Unlocking Hidden Profits: How eCommerce Analytics Can Help Brands Recover Lost Revenue

Jun 27, 2023 12:00 PM1:00 PM EST

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Key Discussion Takeaways

Merchants struggle to identify issues that affect their operational abilities, resulting in a significant drop in sales. Are there ways to recover lost revenue?

Analytical and monitoring solutions are now more crucial than ever for the success of eCommerce brands. Businesses need data-driven insights to target real-time problems and improve their revenue and conversion rates. A key element is understanding where and why merchants fail to convert users into customers. Having the right solutions to identify real-time business or tech issues that impact profitability gives companies a considerable competitive edge in the eCommerce ecosystem.

In this virtual event, Aaron Conant sits with Uri Strauss, Co-Founder and CEO at Webeyez. They discuss the importance of analytical and management eCommerce solutions, the most common points of friction in real-time tracking, easy solutions for business and tech problems, and the top three solutions every business should implement. Uri shares his advice on determining why and where merchants lose revenue and which eCommerce metrics to focus on.

Here’s a glimpse of what you’ll learn:

  • Uri Strauss discusses the importance of analytics and monitoring solutions for eCommerce businesses
  • Friction types that impact real-time monitoring of brands
  • Uri shares the top eCommerce metrics to focus on
  • How to improve conversion rates
  • Solutions for typical business and tech problems 
  • Must-have management systems and software
  • Uri’s expert advice on why and where merchants are losing the most revenue
  • Three analytics and monitoring solutions every business should implement
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Event Partners


Webeyez is an advanced monitoring and analytics tool that allows eCommerce companies to detect, prioritize and resolve customer experience roadblocks.

Connect with Webeyez

Guest Speaker

Aaron Conant LinkedIn

Co-Founder & Managing Director at BWG Connect

Aaron Conant is Co-Founder and Chief Digital Strategist at BWG Connect, a networking and knowledge sharing group of thousands of brands who collectively grow their digital knowledge base and collaborate on partner selection. Speaking 1x1 with over 1200 brands a year and hosting over 250 in-person and virtual events, he has a real time pulse on the newest trends, strategies and partners shaping growth in the digital space.

Uri Strauss LinkedIn

Co-Founder & CEO at Webeyez

Uri Strauss is the Co-founder and CEO at Webeyez, an industry-leading eCommerce solution that helps brands monitor, analyze, and resolve technical and operational issues to recover lost revenue. Uri's entrepreneurial spirit, expertise in computer software, and exceptional skills in sales, business development, team building, and software project management have allowed him to leave his mark in the industry as a widely recognized, experienced, and innovative executive.

Before founding Webeyez, Uri served as the CEO of Yaabam Technologies and easyMarkets. He earned his bachelor’s in business from The College of Management Academic Studies.

Event Moderator

Aaron Conant LinkedIn

Co-Founder & Managing Director at BWG Connect

Aaron Conant is Co-Founder and Chief Digital Strategist at BWG Connect, a networking and knowledge sharing group of thousands of brands who collectively grow their digital knowledge base and collaborate on partner selection. Speaking 1x1 with over 1200 brands a year and hosting over 250 in-person and virtual events, he has a real time pulse on the newest trends, strategies and partners shaping growth in the digital space.

Uri Strauss LinkedIn

Co-Founder & CEO at Webeyez

Uri Strauss is the Co-founder and CEO at Webeyez, an industry-leading eCommerce solution that helps brands monitor, analyze, and resolve technical and operational issues to recover lost revenue. Uri's entrepreneurial spirit, expertise in computer software, and exceptional skills in sales, business development, team building, and software project management have allowed him to leave his mark in the industry as a widely recognized, experienced, and innovative executive.

Before founding Webeyez, Uri served as the CEO of Yaabam Technologies and easyMarkets. He earned his bachelor’s in business from The College of Management Academic Studies.

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Aaron Conant

Co-Founder & Managing Director at BWG Connect

BWG Connect provides executive strategy & networking sessions that help brands from any industry with their overall business planning and execution.

Co-Founder & Managing Director Aaron Conant runs the group & connects with dozens of brand executives every week, always for free.

