New Era Capital
User Experience with Great Return on Interest
Güncelleme tarihi: 31 Ara 2021
It's no mystery that since the dawn of the information age, the impact of user experience on brands has grown exponentially. No matter how good you are at digital marketing, it is up to users to decide whether or not your application is successful. Thus, if an application is being created, to ensure the success of that application, you should do a thorough research on user experience and keep that research up to date. Today, making this success possible enables organizations to achieve an almost impressive return on investment in the digital revolution.
While the user experience discipline is broad, it ultimately has the goal of creating an experience that makes a consumer happy, or at least meets their expectations and does not disappoint them. The foundation of this experience is based on knowing your users, and the impact of the benefits of knowing your users is massive. Knowing the users has a distinctly positive effect on brand image, user engagement level, and finally, on customers' interactions with the product, particularly revenue. At this point, since e-commerce has the potential to convert website visits to sales, it has a very different position from all other types of applications. It is very important for e-commerce companies to know the customer churn rate with detailed reports. Because, in the opinion of experts, acquiring new customers is an expensive endeavor and retaining old customers is considered a much preferable option. Up-to-date and detailed reports allow understanding customers and revealing the reasons for loss of revenue, and these reports give companies strategic ideas to reduce the customer churn.
The common part of the general consumer experiences transferred to digital is that an application that does not recognize and follow the troubles of its user is a complete failure. Even when your concept or technology is weak, creating a powerful application that does not bother the user always makes a difference, and most importantly, it causes users to prefer you to other applications. Even if your concept or technology is weak, what always makes a difference, and most importantly, causes users to prefer you over other applications, is to create a powerful application that does not bother the user. In the opposite case, users in e-commerce sites leave the site without making any purchases. Potentially causing thousands of lost revenues each year, this is a huge problem for e-commerce businesses.The Baymard Institute's 34 studies on e-commerce cart abandonment have shown that almost 70% of online shoppers abandon their carts without purchasing anything, which is quite alarming. 18% of shoppers abandoned an order in the last quarter only because of a “too long/complicated checkout process”. In other words, approximately 1 out of 5 people who shopped in the last quarter abandoned their cart because of a "too long/complicated checkout process".
User Experience Provides a Great Return on Investment!
The question that often arises when investing in user experience for an organization's service or product is whether or not it is worth investing in it. The added value is not completely measurable, but the results of the great user experience are measurable and real. In a study by Forrester, companies that invest in user experience have been shown to achieve results such as lower customer acquisition costs, increased customer retention and increased market share. Furthermore, statistics reveal that every $1 invested in user experience brings in $100 in return, which brings the return on investment to a staggering 1,000 percent.
Today, there is a plethora of documented evidence of regulation that delivers measurable returns integrated with User experience. First, Walmart, a giant in multinational retail, reorganized its e-commerce site, which alone resulted in a 214% increase in visitor numbers. In addition to this, Bank of America's online banking registrations increased by 45% after necessary adjustments it performed regarding user experience. IBM's user-centric regulatory report states that "every dollar invested in ease of use generates a return from $10 to $100", which supports this claim.
As a result, user experience (UX) bestows organizations a great return on investment that goes far beyond the most immediate benefit. Great user experience is the distinguishing factor that ensures an organization's product or service does not get lost in the competition in this age where attention is a valuable commodity. The long-term benefits of investing in user experience are beyond doubt, which makes it a net financial gain for organizations of all sizes and industries.