Fera provides a counter for some merchants that shows how much value it has created. This number is currently used in our pricing plans to decide which tier your store fits into. This will determine if you’re on a free plan, a small plan, a growing plan, or the enterprise plan. Fera does this by calculating the attribution of sales.
*Don’t forget Fera is free to use for everyone for a trial period of 30 days. We don’t make any money until YOU do!
Calculating the Attribution of Sales
To calculate the attribution of sales first Fera determines a statistically likely conversion rate increase number. To do this it looks at what % of your visitors converted into sales with Fera ON versus what it was with Fera OFF. We call this a “double blind test” or an “A-B test“. This method has also been used by scientists to prove the effect of life-saving medications you use today because it is so accurate. On average across all our merchants we see a 12% increase in conversions, so we use that number if you have not run an A-B test for you own store already.
After a percentage % conversion rate increase has been determined, we can now simply take your last month’s sales and multiply the increased conversion rate to see the difference. Here’s a sample calculation that Fera would do:
|Conversion Rate||Visitors This Month||Total Sales This Month||Gained Sales Because of Fera|
|Fera OFF||3%||10,000||300 ($21,000)||$0 (since it is off)|
|Fera ON||3.6% (up 20%)||10,000||360 ($25,200)||$25,200 – $21,000 = $4,200|
In this case Fera’s gained-sales figure is $4,200 for the month.
What if my sales fluxuate?
The beauty of using a conversion rate increase A-B test figure, is that even if your sales go down. If your sales go down -10% one month and Fera has proven a +12% increase in conversions, then you can assume that without Fera you’d have seen an EVEN WORSE decrease in sales of -10% – 12% = -22% instead of the -10% you observed.
Doing Your Own A-B Test
If you’d like to get a much more accurate representation of gained sales due to Fera then you can run your own A-B test through the platform. Edit one of your campaigns and go to the “A-B Testing” tab.
Our support team can help set this up for you from within the app if you subscribe to one of our paid plans.
Remember: Fera is free if your A-B test doesn’t show a sales increase!