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Discussion Transcription

Aaron Conant  0:18  

Happy Tuesday everybody, my name is Aaron Conant, I'm the Co-founder, Managing Director here at BWG Connect. We're a giant networking and knowledge sharing group 1000s of brands. We kicked off about six years ago, just looking for the opportunity to connect with other individuals in the space, network knowledge share together to stay on top of the biggest trends. I spend most of my time talking to brands that startup the fortune 100 up pretty much every vertical just to figure out what's top of mind, what are you interested in? What are you trying to solve for. And when the same topics come up over and over again, we host events like this will do close to 100 in-person events this year, small format dinners across the US couple 100 of these webinars. And, you know, we get those ideas, like I was saying it's just from the conversations we're having. So look for a follow-up email from us love to have a chat with you. A couple housekeeping items as we get started. We want this to be as educational informational as possible. So at any point in time, if you have questions, drop them into the chat, drop them into the Q&A, or shoot me an email at Aaron@BWGConnect.com. We want to feel those questions real time as they come in. The other thing is, we're starting a few minutes after the hour. And just so everybody knows we're gonna wrap up with time left in the hour as well. Make sure you have plenty of time to get on to your next meeting without being late. And so as we kind of kick off, you know, this topic unlocking hidden profits, how eCommerce analytics and monitoring can help brands and retailers recover lost revenue. I think that everybody's trying to hone in on the right tech stack at this point in time. They're looking for those that are going to better inform though what their shoppers are doing the consumers on their website, what's meaningful, what's not, how do we interact with them. And we've got some great friends, partners supporters, the network over at Webeyez. And Uri is on the line today to kind of give us a rundown and give us some some, you know, clarity around what they're seeing is happening with consumers and helping conversion. But Uri, I'll kick it over to you want to do an intro on yourself and Webeyez and what you guys do because you're you're very unique. You've come up from a few different brands now. But if you want to jump in intro on yourself and Webeyez and what you do, that'd be awesome. And then we can kind of jump into the conversation sound good?


Uri Strauss  2:38  

Sure. Yeah, so I’m Uri Strauss, Co-founder Webeyez. I mean, the way that Webeyez actually began was out of a personal pain. I had a development agency. And we're outsourcing development to many eCommerce websites. And I would get, I don't know if bashes the word, but I would get many complaints about issues happening on the website. You know, conversions down, something happened since Monday is there's a customer in China, they can't log in. And it's like, oh, kind of this noise came in. And as a tech guy, I was trying to understand what's happening. And I couldn't find any tool that can solve Microsoft problem. And that's how Webeyez began. So so we had like the sidekick as a platform, I mean, like internally to serve to better serve customers to understand like, where there's friction, and what's happening. It turned out that I fell in love with that and not with outsourcing development. Turn turn that into the business. And what I understood even more later on was like a year into founding the company, was that my pain is much smaller than the business guys that are asking the questions. And so that their pain is much larger, because they're actually in charge of the KPIs, the sales revenue, etc. I was just looking to find good answers and to fix problems. So, so we twisted the platform around to serve more the business. And basically, that's how Webeyez was founded. And that's what we do. So we're an analytics and monitoring platform specifically designed for eCommerce. And what we do is we just, I mean, in real time, spotlight all the friction points of real users on the website, how much it's costing, in lost revenue, and how to fix it. Yeah.


Aaron Conant  4:29  

Awesome. So just a reminder to jump in the conversation. If you have any questions along the way, don't hesitate to drop into the chat or the Q&A. And we'll get them answered. So I mean, that's what I think was, you know, in our conversations is, you know, it was really interesting is that real time monitoring of what's taking place and from your standpoint, like, I guess first one is how many people are doing this well, do you think on a percentage wise, and then like, How crucial is it for eCommerce, you know, businesses at this point in time I'm, you know, to have an analytics and monitoring platform, right? It's, yeah. Love to hear your thoughts there, like, how many people are doing it currently? And then How crucial is it to have something like this in place?


Uri Strauss  5:15  

Um, good question. So So I think there's, at the moment, there was like, lack of knowledge of how to do it. Most of the people that we speak with are just not aware. Or let me let me say differently, there they are, or wherever they don't understand there is a solution. And they have hunches. I mean, it's like exactly like those people that were calling me up as the as the support guide. And, and they knew something's off. But they had no idea how to actually understand what's really working, what's really not working, where it's breaking. So unfortunately, not many are doing it. And in terms of the importance, I mean, first of all, it's always important that that's obvious, because you do want to have like a frictionless funnel. You don't want your customers to suffer. But especially in these specific times, you know, where the interest rate is really high. And the consumers just spending less on the sites and the cost of goods is of course rising. And the return on adspend is is decreasing, you know that the the CAC is high, it's, it's tough times, okay, it's tough times to sell. And another stat that we that we saw was that like 80%, or sorry, 88% of users that, that hit your shop, and they have like a bad experience, they don't return. So that's a huge problem. And basically, to have like a successful eCommerce site, and a shop, you have to I mean, the first, the first purchase is great. But the most important is the returning customers. So if they're not getting value, or sorry, not getting value, if they're if they're getting bad experience, that's when they churn and that's when they don't come back. So the name of the game is LTV and returning customers. So it's super, super critical in any economy to do it, but specifically in this economy, where the where the unit economics is tough. So it's super important to monitor and to make sure that at least you're not failing there, you can fail in other places, but at least not on things that can be fixed really easily. And having these friction roadblocks for your customers, just just lift them make sure that they that's not your problem, you can have other problems, but at least not something that's so basic. So basic in the user experience.


Aaron Conant  7:49  

So when we're talking like real time monitoring, is it just me? Is it behavioral analytics? Or is it just where people just to call people or like chatting me on, you know, where does it break down? Is it behavioral analytics? Or is it? It? Maybe it's both, is it's just all of a sudden, we see people leaving the website, and we don't know why we just know, you know, conversion rate has gone down, or the dollars aren't there.


