before using Hivewyre, makes it extremely difficult to shun our data and methodology.
Revenue Per Visitor vs CPV
The average revenue per visitor on this site was a mere $13.05 and the cost per visitor (CPV) was $9.74. Meaning, for each visitor brought to this site due to Hivewyre’s campaign, this site netted $3.31...Now that’s a winning combination.
Let’s find out what else went on with our sporting goods site:
863 - new shoppers brought by Hivewyre (NS)
526 - Hivewyre shoppers converted (HSC)
Revenue from shoppers = $11,262
Cost of getting new shoppers = $8,405
Net gain/loss = $2,857
Avg. Net = $3.31 (AN)
Avg. order by converted shoppers = $96.29
$50,645 total order
Overall gain: $51,760
Overall gain = (Total order + ((NS-HSC) x AN)
Lower Average Order - No Worries!
We did see a 2.54% decrease in order value from the shoppers we were bringing to this site vs. the site’s overall average order value ($96.29 vs. $98.80).
But because Hivewyre’s campaigns brought more than 3x more conversions than this client’s conversion rate before starting with us, there was no negative effect brought on by this discrepency.
Taking the number of new visitors our campaign brought to the site (863) and substituting the site’s overall conversion rate (13.2%), the company would have netted 114 new purchases at $98.80 each or $11,263, with the type of shoppers it was getting previously.
This is $40K less than what our campaign was able to generate for this sporting goods company with the second-party data from our ecommerce co-op.
Other 2016 Client Success Stories: