1) Is there any fix that went into the production that broke the functionality related to product description page that has caused the drop in the conversion rate.
2) Is this a sudden drop or the gradual drop. If this is a sudden drop then it could be tied to issue#1
3) Is this drop because of the seasonality issue. Like the same drop happened last year also or the same drop is happening year of year so it could be tagged to the seasonality.
4) Analyze the type of customers who are getting dropped. The drop could be on the existing customers (which is drastic as they were loyal to your product but not using your product anymore), or the new customers are not getting acquired at the same rate as previously. The customers who are still buying from the platform try to understand from them what job they are trying to get done by buying. Deep analysis on these three types of customers will help to understand the drop rate is in which customer segment.
5) Understanding the marketing and advertisements campaign which were running. Was there any discount or promotions running in the previous months which increased the sale but now that promotion doesn’t exist anymore so there is decrease in the sale. The sales could have returned back to normal but since we see a huge dip from previous month to this month because of no promotion we might assume that there is decrease in conversion rate.
6) Is there any war like situation going on in the country or there is a recession because of which people are losing their jobs? If any of such economic crisis are there people will not prefer to buy.
7) Analysis of the competitors. Understanding the market, if there is any new ecommerce platform that is launched or there is a new feature launched by the competitors because of which customers are getting directed to them and not buying products from our platform. Understanding the competitive landscape by logging to their websites, spending time on their websites and figuring out the prices at which they are offering the products.
8) Understanding the regions, is this drop happening in any specific geography or is it across the world.
Based on the analysis for each of the points mentioned above, I would conduct both qualitative and quantitative surveys to understand why customers are not buying the products. Qualitative survey will help me to understand the “what type of customers are getting dropped and why customers are getting dropped” and quantitative survey will help me to understand “how many” customers are getting dropped.
I will conduct the usability testing and understand the ease of use of the product. May be customers do not find this product feasible to use, the process is too complicated to add the product in the cart, the billing process is too lengthy, customers are finding it hard to search for the product because of the UI not so user friendly. Usability testing will help me to understand these problems.
I will also conduct A/B test where few sets of customers will be directed to some changes which I will be doing in the e-commerce platform. The changes could be related to the layout or the way you search a product. By analyzing the traffic which is going to changed version of product vs the original product will help to deep diver into identifying the problems. I can conduct different kinds of A/B test.