Uri Strauss  8:13  

Right. So, so I mean, everyone has like, some kind of analytics, right? They have like, GA Google metrics, it could be Adobe analytics, everyone has some kind of analytics. The problem with analytics is I mean, it's, it's good. And of course, you should keep it and it has the stuff that you can understand. But the biggest problem is what you don't understand, which is basically, for example, you have 100 people on the product page, you have 20 people adding to cart, what happened to the other 80%? Why aren't they adding to cart? What is the friction there? What's the problem, and this is what we solve. So, so for us the friction can be it's, it's tangible. So we can be we divided into two kinds of friction points. One would be the business and the second would be the tech. So in the business, it would be more like trying to add to cart, it's out of stock quantity unavailable, the button doesn't work, the server's done while the clicking those kinds of issues. It could be on the payments, where people don't understand that there's a checkbox on the bottom and they have to check it, or the CVV is hidden, or the payment is just down for a minute to 10 Whatever. So these are all friction points. And the tech side, it's more like third party JavaScript errors, it's low time, it's it's failed cause all those things that are causing friction. So it's actual tangible issues that are happening. And it doesn't have to be a breakdown of a site. It can be something in the flow, something in the messaging in the usability and we detect all those all those friction points and quantify that into lost revenue.


Aaron Conant  9:59  

You You're the why. That's what you are? Or the why, exactly. No, I love it. I love it. Because I think about how much time is spent on trying to figure out what went wrong. And then an explanation around what went wrong, especially executive teams pressure is higher than it's ever been. You're talking about LTV, right, we're talking about conversion rates. We're talking about returning customers. And churn whatever it might be. And when the numbers go down, everybody wants to know why. Right? Why? And, you know, I love it. As we kind of get into this as you're answering that question that can be delivered. Why? Why? Because you know, the payments portal went down. Well, is that our fault? Or was it their fault? Yeah, you can then slice and dice it. But it's real. It's real time. So then, are you fixing it? Right? This isn't like an end of week report is flagging, like real time as well.


Uri Strauss  10:58  

So let me answer that we'll just about the way you just spoke about. So that's the biggest problem to understand, like, you know, there's a conversion drop what happens? Yeah, and that's like, that's the biggest thing. That's when when I had an agency and trying to answer those questions was super difficult. And there's always always optimizations that can be done. So it doesn't have to be like a tech catastrophe can be small things that are moving the needle, and it can be like a huge thing that's causing, like lost revenue. So So detecting it is is the hard part. And another thing is that I mean, you know, there's no tool that's perfect, so you can't detect everything. We can tell you what it's not. So if we, if it's not detected, we can tell you that it's not these 30 things that probably you have a hunch, you know, that sense? 123, and then you uploaded this version, then this happened? And then the user called? Because here's how do customers today understand, I mean, merchants, how do they understand that there's issues? Customer Support, right? There's like one phone call two phone calls? 10 phone calls, okay, I think it's a problem. It's really 10 is a 10 or 100? You know, 10 call, maybe it's 100? And then, but if it's only two, is that like a bug? Is that a problem? Anyway, so that's, that's where we help like, put the fast I understand exactly what's happening, how to fix it cetera. So back to your question. So yeah, first of all, it's real fun. So it's, you can't react like a week later. That's not just one work. So it's a real time platform. And it's, it's on top of your real customers on the website. So it's not a simulation of okay, let's have a robot Add to Cart Checkout, etc. It's actual users purchasing with their browser, device, etc. So it's a real traffic. And, of course, there's alerts, anomalies, etc. Because you're not 24/7 in front of in front of the portal, I think the most interesting thing we came out with was actually fixing the problem. Because what we see a lot with merchants is the backlog is endless. You know, there's, there's, what's more important, you know, there's this new feature coming out, there's this new brand that we're launching, there's a new category, it's endless, right? It's always, this is now G four is coming out. So we have to, we have to develop to integrate J four before that. So everything is important, it's really hard to prioritize. So one thing is that we prioritize for the customers because there's a price tag on the fix or on the development on the workaround for the solution. Because if you know that you're losing $50,000 on this specific issue in the past two weeks, that's a ballpark you're gonna get back. If this is I mean, it's very hard, it's very easy to prioritize that way. And the second is we have a layer. I wouldn't say fix, but we patch the solutions for March. And so again, one of the problems is time and our like time and material and actually development time. So what we do is we we call it engage, and what we do is we just, it's it's a trigger an action rule base. So for example, if just the simplest one, for example, if there is a promotion code that's failing twice in a row, pop up a promotion code that we know that's working, and that worked for you. Or if there's a payment failure, that's pop up the chat. Or if there was a 404 page, let's be direct surveys on the thank you pages. So there's all kinds of so we integrate into other third party system. So basically, it's a drag and drop solution, no development and we just we give the solution to the consumer to the merchant, sorry, without any development and then they can put in the pipeline. It can take two months, but at least it's patched for the moment. 


