I was reading this week in Ad Age about a study that concluded a minute of e-commerce window shopping is worth an average of 43 cents, and the median worth of one full visit to an e-commerce site is $1.30. The research was conducted across 10,000 customers comprising $1B in e-commerce transactions. The research also found that time spent on your e-commerce site dropped from 3 minutes and 16 seconds in 2008 to 2 minutes and 49 seconds in 2012, yet revenue per visited increased 24% from 2011. The conclusion is that customers are spending less time but more money online. Clearly buyers are becoming more sophisticated at online shopping and marketers are becoming much more proficient in e-commerce merchandising.
Another very interesting fact we have uncovered as we deploy our newest technology, Digital Data Integration Engine (DDIE), is the high degree of non-identified behavior by marketers’ customers on their website. The value of DDIE is to link an unidentified web interaction to a historical customer transaction at a uniquely identified level. When we started developing the technology it was hypothesized by our clients that only 30% of their customers’ interactions on their website was unknown to them. Now that we have several DDIE engines deployed and performing the interaction-to-transaction match, we are actually finding the number of unknown interactions of the customer is more like 60-70%. Think about how it changes your perception of customer interaction, if you now know for certain that your customer is anonymously interacting with your brand and your products more than twice as much as you had anticipated.