Since ecommerce is booming, it's no wonder that business owners are always on the lookout for ways to improve their conversion rate. This article provides you few tips that can help you achieve this goal.
How to improve conversion rates? Conversion rates can be improved by using compelling landing pages, creating unique offers, and improving your overall user experience.
Increasing your online traffic is the first step, but it's not the only one. There are other methods you can use to increase eCommerce conversion rate, and they're not as complicated as you might think.
How can you ensure that your ecommerce website is converting traffic into sales? Many shoppers go to an ecommerce website with the intent of making a purchase, but only a fraction of these shoppers actually make a purchase.
This means that there are plenty of opportunities to improve conversion rates by making changes to your online strategy.
There are four main factors that determine conversion rates: Audience, CTA, Design, and Descriptions. When optimizing each of these factors for your ecommerce website, you increase the chances that buyers will make a purchase.
There are a variety of effective methods to improve eCommerce Conversion rates, and all of them are relatively easy to implement.
What is a good conversion rate for e-commerce?
Conversion rate optimization (CRO) is the process of increasing the percentage of visitors to a website that converts into customers. The conversion rate is calculated using the below formula:
When starting an e-commerce business, one of the biggest concerns is how to achieve a good conversion rate. eCommerce conversion rates range from 1% to 4% and good conversion rates are around 2.5% to 3%.
If you are within this range or even surpass them, you can rest assured that you have a good conversion rate for your eCommerce store.
Here are some tips on how to grow your online business and achieve a good conversion rate:
- Make sure you have a great design that is user-friendly and informative. Your website should be easy to navigate, with all the information you need in one place, and your pages should load quickly
- Offer free shipping on purchases over a certain amount, or offer discounts for registered users. This will entice customers to spend more money with you, and it will keep them coming back for more purchases.
- Provide helpful video tutorials and product descriptions that explain everything about the product. These resources will help potential customers understand what to do next, and help them make the most of your products.
- Promote your site through social media platforms like Instagram and Facebook, as well as online forums and groups. Try some important social media marketing strategies for ecommerce websites.
You can try many more tips to get a good conversion rate for your eCommerce store.
What affects the e-commerce conversion rate?
Selling online can be a very rewarding experience, but it's also difficult. Not only do you have to make sure your products are of high quality, but you also have to make sure that customers are able to find and purchase them.
And if you're not converting enough customers into buyers, your business is likely doomed.
While there are many factors that affect conversion rates, one of the most important is the user experience.
People want to buy from companies that make it easy for them to complete tasks and convert those potential buyers into customers.
1. Composition of the website
The composition of the website plays a big role in the conversion rate.
A site with a good layout and easy navigation will likely convert more clicks than a poorly designed one. Poorly written copy or long pages will also have a negative impact on conversion rates.
2. Site design
Another important factor that affects e-commerce conversion rate is site design.
Good use of typography, photography, and colours can help create an appealing and user-friendly website. Poor design can lead to high bounce rates and abandonment of your online store.
3. E-commerce platform
The e-commerce platforms used for your business has a significant impact on Conversion Rate as well. Magento and Shopify is the most popular e-commerce platform used today, and it outperforms all other platforms in terms of conversion rate.
If you are using a different e-commerce platform, make sure you optimize your site for this specific platform to get the best conversion rate possible.
The 10 Effective Ways to Improve eCommerce Conversion Rate
We know that conversion rates are important for online businesses. But what can you do to improve them?
Online shoppers are more likely to make a purchase if they feel that the conversion process was easy and fast.
While improved conversion rates don't always equate to increased profits, they do increase customer satisfaction and loyalty. Here are some tips to help your business achieve high conversion rates.
1. Show a sense of urgency
When it comes to converting visitors into buyers, showing a sense of urgency is one of the most important aspects you can consider.
Whether you are selling a product or providing any kind of service, making your customers feel like they need to act NOW in order to get their desired outcome will often result in them taking action right away.
Creating FOMO (Fear of Missing Out) or a sense of urgency is a proven way to improve conversion rates and drive more sales. Tools that can help with this are:
- Out of stock: You can also add an out-of-stock feature where customers will be notified when the product will be back in stock.
- Daily deals: Increase conversions by offering great deals to your customers, and easily attract new customers too based on such attractive deals.
- Product labels: Highlight your products and attract customers by placing labels on your products. You can add custom labels to your products to create a sense of urgency like New Arrival, Almost Gone, Only few Lefts, Limited Edition, Out of Stock, and much more
2. Make a clear checkout success page
This one is self-explanatory - if your customer can't figure out how to checkout successfully, they're likely not going to purchase anything from you. Make sure all your primary elements - such as the checkout form and actions - are easy to understand and utilize for all visitors.