Aaron Conant  14:50  

Yeah. Awesome. Do you make like some of the like the data points like what specific metrics data points should you know businesses be looking at from the eCommerce side, when it when it comes to analytics and monitoring, are there ones like stand out above the others? Because I'd see people going back and saying, Okay, I've got to do an overall review, I want to take a look into what's going on. Well, it'd be like the first like, the top things from specific data points or metrics.


Uri Strauss  15:24  

So I'll answer it a bit differently. So I'll categorize it into what's working, and what's not working. So, for example, what's working would be I would like to see the channels that are performing the best efforts. And of course, the bottom line is sales conversion. That's the bottom line, of course, is key metrics, like average order value, etc. But we're looking at, you know, transaction sales. That's, you know, that's what we have a shop we want to sell. So, you want to make I mean, that's like a key metric. So what do you want to see is you want to see, first of all, what is working? Because that's what we want to help your customers down that specific funnel? If it's a specific product, if it's specific flow that users take, if it's a specific channel, and maybe there's a different attribution, maybe it's some of it, it's social first, and then the came through performance, etc. So if it's a specific promotion, that well well, and actually the ROI on is huge. So really depends, but but just make sure you do understand what is the user behavior, and and the users understand what they need to do and what is working best. So that's, I mean, we're not into that business. I mean, you have the regular analytics, like Adobe, Google, etc. That's key, because you do what you do want to understand, you know, what is working and push harder on that. And, and then the other side is what's not working. So first of all, it's the same like list of, you know, the channels, the product, the flows of promotion, Cetera, you just want to make sure what's not working, plus the basic fundamentals of all the friction points that are in place, and you're just not aware of, because I mean, there's, you know, just use statistics like it's over, I can't remember the exact number, but like, over 30% of customers fail on their first login. And that that is a huge conversion hit. Surprisingly, like, we were pretty surprised with the first customers then we saw this is like a trend, this is how it works. The system is the system is operating correctly. Everything I mean, it's a wrong password, you shouldn't be logged in. But that's a huge friction points. There's ways around that promotion codes that are they're not working. I mean, the psychology behind that is people want a promotion, right? Even though and promotions are not easy. And there's promotion calls running all over the internet. And there's honey, you know, the knee extension, there's the many things, but bottom line is, I think the average is 22% Drop in conversion, if someone fails at least once in a session when they have when they try a coupon. So even giving I mean mathematically giving 5% discount will solve that problem. So just uplift conversion by 17%. Just by giving that 5%. Psychologically, they feel good. They just solve their problem. They're happy, they'll move on. Yeah, so that's


Aaron Conant  18:37  

No, that is awesome, right? Because that checkout, I want to discount. So instead of just going, man, if you see that's an issue, maybe it's not an issue, but if it is an issue, have a pop up, say, hey, that code has expired. But here's 5% off.


Uri Strauss  18:49  

Yeah, sorry about that. Yeah, exactly. 


Aaron Conant  18:53  

What about some like real world examples around like eCommerce analytics, and monitoring? Right? How they, like, directly contribute to


Uri Strauss  19:02  

So, so actually, I think if it's okay with you, I have I mean, we have Webeyez data for this. And by the way, it's open on the website, you're gonna log in and log in, you can just look at go to Webeyez.com, we have the lost revenue calculator. So this is totally, totally open. So what I'll show you is shown on screen. So this is I think this is super beneficial because, I mean, if you're a merchant, this is probably the issues your customers are facing, on average, okay? Because this is data that's taken from a database anonymously, of course, for all of our customers, where our business is losing money on a business side and on tech side Okay, so I'll try to run this quickly, because it's it's very detailed. And there's also the solutions here. So what what he can do to solve these problems? Okay, so we talked about the login and registration. So this accounts for 26% of the lost revenue inside the business, Place Order discounts, etc. This is for a customer that has, or sorry, a merchant that has an average order value of $100 and have an has an average of 1 million sessions per month. Okay, so all these stats you're going to see are based on one 1 million sessions per month, an ARV of $100. So what you see here is, for example, the first issue is not getting registration, this is the sum of money that probably has been lost. Again, what I told you about before is the username and password invalid. There's also technical errors, registrations errors, etc. I mean, what can you do to solve the user Forgot Password, right? So all kinds of ways around it, if it's like a social login, Google, Facebook, etc, a one time password, you can generate a magic link, which you get an email, click, you're logged in. These are the social logins a rewards program, which helps a lot. And make sure that the email, once you reset the password, just this is just usability. But just appending, the email to the forgot password just makes it easy for the user to continue the flow. So this is just one issue, the login and registration place order. Okay, so we see many issues with Place Order. Some of them are tech issues, some are not. And you can see here like the credit card declined is like in this is aggregated, there's all kinds of you know, issues with a, we aggregated into one, it's like $21,000 of that. Tech errors accounts for like $10,000 and shipping address. And the solution for that is, there's a few so one of them would be like adding more payment options. Because many customers have just one of them. It's usually like a credit card, if it's after pay, if it's Amazon pay, if it's Apple Pay, etc, just add more and more because usually, I mean, one can work the other, won't. It just like I mean, if you're in a physical store, right, if someone tries to purchase any house, and you swipe the card, and it's not working, I'm guessing the person at the store said listen, hey, do you have maybe let's try a different card or let's call up the credit card company because you got this text message and you have to there's all kinds of ways around it. But online, it's very cold. So people don't you don't get you get you don't get that help. Trigger chat. So just open up the chat. You know, if you have a chat on the on the payment page, you have a problem. I mean, just open up the chat, send that information to the chat agents, so they can just help you. While it's hot, not just send out an email a day later, Hey, you forgot this in your cart. I didn't actually tried to pay and it couldn't. payment gateways. So this is more like a fraud. Many we see a lot of fraud happening. And there's all kinds of products that are more fraud prone. So just have the the the gateways that are more are stronger with fraud on the products that are actually more fraudulent versus the products that usually are not an offer. That's and by the way, the last thing is we saw this with one merchant that worked amazing. The biggest problem with place order this friction is this is a person that's trying I mean, this is the last step right. This is this is the end, what they do is they accept all payments, it doesn't matter if it's if it failed, it was successful. Because when again, psychology is that the per- the the person that just purchased is done with a decision decision was made. It was purchased a day later, and they don't ship it out. Of course, if there is a problem, and they later the you get an email address, you get an email saying, We're so sorry, there's a problem with your printer card, if you could just fix it. So the decision is done. I was just fixing a small problem. Which is which is really cool. We saw that workload with one customer it worked amazing.


