1. MAKING BETTER DECISIONS WITH ANALYTICS Visitors to a retail site must typically go through at least three steps before completing a purchase. First, they must put a product in the shopping cart. Second, they must check out, which typically includes filling in credit card and shipping information. Third, they must confirm the order. A retail website should be constantly trying to increase its conversion rate, and the conversion funnel provides a useful way to divide the purchase procedure into steps so that a web team can analyze where in the process consumers are having difficulty or are abandoning the purchase procedure. Look at the following hypothetical conversion funnel from a month c traffic on Newegg website. Product Page 3,864,512 View Shopping Cart 468,524 Shipping Information 123,422 Review 87,244 Billing Information 106,268 Confirmation 76,860 1. What is the overall conversion rate? 2. Calculate eachmicro-conversion rate (the conversion rate from one step to the next: e.g. product page->view shopping cart) in the conversion funnel. 3. If revenue is $5,994,240, what is the average order value?
1. MAKING BETTER DECISIONS WITH ANALYTICS Visitors to a retail site must typically go through at least three steps before completing a purchase. First, they must put a product in the shopping cart. Second, they must check out, which typically includes filling in credit card and shipping information. Third, they must confirm the order. A retail website should be constantly trying to increase its conversion rate, and the conversion funnel provides a useful way to divide the purchase procedure into steps so that a web team can analyze where in the process consumers are having difficulty or are abandoning the purchase procedure. Look at the following hypothetical conversion funnel from a month c traffic on Newegg website. Product Page 3,864,512 View Shopping Cart 468,524 Shipping Information 123,422 Review 87,244 Billing Information 106,268 Confirmation 76,860 1. What is the overall conversion rate? 2. Calculate eachmicro-conversion rate (the conversion rate from one step to the next: e.g. product page->view shopping cart) in the conversion funnel. 3. If revenue is $5,994,240, what is the average order value?
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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