When you’re looking to improve the sales figures on your Magento site, you’ll probably decide at some stage to run some tests to find out what works best. After all, if you were a comedian on tour you wouldn’t keep running with jokes that produced a tumbleweed moment of silence every time just because they looked good on paper. Tumbleweed silences in eCommerce sales are no laughing matter. Testing makes sense.
Here I’m going to assume you already have some idea of how to go about running A/B tests, and we’ll focus instead on what type of tests might prove useful to you.
First off, think about the prices you’re selling your products at. Simple logic says that when you have comparable products, it’s worth setting exactly the same prices for them. So, say you have two similar computer monitors for sale with a similar spec. Why not just offer them both for a bargain £400. Makes sense doesn’t it? Actually, no. Simple logic is, in this case, wrong, according to some research done at Yale University. The study showed that offering a choice of two products at slightly different prices encouraged over 30% more sales than when the same products were offered at exactly the same price. So when you’re testing, it’s worth the experiment of setting different prices to see what happens in your eCommerce store.
Perhaps even more remarkably, statistics show that the more succinctly you can state your pricing, the more likely consumers are to buy. So instead of £1499.00 or even £1,499, use £1499 and purchasers will perceive it as more of a bargain. Why? Try speaking out these prices in words rather than figures and symbols. The more syllables it takes, the heftier the sum sounds in your head. Again, test A against B and see what works for you. You may be surprised.
And here’s another idea that sounds like we just made it up. See what happens when you use the number 9 in your eCommerce pricing. A recent study showed that clothing discounted from $60 to $49 sold nearly 25% more than the same product at a reduced to $45. Crazy, but true.
These tips are great news when you’re in the process of testing your Magento site because they show that thinking outside the box could make all the difference. See for yourself.