If you ever find yourself walking along 5th Avenue in Manhattan, do not forget to stop at one of the most iconic spots: Tiffany & Co.
When I think of shopping in NYC, I typically think of high-end fashion and accessories, and immediately thought of Tiffany & Co. The well-known movie, Breakfast at Tiffany’s, is just one of many factors that helps consumers associate Tiffany & Co. with New York City.
We’re going to switch up the blog a little today and understand how to measure the online success of a company (Tiffany.com) . My digital marketing professor, Dr. Pepe, created an assignment where we analyze a retailer or wholesaler website that fits the theme of our blogs. You can check out his blog here.
In order to measure a website’s success, you must observe how well it meets certain objectives such as generating traffic, driving conversions and maximizing revenue.
Traffic: The three different types of website traffic include: direct traffic, referral traffic and search traffic. Tiffany & Co. predominantly maintains visitors via search traffic. About 23% of Tiffany’s traffic is direct traffic. This is due to Tiffany & Co. being quite a recognizable name, so some people are comfortable just typing in the website link (tiffany.com) themselves. Referrals do not count for a lot of Tiffany & Co’s traffic (about 12%). Some of Tiffany’s top referring sites include: jezebel.com, perfecte.ro and tiffany.cn. Tiffany & Co. is a very popular and profitable brand, which tends to lead to a high search result. If one were to search something as simple as “engagement rings” or even the word “jewelry”, Tiffany & Co. appears on the first page of Google results. In fact, just googling the word “Tiffany” presents Tiffany & Co. as the first two search results. The first result (shown below) is an ad that Tiffany paid to be the first result. About 61% of Tiffany’s traffic is search traffic.
Conversions: Since Tiffany & Co. is a retail website, the main intention of the company is for consumers to purchase their products. The website is very easy to navigate, while still looking extremely lavish and professional. All products are separated into categories (engagement, jewelry, watches, gifts…), and special events or deals are posted in the header of the homepage. The website also has a feature that allow you to save items for later, which causes consumers to come back on the website to view or buy what they have saved. You can also create an account with Tiffany & Co., which helps maintain customers with a long-term orientation. This feature is considered to be a secondary conversion.
Revenue Maximization: Tiffany & Co. has the ultimate goal of generating revenue from their website. In order to maximize revenue, Tiffany & Co., similar to many retailers, takes note of what you have viewed, or what is already in your cart, and suggests other items that you may like. Under the item selected other rows pop up labeled “you may also like” and “people have viewed this item have also viewed”, and present more items you can scroll through for each category. This essentially ensures they are generating the most revenue they can from an online sale.