Try to make your checkout process efficient, and simple because if the customer gets confused at this final stage of shopping, how much it costs, What they are getting, and what's included, they'll likely just abandon the cart without ever making a purchase.
The simple and clear checkout process is one of the most effective ways to reduce the cart abandonment rate, increase sales, and increase conversion rates too.
The tool that helps in this is the checkout success page that allows merchants to customize the “Thank You” Page of their store such as order summary, sign-up option for new customers, coupon codes, advertising banner, product carousel, etc.
3. Recover abandoned carts
The average online shopping cart abandonment rate is 69.99%.If your customer abandons their carts, it's important that you try your best to recover that cart as soon as possible to secure extra sales and increase your conversion rates.
By doing this, you'll not only prevent lost sales, but you'll also be increasing the chance that the customer feels satisfied with their experience and would consider coming back in the future.
Make sure that you track the abandoned carts and try to reach out to these customers who abandon their carts without making a purchase.
4. Recommending related products
One of the best ways to increase conversion rates is by recommending related products to your customers. This way, customers who make a purchase on your website are likely to become even more loyal customers who might also be interested in what you have to offer further down the line.
Tools that can help you to recommend products using Automatic Related Products, and Who Bought This Also Bought extensions.
5. Provide customers’ preferred payment methods
It's no secret that PayPal is one of the most popular payment systems on the web today, so make sure you have options available for your customers when it comes to payments.
Not only that, but also make sure you have plenty of other payment options added so that no one is left out!
It's important to test out different payment methods so that you can figure out which one is best suited for your specific online selling audience.
Choosing a payment processor that offers several options can help you find the method that converts the fastest for you and your website.
You can also use store credit as it converts the order refund into revenue with virtual credits which can be used by customers in their future purchases.
6. Collect customers' feedback
One of the most valuable things you can do for your business is collecting customer feedback.
Add extensions like Custom Form, Review Reminder, and customer attributes to collect customer details and feedback for improving conversion rates of your eCommerce store.
7. Deliver trust and security
A big part of creating an engaged audience is delivering trust and security alongside great product information and offers.
No matter what type of business you're running, making sure your site looks professional along with instilling confidence in potential buyers is crucial for success!
Use Magento 2 Google Invisible reCAPTCHA to protect your store from spam, abuses, and bots. This extension provides security to your e-store and will be user-friendly as it's invisible to customers.
8. Provide coupons and gifts
Offering discounts or bonus offers just before a sale concludes helps boost conversion rates significantly!
Giving something away as part of an organic process will help create more loyal buyers who might come back again in the future for more savings!
Also highlight these discounts, coupons, gifts, and offers clearly on the product page, homepage, and other web pages.
This has one of the biggest impacts on your eCommerce store conversion rate if gifts & offers are attractive and appealing to your market.
Try to implement free gift or multiple coupons extension as it allows you to offer free gifts or coupons on the product customers purchase. It will directly benefit the store owners as this module helps them to increase conversion rates and customer loyalty due to free gifts and maximum coupon discounts.
9. Offer flexible shipping rates
93% of customers said that shipping options plays a key role in their online shopping experience in 2019, while only 24% of buyers said the same thing in 2014.
It’s clearly visible that in recent years, the importance of offering flexible shipping options to customers has skyrocketed. Some of the flexible shipping options include Flat rate shipping.
Multiple delivery options based on delivery dates and times, Free shipping with a reasonable minimum purchase, convenient pickup, etc.
Use the Shipping Table Rates extension to add unlimited shipping methods to their website along with the shipping rates based on the shipping type
10. Offer great customer service
No matter how well you've optimized your website, if you can't offer great customer service, then you'll lose customers - fast!
Responding quickly to inquiries and resolving disputes quickly will keep customers coming back and encourage them to recommend your products to their friends and family members.
Final Thoughts
Improving the conversion rate for an eCommerce store is a never-ending game. The simplest way to improve the conversion rate is to understand the common issues in ecommerce customer service and try to solve them.
Conversion rates are considered one of the most important and key metrics for any online business. Improving your conversion rates can increase your bottom line significantly, and is one of the quickest and easiest ways to increase your sales.
There are a number of things you can do to help improve your conversion rates, but the above-listed tips will give you a strong head start.
Tell us in the comment section which of the above conversion rate optimization tips has the most impact on your store conversion rate.