Aaron Conant  24:14  

It is hold the transaction there. Yeah, it's told the transaction don't get out right away. Although for one day, you've got them anticipating and then you go back and say, Hey, Ashley, you messed up here. Yeah, right. There's a problem with the payment, we want to ship it to you. Click here update the data and the product goes out.


Uri Strauss  24:35  

So we see a drop in conversion between it just depends on the on the products and on the merchants between 20 and 40%. On the payment values. I think the worst that we saw was like 70% drops. It's like 30% success if you have at least one failure in the checkout. So that's, that's painful. Cost of a cost of acquisition is crazy. You've already gotten to the point you want, but it's failing because of stuff that can be bypassed and fixed. Yeah, so that's, that's a great solution to discount codes, again, technical issues, invalid coupons, etc. Our solution just pop up something that you know, that works. Small coupon, 5% 3%, whatever it is just make that person feel good. They got the coupon they want it. And, by the way, we see a lot of issue looming all over. And this is like a general saying that messaging can be better always. For example, on discounts and coupons, it's like a wrong coupon. Please try again. Okay. I mean, I copied and pasted, it's working. Usually, it's a problem with it's not the right product, you have to have at least $100 for this free shipping. It's one plus one, you didn't choose the other one, it has all kinds of give more information. Because what people are trying to do copy, paste, copy, paste, enter address, it's like you see the frustration? And even if you could say, the coupon is not valid anymore. We're sorry, here's a 5% discount code. People will convert. Yeah, page. But I mean, there's a lot, I don't want to go into all the details. And an attack level. You know, there's all kinds of I mean, this is not a tech discussion. But you know, on a very high level, make sure that you know what, what JavaScript is running on your site. Usually, it's very easy to add JavaScript, like with the Google Tag Manager, usually you just add, you never remove, just make sure that you're cleaning up your Tag Manager, that you know what's running, whatever can be down into listen up high, because everyone wants to be in the head, put them down as low as possible. No, I mean, only if it's super critical, put them up, don't put anything in the head. And make sure you know what's running. Page is


Aaron Conant  27:03  

This is all like, standard on your platform. So somebody engages, they plug this in, and they get feedback. And it is, I mean, is it over the course of a week? Well, you said it's real time. So it just keeps rolling, right?


Uri Strauss  27:16  

Yeah. Yeah. Yeah. I mean, yeah, I don't want to, I can go into this for hours, like, page load time, etc. It's no, there's, there's, there's so much to do. And yeah, this is the kind of data we collect. And this is the kind of data we that we present like, this is what's this is the friction, this is how much it's costing you. And we actually solve the problem for the merchants


Aaron Conant  27:41  

The what and why? So it's going around, then the prioritization, right?


Uri Strauss  27:45  

Whenever we just remember, just patch it up, you know, again, solve I'm not sure solve is the word that we patch it up for the customer, because it's, it's, there's other priorities in place, but at least patch it up. So you don't have this pitfall again, and then you can solve it with a development company when time comes.


Aaron Conant  28:04  

Super intriguing. I mean, we never get into like sales pitches, but what is the lift to having to onboarding web is what does that lift look like?


