Improving Ecommerce Conversion Rates
Launching and building an eCommerce business is not a simple task. First, you must decide what to sell. Then, you source your product by looking for suppliers. Next, you set up your store and start sending visitors to your website.
If you think that’s all it takes to keep the wheel in motion, you’re wrong. Not everybody who goes to your website is going to buy your product. There are things you need to do, and avoid, to convert your visitors into paying customers. Your store’s Conversion Rate is, thus, the single most important metric you need to watch if you want your business to succeed.
An eCommerce conversion rate is the percentage of website visitors who bought something from your store in a given period of time; however, this is not the only way to gauge your store’s success.
Conversion also measures the percentage of website visitors who completes a desired action, such as:
- 1Adding a product to their cart.
- 2Adding an item to their wishlist.
- 3Sharing your site in social media.
- 4Signing up for email.
- 5Any KPI you wish to achieve.
Of course, the ultimate KPI is sales. Improving or optimizing your conversion rate is done with that end goal.
Simply put, you improve a customer’s shopping experience to increase the chances of a visitor buying your product.
You do this by optimizing the places in your website that a customer goes to, like your collection and product pages.
What is the Acceptable Conversion Rate?
Based on different surveys, the average eCommerce conversion rate is 2%. There are websites who hit higher than that, so 2% should be your baseline. For example, if your website has 1,000 visitors in one month and you have 20 conversions, then your conversion rate is 2%. This number is acceptable, but you can always aim for more.
Importance of Conversion Rate
Conversion rate has a big role in your store’s success. It’s no wonder why websites work on conversion rate optimization to ensure an increase in ROI.
If you want to be a market leader, you must increase your conversion rate. Converting visitors into customers is more beneficial to your business than the value of the actual purchase they make. This is because your customers become your marketing prospects and you (ideally) get them to buy from you more than once. If you do this, your competitors lose prospects.
How to Increase Conversion Rate
If you take a look at the websites that have high conversion rates, you will see that they all have the following characteristics: strong value proposition, product pages that are user friendly, website that loads quickly, and consistent trust signals.
Here are some ways that can help you increase your conversion:
1. Identify and set a benchmark for your conversion rate.
2. Let your customers know that your store can be trusted - All first-time visitors are wary when it comes to trusting you with their credit card information. This is one of the biggest obstacles in online shopping. When a visitor lands on your site, make him feel comfortable.
3. Make your website user friendly – A website that is difficult to use will turn off customers. Identify if you have issues in usability. To do this, check your Site Content report on Google Analytics. You will see the page views, bounce rate and % exit for each of your site’s URLs.
The following ensures a good user experience:
4. Work on your content – It is not enough that you display your products well accompanied with a product description. Include content that will persuade your visitors to buy your product. Here are some tips:
We are big advocates of testing. To find the method that will improve your conversion rate, test all of them and measure how each method engages your customer and compel him to buy. Remember, there is no one-size-fits-all strategy so test the combinations that work best for you. Do not settle for 2% when a much bigger conversion rate is workable.