The average eCommerce store typically sees its conversion rate hovering around the 2-3% mark. But your goal isn’t to be average, right?
So, let’s take a look at some of the most effective ways to increase your eCommerce site’s conversion rate and be better than the typical conversion rate.
If you run an eCommerce shop, you’re always trying to boost your sales. But before trying for boosting the conversion rate of your eCommerce site let us know a bit more about this eCommerce conversion rate.
What is the eCommerce conversion rate?
E-commerce Conversion Rate is defined by Google as:
“The ratio of transactions to sessions expressed as a percentage. For example, a ratio of one transaction to every ten sessions would be expressed as an Ecommerce Conversion Rate of 10%”
To accurately define conversions that align with a business goal, you need to know your end goal. The percentage of visitor landed on your website in a set period of time and completes a purchase from your site.
However, a successful purchase is not the only metrics there are a few more.
“Conversion” is such a broad topic because it can be impacted by every aspect of the user experience on your site.
Conversion is a key element in your paid search strategy; after all, if you’re not actually turning lookers into buyers at a high rate, what are you advertising for? Conversion rate optimization enables you to maximize every cent of your PPC spend by finding that sweet spot that convinces the maximum percentage of your prospects to take action.
Conversion is a broad topic which can impact every aspect of the user experience. And for your paid search strategy, it is the key element. What are you advertising for, if your lookers are not turning into buyers at a high rate? By finding that sweet spot that convinces the maximum percentage of your prospects to take action, Conversion rate optimization enables you to maximize every cent of your PPC spend.
But what is a good conversion rate?
Do you want to perform exponentially, or you want to be average? You are already achieving 3-5% conversion rate, is that as high as your expectation? Is it a good conversion rate?
Our analytical study reveals that the top 25% of advertisers are converting at a rate of 2-3 times of the average conversion rates whereas the average landing page conversion rate is 2.5%. In reality, 2% conversion rate should be your baseline goal but if you are sitting in the same rate then you are stuck in the average performance bucket.
So the secrete is “Keep Growing” maybe with small steps but don’t stuck.
Clearly, this isn’t an enigma; this is perfectly attainable. You’re already outperforming 75% of advertisers if you’re currently getting 5% conversion rates, but you still have a ton of room to grow!
How Do I Calculate Conversion Rate?
The calculation is fairly easy for all. All you have to do is – calculate the total number of conversion you get in a given time frame and divide this total by the number of people visiting your site. The next step is to multiply the result by 100.
Conversion rate = (total conversions / total visitors) * 100%
There are different types of conversion rate, to make your analysis about the site more comprehensive and get a clear idea about the performance of each section of your eCommerce site.
Different conversion rates are:
For evaluating the performance of almost any aspect of your online marketing, the conversion rate is a great metric. But there are some questions which you might be thinking, – what will be the effect if a person converts multiple times? What will be the total conversion then?
As we discussed earlier conversion rate is dealing with the percentage of total conversion in comparison to total visitors. So, you have to count regardless of who is the visitor, just count the total number of conversions. Checking who converts can give an idea about a number of new converted visitors.
Conversion rates by industry
One strategy does not work for all industry, for your industry you need to identify the perfect strategy to work on. Some companies have high conversion rates and they still want more. To increase your conversion rate you need to track down the source from where you are getting the most of your traffic, depending on that you should look into which will be the top converting traffic channels. Then hit on those channels. In making your website better and ultimately increase your traffic and sales, you need to track the statistics of your website on a regular basis.
For this, you can install Google tracking code on your website to collect data about where your traffic comes from. Through this get the data to see what pages are converted most and based on this analytics define your own strategy.
Below we mentioned few conversion rates of some industries. This survey is done by shippyPro in September 2019.
Get Insights from our eCommerce Optimizations Whitepaper
Best way-outs for Ecommerce Conversion Rate Optimization
EXPLAINER VIDEOS FOR PRODUCT PAGES
Visuals talk more than simple text. Try to implement some videos which allow visitors to see products in action. Visitors will get a vivid demonstration of the product which may help them to make the purchase decision quicker.
HIGH-RESOLUTION DISPLAY IMAGES OF PRODUCTS FROM ALL THE POSSIBLE ANGLES
When you are considering buying something online, there’s nothing more frustrating than wanting to look at the small details of the item but can’t zoom in. Ensure that your buyer’s get a truer sense of your product before purchase from the display images. Implementation of higher resolution images can help more visitors to convert.
TIGHTEN YOUR COPY
Make you provide a clear and accurate description of the listed products which is prominently accessible and intuitively structured. Before structuring the description, it is good to know your buyer persona. To avoid losing prospective customers who are wondering about a key detail, always include product measurements, material specifications, warranty information. All those information are crucial for buyers for making a buying decision.
ADD A CHATBOT
Chat can be a powerful tool for bridging the gap between you and buyers, then why not take the help of little automation. It will help your visitors to interact about the shipping, return policies, discounts without leaving your sites immediately.
TESTIMONIAL FROM VERIFIED CUSTOMER
Collect quotes from people who’ve bought from you before and add them to each of your product descriptions. It will help in creating trust in the new buyers and convince them to buy the product. The social proof impacts prospective customers’ buying decisions.
FREE SHIPPING AND COMPETITIVE PRICE
Captivate consumers till the end of a purchase is always a psychological game and the main pawn is Free Shipping. Free shipping is an absolute must for increasing the conversion rate. Here the trick is to cover the shipping cost you need to adjust the product price. But make sure you will frequently see the effects of those prices comparing your competitors. In order to compete, you have to maintain the balance of the prices if you are selling popular brands which are also available in other stores too.
ALLOW GUEST CHECKOUT
Asking people to create an account and save their information to make their first purchase, you may lose potential customers because they don’t yet trust your brand. If they feel comfortable saving their information, those who become repeat buyers will create an account eventually. Allowing guest checkout will encourage the people who are averse to saving personal information online to purchase some product.
As per Trustpilot reports, the second-biggest reason why people abandon carts is the requirement of account creation at checkout and the on the first position it is the shipping charge which forcing the potential buyers to abandon their carts. It’s better not to add extra steps to the checkout process.
A/B TESTING FOR YOUR CONTENT
A/B Testing of your content will reveal truth about the user behavior – type of content they like, which are attractive to them. Users will let you know what they like by sharing, responding, and taking action. The A/B Testing results will give you insights to the type of content you should post and share in the future.
ADD ADDITIONAL PAYMENT OPTIONS
If the preferred payment method isn’t available, 50% of consumers will not complete the transaction. Add multiple payment gateways to make the transaction easy. If you select a payment method that your customers truly prefer, it will create an easier user experience you’ll increase your conversion rates.
Advantages of conversion rate optimization(CRO)
Know About Your Target Audience
The main benefit of the conversion rate is that it helps to understand buyer’s persona. For all forms of digital marketing to know who your ideal customers are is very important. User’s behavior on your website can be track down by the analysis of your website analytics and get the idea who are converting and why. Depending on those records you may optimize your strategies.
Increase Your Sales
Conversion rate optimization obviously increase your sale, you can generate huge profit with a bit hike in conversion rate.
You can use the following CRO tips, to increase your sales:
Lower Customer Acquisition Cost
Isn’t it annoying when each click is not converting in your paid advertising? It isn’t driving any revenue but you’re losing your money. CRO can help here to find the right mix of element which leads to more clicks on your “Subscribe” or “Buy” button.
The primary reason for why you’ll want to know eCommerce conversion rates and the process to increase it is to determine the success of your personal campaigns and ROI. Have a frequent look at the above-mentioned take-ways to keep growing.
How ETG can help you?