Uri Strauss  28:13  

Um, it's it's Google Tag Manager. That's it. I mean, it's, there's zero development. There's zero, configuration settings, taggings, everything is automatic. We have some machine learning logic that detects all the goals automatically, it takes like two or three days goal success, goal failures, anomaly detection, root cause analysis, all that is in place, and you just need to put the code on the page as well.


Aaron Conant  28:44  

Awesome. Yes. Reminders, people have more questions dropping in the chat or the Q&A, we'll get as many answered as possible. Yeah, what do you see is like, I mean, this is like table stakes at this point in time, right? How do you operate a business without knowing what's going on? If it's this easily installed? And available? Right? And I know it's a complicated product. But is this easy to install? Is everybody everybody's gonna have something like this. If you've got an investment in a dredge consumer site and you want to grow it, you're, you're wasting money. If you don't have something like this, you mean you're just out buying it? Right. I put in the chatter, buddy, the lost revenue simulator. So very, I went out to to your site, just found the link and dropped it in there for everybody. But what is Yeah, I mean,


Uri Strauss  29:34  

I'm, of course biased. And of course, this is like,


Aaron Conant  29:39  

I think somebody has a question. If you can drop into the Q&A or into the chat. That'd be that'd be awesome. Yeah.


Uri Strauss  29:46  

I mean, I thought, you know, we believe that this is like the first building block and understanding what's going on. And you have to have an analytics platform that's important. And there's all kinds of server side monitoring like called APM application performance monitoring good center relic at dynamics are good. All of our customers have those that's super important. But connecting those dots of friction points technology business where you losing revenue you may be losing only 10% Or maybe be losing 40%. Just the pay you are losing another No, it just depends where just and at the moment I mean, people just blind to it. It's just it's so frustrating to speak with merchants. I was not aware of


Aaron Conant  30:32  

Their system I was seeing about that. It then Erica drops in here. Who are your major competitors? And how are you different? Which is there are some out there? They're incredibly expensive, though, right? Anyways


Uri Strauss  30:46  

Yeah, I think maybe the closest would be content squirm. The thing is they sell more to larger customers, enterprise customers. And, and, I mean, they have also other operations that they do, but specifically the, the friction points and fixing the problems. That's, that's, of course, something that's very unique to us. Um, I mean, onboarding, onboarding that it takes like two months of hard work


Aaron Conant  31:20  

Price tag high, a little bit more complicated. Right? Yeah, if others have questions, it looks like, jet. Maybe Justin had one? Do you want to drop it in the chat or the Q&A? We can tackle those as well. Like, what are the biggest like, the things that stick out once? Or they're like a top three that you normally it gets loaded on? And these are the the top three or four things that immediately stand out that people if they walk away from here? Oh, here's one, how does it compare to other session recording providers?


Uri Strauss  32:00  

Um, so it's your question. Yeah. So I think the immediate are, what's happening on login registration, on adding to cart and on a checkout, those are like the three that they're always there's always issues or when the cart loads, what kind of errors, you know, out of stock issues, which people just aren't aware of. Everyone knows is out of stock, you don't know the demand of the auto stock. And we can detect that too. But a lot of it is around around those the goals themselves and what and where there's friction on the goals. So that's like, today, they can see like in a week, like once you have the trends and can see that. And the second would be the whole tech stack. So you can see like, all the third parties that you're using, are they throwing errors? Is it affecting conversion rate? Is it slowing down the website? What can be done to fix it? And then of course, we patch it up. But that's, those are like the things that pop up? And to the second question about session recording, so I mean, we also have session recording in the tool. So the flow would be, you see that there's like $30,000 lost and add to cart, here are the top 10 reasons, here, the sessions that have that problem, then you can play them back and see visualize exactly the problem. So it's, it's it takes like one minute to get to all the sessions that have that specific problem and play them back. In many cases, you don't have to play them back, you have enough information in the error message to understand exactly what happened if you want to visualize the account. The problem with such I mean, you know, as an agency, when I started off, I started off with session recording, it's just impossible to find the right sessions. And usually it's also sampled data. So it's like 10% of what's happening. So maybe I'm missing like 50% of what's happening. And I have no idea. And it's very hard to understand. Because it's 1000s and hundreds of 1000 sessions, you have to play that one by one. And then mentally connect all the dots. Oh, this happened did happen. Like it's like a memory game. We're having three more times. And then have like 100 tabs open on your browser. It's very hard to understand, like, Is this happening a lot. You can't connect the dots. Well, we reversed it. We extracted all that information, create an analytics platform above the errors, messages, user behavior, etc. And if you want at the end, you can also play it back. We just reversed the way that you do.


