Keeping your Stripe account healthy. E-commerce statistics from 2018 and trends for 2019.
Whether you are dropshipping, running a POD store or selling courses, having a robust and clean backend mechanism for collecting payments is clearly a vital aspect for every business owner. No matter how well you run your biz, the show doesn’t go on without a healthy cash flow. Then, we also look at some interesting e-commerce stats from 2018 and the trends they shape for us in 2019.
Tips for a healthy Stripe account
Talking about collecting payments, Stripe is clearly one of the preferred payment platforms that most of us use. And like any other business, it strives for a clean reputation and has processes to keep bad business out and to support genuine ones as much as possible.
So, how do you maintain a healthy Stripe account?
Depesh Mandalia shared some tips on ensuring a clean and healthy Stripe account. And irrespective of where he shares it, The WTAFF Crew is always watching.
Here are some of the tips he shared, this time in the Clickfunnels group.
- Keep your account-lifetime dispute rate below 1%. Dispute rates above that threshold raise a flag.
- In fact, Depesh had dispute rates on one of his accounts hit over 1%. He worked with his rep at Stripe who helped him reduce it. If possible, get an account rep for yourself and be in constant touch with them.
- Stripe encourages high value, legit businesses that proactively reach out for help. They also label and keep track of businesses. Don’t underestimate the impact of being genuine and showing you’re a real business.
- Use their phone and chat support to your advantage. Depesh finds them highly approachable and helpful, especially if you are a genuine business owner and got nothing to hide.
- Since the 1% cap applies at the account level, maintain separate accounts for each of your services/products. It is also recommended to split high-risk services into separate accounts.
- Get yourself well versed with Stripe’s high-risk businesses policy.Including their dropshipping policy. In most cases, POD may not be considered as dropshipping. And if you are selling courses, avoid misleading claims that clearly go against their policy. If you are unsure about your business model, always confirm with Stripe.
- Fight disputes you believe are wrong. Submit as much evidence as you can. Accepting disputes will count against you if you lose. More importantly, don’t even let it get to the dispute stage.
- If you are selling courses make sure you can see login times, how much of the course is being consumed, IP address etc. Such details are useful for Stripe to evaluate the claim. For e-comm owners, be clear on your policies and resolve customer issues such as late shipping, broken products or damaged packaging etc as seamlessly as possible.
Well, eventually it all comes down to your dispute rate. For many low-quality stores, they go well beyond the 1% cap. It’s like Facebook’s Monthly Satisfaction Score. A way of keeping bad businesses out which is a great thing for genuine businesses.
And being aware of Stripe’s policies and the information above should ensure that you have to face no hurdles while collecting payments from your customers.
eCommerce statistics and trends
We look at some of the key insights and trends from the report, so you are not missing out on any of them. Let’s get on with some of these stats covering various aspects of e-commerce.
Conversion Rate Optimization Stats
- Page-load speed delayed by even 1 second can reduce conversions by 7%.
- Companies with 40+ landing pages generate 12x more leads than those with only one to five landing pages. Say “Whaaat?!”
- 48% of marketers build new landing pages for each campaign. Only 52% of companies that use landing pages test them to improve conversions.
Mobile e-Commerce Stats
- Mobile e-commerce sales are projected to make up to 63.5% of total e-commerce sales this year.
- Global mobile e-commerce revenue is expected to reach up to $669B this year.
- In-store mobile payments are expected to reach $503B by 2020.
- Mobile wallets are expected to surpass both credit and debit purchases by 2020.
Shopping Cart Abandonment Stats
- 60% of cart abandonment is due to extra costs, like taxes, shipping and fees.
- 35% of transactions are lost when websites require users to create accounts before purchasing.
- Annually, $260B is recovered by improving the checkout design and process.
Email and Retargeting Campaign Stats
- Online shoppers are 70% more likely to convert when retargeted with display ads.
- 54% of shoppers say they would purchase abandoned items if those items were offered at a lower price later.
- 72% of millennial shoppers say they notice retargeting ads and they don’t mind seeing them.
Video Content Stats
- Product videos can increase conversion rates by as much as 144%.
- 4x as many consumers prefer to view a video about a product than reading about it.
- 50% of online shoppers search for videos related to a product before buying it in-store.
- 4 out of 5 consumers find demo videos helpful when making a purchase.
Social Media Stats
- The average order value of customers referred from Facebook is $55. For Instagram, the AOV is $65.
- 85% of all e-commerce purchases from social media come from Facebook. Facebook has a conversion rate of 1.85%, the highest out of all social media platforms.
Local Search and Omnichannel Stats
- Companies with strong omnichannel engagement retain 89% of their customers.
- 50% of consumers who search for local business on a smartphone visit the store within 24 hours.
- 70% of computer and tablet users in the same Google survey said it was important that ads be customized to their immediate surroundings.
Customer Relationship Management (CRM) Stats
- 79% of leads fail to convert without a CRM software.
