The digital world has become increasingly competitive. Hence, some dos and don’ts can persuade your customers to purchase your business.
This is where conversion comes into play. It is the most important metric you must watch while conducting business processes. With conversion, you can increase your revenue.
Conversion rates are the most valuable tools for e-commerce organizations, allowing you to measure return on investment (ROI).
This helps identify if your business is making any profit or not.
Hence, it would help if you understood conversion rates well to optimize your website and raise your ROI.
In this article, we will take you through the basics of e-commerce conversion rates to help you boost your return on investment.
What is an eCommerce conversion rate?
Conversion occurs when someone performs an action on your website that you want them to take. However, various digital marketing teams see it differently.
Conversion can occur when potential customers interact with popups or other buttons on the website.
If someone places an order on the website, it can also be called conversion.
Hence, conversion can be any action the businesses measure as impactful.
A conversion rate is a percentage. It refers to the total number of visits to an e-commerce site that result in a conversion action.
It is calculated using this precise formula:
Conversion rate = number of certain actions taken in a period / total number of visits to your site in the same period
For example, your conversion action is signing up to your website, and in a specific period, you have 1,000 visits to your website and 100 sign-ups; your conversion rate is 100 / 1,000 = 0.10, or 10%.
E-commerce conversion rate:
Ecommerce conversion rate refers to orders placed on your e-commerce store. This measures the conversion of potential customers into real customers.
This is calculated by the formula below:
Ecommerce conversion rate = orders/visits to the website
For example, if you have 1,000 potential customers visiting your website, and 50 of them place an order, your ecommerce conversion rate will be (50 / 1,000) = .05 or 5%.
7 Ways to Boost Your eCommerce Conversion Rate
1.Use good-quality images and videos on your product pages.
Good-quality images and videos to display your products on your website’s pages are very important when attracting people.
A detailed image or video can help customers know exactly what they are getting. It helps them make up their mind to make a purchase.
Better visualization of products can gain the interest of more potential customers, allowing you to increase conversion rates.
2.Offer free shipping.
People who shop online expect a standard fare for delivery. However, they tend to look for perks, such as free delivery.
You can easily gain customers by offering free delivery in today’s market. A swift delivery that doesn’t break the bank is something every customer desires.
To compensate for the cost of covering the delivery charges, you can increase the prices of your products slightly.
However, be careful to keep the prices the same by a certain margin as it can make your customers leave your store.
3.Provide limited-time coupon codes.
Customers love being offered something additional, for example, coupons or discount codes. It’s like winning the lottery.
You can offer incentives that give customers discounts when they use them at the checkout.
The addition of expiration to the coupon code creates a sense of urgency. This forces customers to purchase quickly without thinking so much.
4. Be competitively priced.
In today’s market, making our product stand out. It is difficult; if you are selling an item that other people are also offering, it is crucial to make yours look better.
To compete, you can either price it below the average price. Frequent Price adjustments are necessary To ensure competitiveness in the market.
You can also add more quality to your marketing, influencing potential customers to pay for the product.
Target the right audience with the right delivering strategy and watch the revenue flow.
5.Use shopping cart abandonment software.
Abandoned carts are a big issue for e-commerce stores. If you also suffer from this mess, get yourself abandoned cart software.
This software helps you reduce cart abandonment and aims to increase your store conversion rates.
The success of this software depends on how well you use it, but there is no doubt that it increases your store’s functionality.
6.Use live chat software and chatbots.
When customers visit the website, they might need assistance. Hence, you can easily interact with customers by using live chat support software and chatbots.
These help your customers by answering their queries promptly without wasting precious time on customer service emailing and phone calls.
In today’s digital world, human assistance is replaced by robot assistance of this sort. It has proved to do wonders for e-commerce website functionality.
Those companies that hop onto this bandwagon will increase their chances of gaining the greatest success.
7.Arrange your site so visitors can easily find products.
It is important for an e-commerce website to properly list its products in specific categories, making it easier for customers to find what they are looking for.
You can also help customers filter the product listings logically by providing options like ‘Shop By Color,’ ‘Shop by Product Type,’ etc.
The ultimate aim is to ensure potential customers reach the desired product quickly. The quicker they find the product, the more likely they will buy it.
A time-consuming product discovery can lead to customers returning unsatisfied.