Aaron Conant  34:38  

Yeah, no. I love it. Yeah, lived in that space too. They tried to drive, drive down into a multiple session recordings and then cross compare what's going on what you feel is going on as opposed to what actually is taking place. Right? Yeah, we're so I guess this kind of goes into a previous question that came out but where were merchants losing the most revenue that you See right now? is in there? Is there a common area? So is it like checkout? And now them just pulling some threads here too? Is it at checkout? And then is there a portion at checkout? Is it you know,


Uri Strauss  35:12  

Checkout is the biggest because, you know, I'll just explain in a second about lost revenue. lost revenue is basically we take, we look at all the sessions, for example, checkout, we look at all the sessions that have only successful checkouts, which basically is 100%. I mean, if we're looking at those sessions that actually checked out it's 100% of success, versus the ones that have at least one failure. And then we compare the conversion rate between the two. That's how we come up with a lost conversion and, and then with the average order value, and the number of sessions we understand the size of the, of the lost revenue. So check out of course, I mean, because you comparing it to 100% of success, anything under that is lost revenue. So I mean, by the way, we also see issues, for example, in coupons, um, they're not affecting conversion rate, or in add to cart, which people added to cart a different product. So you don't see a big difference. That's also very important, because not every friction point is actually actually causing lost revenue. There are some friction points. In some cases, with some merchants, they're just you're not losing money there. So it's not a priority. It's friction, but it's not a priority. And after one, you only run after the ones that are actually causing lost revenue. So back to the checkout checkout is number one, because we're comparing versus 100% of success, anything below that, so it's always losing revenue. Now the question is how much so I think the lowest or sorry, the highest effective conversion rate would be 70%. We say I think that's one merchant, but on average, between 20 and 40%, in lost revenue, just on the checkout page, if you had at least one failure. So that's awful. Login is tough. And it's like the simplest to solve. And it's tough. It's like people literally look at that, you know, how many people just have friction login, they try to log in once, twice, you forgot the password, they're out. Of course, as we talked about the solutions to bypass it also. Anonymous, login, checkout, sorry, there's all kinds of ways around or, you know, the wishlist won't work, etc. There's all kinds of reasons you log in, in different places in the funnel. But the bottom line is, is friction. And technology and all people you know, they it's common knowledge, you know, that each second in low time is 7%. Drop in conversion. So, and today, it's not that easy, because there's like three metrics, right? It's Google core vitals. So it's even harder to understand, like, how to measure that and what's good, and what's medium and what needs improvement. How to fix it. So that's, like, out of the gate, usually an issue, there's always issues with low time. You know, most of the most of the our merchants work with some kind of platform, if it's our Shopify Magento. If it's I'm sorry, the name is just big commerce. Where sales, I mean, these are the top three facets like Magento, we see a lot. And Shopify. And each one has its pros and cons. I mean, nothing's perfect. When even when you develop your own your own website and your own shop, it's there's many problems there too. So we always the tech issues happening, if it's third parties, if it's low time, if it's CLS time, core vitals, that's a given. That's what happens.


Aaron Conant  38:48  

Yeah, and you're making the recommended I think that's the other thing is, a lot of times when people run into is once they found out what's wrong, right? So a we got a couple of things happen. One is okay, there's is there one thing wrong? Are there 15 things wrong? Next one is okay, there's 10 things wrong, how do I prioritize? Okay, I've got them in this order prioritize the next one is what do I actually do? Right. So, if it is checkout, if it is the coupon code, if it is a recommendation what what do you actually do? Do you guys step in and then I mean your provide like hey, this is what most people do.


Uri Strauss  39:23  

Yeah. So So, I mean, we have I mean specifically Webeyez as like a monthly call, because we also I mean, we learned a lot during this process, we learned that people buy products and then rarely use them and that was an insight that we understood that we have to have we have to give amazing service because even if we deliver the problem and easy to consume on a plate, still now the question be okay, so what I do with that, so we have a lot of knowledge in place to to help with that. Last, again, we have Webeyez engaged. So you just create an automation, we help you with that to just create that automation, put it in place, you solve the problem. And again, you can open up a task development, etc. But we help you patch all that like in real time.


Aaron Conant  40:18  

Yeah. Awesome. In then the, I guess the other standpoint is going to be like, in my mind, as I listen to this, do you basically just pay for your cell phone? Like is that? Is it like, a month to month? Like, it would seem to be I would plug you in and I would know, in 30 days, this is value add or not?


Uri Strauss  40:40  

Yeah. I mean, like, like a lot of services, we have like the monthly and the annual. So we want to make sure that the that our customer understands the value. Of course, when we have a demo, we present the platform, everything is clear. Some just purchase, if they understand the value, they understand their pain, they just purchased it for one year, they get the discount, etc. Summer, they want to see it, they want to see it working, we have the monthly the monthly process, they make sure they get the value once, once they're you know, they're more relaxed with that they just move into the year the annual program, but yeah,


Aaron Conant  41:24  

Yeah, I mean, that's key. Right, just conversations I'm having, you know, there's a lot of stuff being pitched out there and sign up for a year is hard to do. Another question come in as it comes in, is your tool been used to detect friendly fraud for example, a products purchase and then they generate a return label, but they do not return the product?