- Conversion rates can increase by 300% with a CRM system in place.
- The average ROI on CRMs is $5 to every $1 invested.
- 22% of salespeople have no idea what CRM is.
Influencer Marketing Stats
- 40% of its user base say they’ve purchased something as a direct result of a tweet from an influencer.
- The average earned media value for influencer marketing is $7.65 to every $1 spent.
In the past, we have discussed many strategies for building and growing your e-commerce business. However, it’s also important to stay updated with the latest trends in e-commerce and shopping.
Baby boomers, millennials and Gen Z’s, they all engage with online shopping differently. So, have a look at the complete list of statistics and trends in the report above. And ensure that you got it all covered.
Messenger is changing: bots’ engagement warning! Permissions update in the Business Manager
Time to change your Business Manager permissions this weekend: There is a new update!
A bunch of users saw a new layout in their Messenger: Conversations with pages have been separated from the rest in a dedicated folder. WIll this change the way bot marketing works? Have a look!
Facebook introduces Promos folder for Messenger
Facebook is testing a new set up for Messenger: a separate folder for messages from Pages.
Some users are already seeing this new layout, but what does it exactly mean?
Basically, in your Messenger, all the conversations with business pages will be gathered in a separate folder. Thus, there will be a clear separation between personal messages and messages from businesses.
This update is still in a testing phase and Facebook doesn’t have intentions to extend this feature to more users for now.
This update is clearly made towards that transparency goal Facebook is aiming at lately. But how is it going to change things for marketers using Messenger Bots? We will have to wait and see.
We have a different vision: How many people will spontaneously open the business folder to read messages from Pages? We will answer this with another question: How many times did you go to the “Promotions” tab of your Gmail account the last week?
Well, draw your own conclusions…
However, this is still in the testing phase. We don’t know exactly how it will be implemented and we don’t want to ring any alarms. The only thing 100% sure is that we’ll keep you updated.
And speaking of “Promotions” tab and keeping you updated: it helps in makingsure you get our emails as promised if you drag us to your Inbox if we’re not there.
Task-Based Permissions in Business Manager
Solo marketer or working in a team? If you belong to the second category, this Business Manager update is for you: Facebook is changing the permissions from role-based to task-based.
With this update, you can see the specific tasks executed by every single person having access to your BM.
“Task-based permissions allow you to assign permissions quickly and clearly, better safeguarding your Facebook information. It’s recommended you grant a user permission only to the action they need to take.”
When you add a person to your BM, you’ll still have to assign them an Employee or Admin level access. But instead of assigning a role for each asset, you’ll assign them specific tasks you want them to manage.
What will happen to existing permissions?
Once this feature is rolled out in your BM, existing role-based permission will be turned to task-based permission automatically. Based on the users’ previous role.
Want to discover more about tasks and different permissions? You can check more details about this update from Facebook.
FB Live Q&A: Measuring the Impact of Organic + Paid
Facebook Blueprint Page was live featuring yet another quarterly episode with three internal experts.
This time, they talked about driving more results using a combination of organic and paid content. And how to get the most out of the attribution system.
It’s more than an hour long video. So, if you have some free time this weekend and you crave some insider info, have a look at it!
End of Cookie Tracking?
Apple has taken another step against cookie tracking. How?
They released a beta version of its Intelligent Tracking Prevention (ITP) tool for Safari
The original tracking prevention tool makes sure that websites cannot use cross-site tracking and third-party cookies to stay on their users’ tracks while browsing the web.
The beta version, that was rolled out on February 21, adds a new restriction to third-party cookies: A lifespan capped to 7 days.
The reason for this update is users’ privacy, security, and Apple’s performance goals.
As this might seem dangerous, the PerformanceIN team says that most sales from Safari convert within the seven day period. Thus, the impact is minimal.
Do you still feel threatened by this update?
More and more companies are walking together towards a more transparent and secure experience for their users.
This might seem bad for advertisers ‘cause it usually means less data. On the other hand, it can increase the user trust for the platform, and the ads shown to them…
Cool tech, (funny) business, lifestyle and all the other things affiliates like to chat about while sipping cocktails by the pool.
“We’re heading to Mars!”
Elon Musk was found listening to John Denver’s age-old classic song, Leaving On A Jet Plane. And maybe, it’s time for John to come up with a remake version of the song, and dedicate it to Elon and SpaceX.
Why? Well, SpaceX’s new Crew Dragon capsule is leaving on a Falcon 9 this Saturday and we don’t know when it will be back again.
It’s the company’s very first vehicle designed to carry people to space. Though, no one will be on board for this test trip.
This mission is meant to show NASA that the Crew Dragon is space-worthy and safe for future human crew members. And NASA is worried ‘cause the very first people who will fly on the Crew Dragon will be its astronauts.
If all goes well, the next time it goes to orbit, the Crew Dragon could have people inside. Wanna join?