Why you should seriously consider accepting PayPal and/or Google Checkout
October 25, 2007 in An article, Business Intel
Are you accepting PayPal as a payment option for your ecommerce offering? Some studies suggest it's a great way to boost sales.
...according to a recent survey by JupiterResearch. Among Internet users, 33% said they had a PayPal account and 23% called it their preferred way to pay.
----
...other benefits of accepting PayPal ...of the 153 million PayPal account holders, 36 million have used PayPal in the past 90 days, suggesting a large and loyal cadre of PayPal users.
And many of them keep balances in their PayPal accounts, often accumulated through sales on eBay. At any given time there is $2.5 billion in PayPal accounts, and that money typically turns over every two weeks. Much of that gets spent online, and 18% of U.S. online shoppers in a recent PayPal-sponsored survey said they would not have made a purchase if the retailer had not taken PayPal.
Are you taking advantage of the Google Checkout program which is waiving processing fees till 2008, and increasing visibility on AdWords ads by featuring a colorful button? Google Checkout will also give you $10 in free processing for every $1 spent on AdWords starting in '08.
Ritz Interactive, which operates such web sites as RitzCamera.com and BoatersWorld.com, says its click-through rate went up 23% after the Google Checkout badge was added to its ads, and that the conversion rate on those click-throughs went up 24%. Intermix, an apparel retailer, says its click-through and conversion rates went up about 20%. At sporting goods retailer Sportscloseouts.com, the Google Checkout badge boosted click-through rates from about 1.2% to 2.2%, an increase of more than 80%.
(emphases mine)
Source: the excellent Internet Retailer Magazine, October '07 article Google and PayPal collide at the checkout
See also: Adding three or more payment options at checkout has raised sales by an average of 14% according to payments processor CyberSource Corp. - Source July '07 Internet Retailer
Update: I had the Google credit, backwards.
The Game is Afoot
July 18, 2005 in 5 out of 5 stars, An article, An ideaThe Game is Afoot: A brilliant diatribe/lesson/article written by Eric Sink, a quite successful entrepreneur running his own ISV. The industry is software development, but the principles are universal. Eric Sink Because Eric gets it. And he is a superb teacher. As you read through this, he makes important points, then backs them up with stories and analogies. This article will make you think, and hard. It's brilliant.
Example: I've totally changed my thinking about competition (and how much I hate it). So as you daydream about starting your own company, you search for product ideas, and you discard all of the ones which would already have a known competitor. Eventually, you find an idea which is completely unique. Nobody is selling anything like it. Finally, the path before you is clear!
So you proceed to build your killer app. Of course, you are terrified that somebody else will discover your amazing idea, so you keep everything a secret. You setup a small office in the corner of your basement and paint the windows black. You tell your wife you are downstairs looking at porn so she won't get suspicious about what's really going on. Not a single human being on earth gets a glimpse of your product until you are finally ready to unveil your 1.0 release. You emerge from stealth mode and wait for the world to overload your web storefront with traffic.
But the orders don't come in. Several months go by and eventually you realize the truth: The reason nobody else was selling this kind of product already is that nobody really needs it. If any substantial number of people were willing to pay for the solution you created, then somebody else would already be trying to relieve them of their money. It's a tad lengthy (and ugly), but it's all so good this is a minor quibble. Free like bad advice (only this is good advice) Reviewed by Carson McComasWhat is it?
Who makes it?
Why is it the killerest?
What could be improved?
How much does it cost?
Rating?
11 Ways to Improve Landing Pages
June 29, 2005 in 4 out of 5 stars, A magazine article, An article, An idea11 Ways to Improve Landing Pages: A great article on improving your ad landing pages. Michael Nguyen for Digital Web Magazine Similar to a post I wrote last week about dramatically increasing your conversion rate from ads, particularly Google Adwords ads. It has great tips and best of all a before-and-after, "hands on" where he shows how to apply his tips as he changes a terrible landing page he found, into one that would actually work. Good stuff. Reviewed by Carson McComasWhat is it?
Who makes it?
Why is it the killerest?
Rating?