Uri Strauss  41:46  

We so not exactly we we can we had actually one merchant that we worked with which we supported them. And we also work with it. Okay, so web has works for verticals, but not segments. We work with the eCommerce team that sells eCommerce, etc. We work with a product team, we work with a tech team and work with customer support. So this is more helping customer support understand, like what happened, except because we have the session recording. So you can it's takes like one second to find the exact transaction. So it's very easy to understand the transactions. We do not. I mean, we do help analyze what happened and show that it was actually purchased. But we're not into the shipping and to the returns part. That's like after after Webeyez.


Aaron Conant  42:41  

Awesome. Yeah, there's, I mean, that's a tough one. Unless it's there, you know, a habitual offender, and maybe they're logged in a database somewhere. In that case, it's you jump over to one of the major fraud platforms, or maybe one of these newer ones that are not quite, you know, as antiquated and more just built on AI and behavioral analytics and everything. So


Uri Strauss  43:05  

We, I mean, this is a good question, because this is not exactly what we do. But because we're on hundreds of websites, and we have great relationships with great vendors. So we know many great vendors, if it's development companies, because we see we hear our customers, what's working, what's not working, they're trying out all kinds of things. vendors that are you know, like anti-fraud, we just met with a great company that's doing great business with one of our customers that helps exactly with this kind of a problem with the returns. So So what Russell, I mean, our goal is to help our customers sell more, if it's with a web based platform, if it's with the service that we're giving, or if it's vendors that we know, that can help a specific problem their web base doesn't solve. We're there, we just want to make sure that the value is you know, that our customers selling more.


Aaron Conant  44:02  

Yeah. Oh, they were just asking, what's the fraud company? I think


Uri Strauss  44:07  

I can send it later i We just made a study.


Aaron Conant  44:09  

And we will connect you will connect you with everybody. And then yeah, whoever wants to name of that company, just write them back. Just ask for it and more than happy to share it. I'm sure. What, what, what did we hit on today? We've heard a ton. I mean, we're kind of getting to the end here. If there's other questions drop in the chat or the Q&A. Is there anything we we missed?


Uri Strauss  44:38  

I'll just say, I mean, not Webeyez. But you should make sure you understand what's not working on your website. That's I think the basic thing. It's not easy, but if you don't want to pay for Webeyez you can develop some kinds of stuff and there's like three things you want to do. One is understand I mean you track your users, you're using your real time users. The second is prioritize only based on lost revenue. Because today, it's very hard to prioritize otherwise, because there's, there's a hunch, I think this will, it's like an AP test, you know, I'm going to add this product, but I'm going to have this shipping, move the shipping information to step number four, and asset number three, there's all kinds of things that you're testing out, but try to have decision making them based on specific in our world, based on last name, nylon, okay, this is happening 20,000 times, and this is only happening 1000 times, I'll fix it 20,000 times, it may be there's not causing any friction, any lost revenue, you should fix whatever is, is hurting the most. So track it, prioritize based on that, and then just resolve it. I mean, don't. Don't I mean, because because you don't know what's happening. That's not good enough. Because you're just unaware of what's happening. Make sure I mean, I mean, you are losing revenue, the question is, where it's happening and how much find a way if it's whatever is if it's not, whatever it is, find a way to understand why and where you lose the money and solve it. That's like the worst people don't come back. People like 90% will not come back to your brand, it's a hit.


Aaron Conant  46:25  

No, I think you are you nail at the beginning to what you're talking about, it's kind of frustrating for you is that there is a solution out there, that people just don't know about it, or they bring it in presented with they, they see everything that's going on with the content squared, which is a great tool for an enterprise level company, and the sticker shock. And then they sit back and say, I just there's no way I can do it. And then they they sit in a spot where there's things that can be easily detected easily fixed, if they just had a tool to do it. So I know you guys come highly recommended throughout the network, and you're doing some awesome things. So really appreciate kind of all the work that you're doing in this space. And I encourage anybody, you know, have a follow-up call, reach out to them, we can connect you via email as well. worth that. I mean, it is month to month. So try it for a month. It pays for itself. Pretty much almost every case. Unless you already have a perfect website, then probably not. But other than that, I I'd say hey, have that follow-up conversation with the team over at Webeyez. I'd love to have a conversation with you as well. When we don't sell anything here at BWG Connect we're always just looking for those next great topics that are helping people solve digital problems that they have in the world today. Yeah, area like your any last thoughts here as we get to the final minute or so?


Uri Strauss  47:50  

Actually, I'm just looking for the company looking for the company name that the fraud? No, I think that's it. I mean, again, it's an easy decision because it's we're not expensive onboarding is super easy. You are losing money and we have positive ROI out of the gate so


Aaron Conant  48:10  

you build something awesome. And I love it. So with that, we're gonna wrap up this webinar here again, thanks everybody for dialing in. Thanks for the great questions. Hope everybody has a fantastic Tuesday everybody stay safe and look forward to having you at a future event. Thanks, Uri. I will see you, my friend.

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BWG Connect provides executive strategy & networking sessions that help brands from any industry with their overall business planning and execution. BWG has built an exclusive network of 125,000+ senior professionals and hosts over 2,000 virtual and in-person networking events on an annual basis.
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