Tools That Can Help Improve eCommerce Conversion Rate
Some valuable and useful tools can analyze and sort out your current conversion rate problems, including:
HotJar is a platform that helps you better understand how your visitors interact with your website.
Using this, you can witness the functionality of each action on your website, for instance, click, cursor movements, and scroll-depth.
It employs the heat mapping method to give you an in-depth knowledge of customer behavior patterns.
Other tools like live user playback, suggestion boxes, and user surveys can provide your business with extra information.
This information about your customers can tell you how to deal with them and what to offer them.
You can also set specific personalized filters based on visit length, page views, country, and device used to help customers view what they might like.
2. Quantcast Measure.
Quantcast Measure is a tag-based analytics tool. It fills a niche between Google Analytics and Facebook Analytics.
It measures users’ site usage, according to which it provides demographic data.
This helps gain in-depth knowledge of the visitor, allowing creative teams to tailor messaging and visuals to resonate more deeply with the specific customer.
It also offers an innovative Quantcast option, which helps in viewing metrics. This means it helps you view demographics as a percentage of the whole.
Hence, this tool allows you access to valuable insights into various segments of the visitors you’ll aim to target.
3. Google Analytics.
Many websites view Google Analytics as a powerful and valuable asset as this platform provides a great view into your website visitors.
It gives you the knowledge of how visitors discovered your website.
Whether they searched the relevant keywords or visited through referral websites, you can even know how long they stayed on your website and their browsing and operating system.
You can discover whether they are new customers or old ones visiting again.
Most importantly, you can view how many potential customers became customers and what interaction played a part in this conversion.
ConvertBox is a great tool that can assist you in building powerful call-to-action pop ups. You can use it to make opt-in forms too. All this helps you enhance the customer’s journeys.
The personalization offered by ConvertBox involving various custom fields and layouts can help you shortlist the most effective designs and strategies for gaining more conversions.
ConvertBox’s algorithm also considers variables like scroll depth and number of clicks.
This can help you gain more knowledge about your visitors to assist you in more accurately targeting specific customers.
Omniconvert is a comprehensive and versatile platform that offers conversion optimization for e-commerce websites. It has features like A/B testing, custom popups, and survey options.
Using OmniConvert, e-commerce businesses can design personalized customer experiences according to cart value, weather, location, and more.
However, it’s more beneficial for advanced marketing experimentation and product teams.
SurveyMonkey has gained much popularity as it offers an amazing online survey design.
Many tools are available for you to create accessible and personalized survey designs. You can also save time by choosing from the many template options available.
Survey Monkey also has incredible data-reporting visuals associated with the ability to customize the results into chart displays.
It also allows you to view the data of the response based on individual and collective responses.
However, you are okay with spending a few bucks. In that case, this tool, with its easy-to-use interface, survey setup paired with customizable options, and robust data analytics capabilities, is hard to compete with.
BuzzSumo is an excellent tool used by many content marketers and businesses when they desire to gain more audience.
It is famous for showing the content that goes viral. You can view such content using short-tail and long-tail keywords.
Hence, it helps in determining which subject will be the most popular. It thoroughly analyzes social media, likes, retweets, and other engagement metrics.
It also allows its users to filter topics according to their links. So, you can choose the content based on the date, location, language, domain, content type, etc.
BuzzSumo’s influencer marketing feature can also be used to discover the best brand ambassadors.
8. Content square
Contentsquare is an ideal platform that can help you map customer journeys. This tool is ideal for detecting what aspects of your website affect your conversion rates.
However, what sets ContentSquare apart is its unique list of metrics paired with the regular metrics.
By assessing the bounce rate and scroll percentage, you can have a general overview of how well your website is performing.
ContentSquare heat maps traffic focuses on how attractive your website is and how much revenue per click you generate.
If you better understand which parts drive the most sales, you can use it to make effective and impactful decisions.
In conclusion, we see people moving towards online shopping, making conversion rates an important aspect.
The world of e-commerce demands effective strategies to enhance the conversion rate. The main goal of an e-commerce business should be to boost the ecommerce conversion rates.
There are various tools and software that can help detect the reason why the conversion rates fail to rise.
It can be visitors needing help to make it to the website or the website needing more functionality to convert visitors into customers.
Identifying the drawbacks and creating an effective strategy using the best available tools is important to ensure both short and long-term success.