Understanding the Return on Investment (ROI) of Ecommerce Site Search

From the customer’s point of view, the best shopping experience is one that allows them to effortlessly find what they’re looking for. As an ecommerce business owner, having a great site search feature on your website can significantly reduce customer frustration and increase conversions. But how do you know if investing in a quality site search solution is really worth it? This article will explore the concept of return on investment (ROI) and how understanding it can help you make better decisions when it comes to implementing a site search solution for your business.

What is return on investment (in the context of on-site search) 

In general, ROI is a measure of how much money you make in relation to how much you spend. When it comes to on-site search functionality, there are a number of different factors that can affect ROI.

One way to think about ROI for on-site search is in terms of conversion rates. If your on-site search engine is helping people find what they're looking for and efficiently so, they're more likely to convert into customers. This means more sales and revenue for your business. In fact, 39% of buyers are positively influenced by relevant searches.

Another way to think about the ROI of on-site search is in terms of customer satisfaction. For most ecommerce sites, the search functionality needs to be top-notch to provide a smooth browsing and product discovery experience. 43% of shoppers head directly to an online store’s search bar. These search-first consumers often come with a high buying intent. In fact, shoppers who use search are 2.4 times more likely to make a purchase. What’s more, they also spend 2.6 times more across devices (like mobile and desktop). 

This makes a strong case for building robust and intelligent search functionality. Let’s dive into the different ways you can measure and evaluate the ROI of on-site search. 

Better conversion rates

This is one of the most important metrics for any website is conversion rate or the percentage of visitors who take a desired action on the site. A variety of factors can influence conversion rates, and one of the most important factors is site search.

Site search is a powerful tool that can help visitors find what they're looking for on your website quickly and easily. If your site search is difficult to use or doesn't return relevant results, visitors are likely to give up and go elsewhere. On the other hand, if your site search is easy to use and returns relevant results, visitors are more likely to convert.

There are a number of ways to improve conversion rates with site search:

• Make sure your site search is prominent and easy to find on your store
• Use relevant keywords in your site search queries
• Return relevant results for each query
• Offer suggestions for misspelled or similar search terms and keywords
• Allow visitors to refine their searches with filters or sorting options

Greater customer loyalty and satisfaction

It's no secret that happy customers are more likely to return to make repeat purchases, and they're also more likely to recommend your business to friends and family. This is why customer loyalty and satisfaction are so important - they lead to repeat business and word-of-mouth marketing, which are both essential for long-term success.

One of the most important things is to offer a great search experience on your website. A well-designed site search tool makes it easy for customers to find what they're looking for, which leads to greater satisfaction and loyalty.

What's more, happy customers aren't just good for business - they're also good for your bottom line. Studies have shown that increasing customer satisfaction by just a small amount can lead to a significant increase in profits.

So if you're looking to boost your ROI, offering a great site search experience should be at the top of your list. It's an investment that will pay off in spades in the form of loyal, satisfied customers.

Insightful data

Data is critical for understanding the ROI of site search. By looking at data, you can see which search terms are being used most frequently, what kind of results users are finding, and how long it takes them to find what they're looking for. This information can help you optimize your site search to make it more effective and efficient. Additionally, data can also help you understand how users interact with your site overall. By understanding user behavior, you can make improvements that will increase the chances of users finding what they're looking for on your site.

Conclusion

By accurately measuring key performance indicators such as query accuracy, search relevancy, user satisfaction, conversion rates, and more, you can gain valuable insights into how site search helps drive customer engagement and conversions. 

While many brands build a site search engine from scratch, others rely on search and discovery solutions that are easy to plug in and don't require as much engineering effort. Plus, AI-powered search solutions like Zevi offer advanced functionalities such as Natural Language Search, synonym and typo handling, autocomplete, personalized product recommendations, and many more. These are powerful tools for your site search and help improve the shopping and the overall user experience for ecommerce brands. 

To get started, book your free demo with Zevi today.