No matter how much traffic ecommerce brands send to their site, only a small portion of that traffic will convert. Indeed, according to Monetate’s latest EQ2 report, the average conversion rate in the U.S. during Q2 of this year was 3.02%, down from 3.27% the previous quarter.
One of the more common ways marketers improve conversion rates is by testing messaging, customer journeys, and other aspects of a website to optimize the user experience. During traditional A/B testing, though, since half the traffic is funneled to a lower-performing path, the experimentation naturally leads to fewer conversions. Last week, Monetate announced a new tool to turn these missed opportunities into wins. Dynamic Testing helps brands ensure that their A/B tests reach statistical significance sooner, and that they retain more conversions—all accomplished via an automated approach.
“Dynamic Testing represents a paradigm shift in how testing is done. It frees organizations from administrative tasks to reach better, faster and smarter conclusions in real-time to drive maximum ROI,” said Monetate founder, executive chairman and chief product officer David Brussin.
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Monetate Dynamic Testing: More Opportunities
Dynamic Testing puts a new spin on traditional A/B testing. During a standard A/B test, a brand will send 50% of its website traffic to Test A and 50% to Test B until the test reaches statistical significance. With Dynamic Testing, traffic follows the traditional model, but then draws on machine learning and slowly starts sending more traffic to the higher-performing option. This approach makes an optimization test less of a gamble for sites that don’t have a great deal of traffic and need to run longer tests.
According to an announcement by Monetate, with Dynamic Testing, “Marketers get back more time to focus on the strategy, direction and creative execution of the experiences they’re offering their customers, all with increased precision, reduced risk and a better return on investment.”
By adding machine learning to the mix, Monetate is allowing ecommerce brands to take a new approach to optimizing websites. The automated processes will make incremental changes, refining the test throughout the timeline, instead of making a change at test completion.
Interested in Using Dynamic Testing?
Blue Acorn iCi has helped many brands optimize their ecommerce sites using Monetate. Feel free to reach out to us here to learn more.