Ecommerce has become a fundamental element of our professional and personal lives. Businesses operating in this field are increasingly digital with their products and actions. To increase website traffic and attract more customers, sales and marketing strategies must be supported with accurate and reliable information.
For as an eCommerce participant, your success is contingent on conversion rates. Learn how to improve the conversion rate for your online store
Table of Content
- 1 What is an eCommerce conversion rate?
- 2 3 Steps on how to calculate conversion rate
- 3 Best methods to increase eCommerce conversion rates
- 3.1 1. Have a smooth checkout process
- 3.2 2. Offer free shipping
- 3.3 3. Provide live chat customer service
- 3.4 4. Offer flexible payment options
- 3.5 5. Send abandoned cart emails
- 3.6 6. Optimize your site for mobile
- 3.7 7. Boost your page loading speed
- 3.8 8. A/B test your web pages
- 3.9 9. Give limited-time offers and discounts
- 3.10 Related
What is an eCommerce conversion rate?
When someone talks about an E-commerce conversion rate is talking about the conversion rate for orders on the website. This can be represented using an additional formula:
The conversion ratio of e-commerce is sales/visits to your site
If you’ve got 1,000 visitors to your website and within fifty of them, there’s an order placed, your conversion rate on e-commerce is (50 1000) = 5 %.
Depending on the source of data you’re using, it’s possible to see this measure called something different. Google Analytics refers to it as eCommerce conversion rate, the most commonly used name.
3 Steps on how to calculate conversion rate
So, the issue is how you determine how much. Here are the steps you need to follow to calculate this crucial rate:
Step 1. Determine the number of users who have visited your site. It is easy to collect the number using both paid and free tools: SimilarWeb, Alexa, and Google Analytics.
Step 2. Take note of how many conversions. Based on the type of conversion your brand is defining as well as the objective of the company it is possible to have multiple methods of counting the conversion. For example, it could be the number of forms submitted, orders and downloads, contacts, and more.
Step 3. Utilize this formula to calculate the conversion rate:
Conversion rate = The number of conversions / The number of visits *100%
For instance, if you receive 10,000 visits and 200 conversions, your conversion rate would be 2.2%.
Best methods to increase eCommerce conversion rates
1. Have a smooth checkout process
To increase the conversion rate of eCommerce, Brands must make completing a digital purchase as easy as possible.
Give users all the information they require, including delivery and payment options at the appropriate moment, and provide users transparency and ease of navigation through every process.
While the customer is making their purchase, it is also important to inform customers that you’re here to assist. For instance, if a customer attempts to enter an expired coupon discount code, a pop-up may pop up offering a different coupon with the same or higher discount.
The most beneficial fixes will be for the person who is making them. So you can prioritize the changes that are likely to positively impact your efficiency.
For instance, you could provide different delivery and payment options or display customer reviews at checkout to increase trust and create a personal shopping experience.
2. Offer free shipping
Customers appreciate the ease of online shopping, but no one likes a large shipping cost. Therefore, the free shipping option isn’t just a benefit but a requirement. In reality, nearly three-quarters of consumers (66 percent) want free shipping with every purchase made on the internet.
What is the benefit of free shipping to optimize conversion rates for eCommerce? Because customers are aware of what they’ll be paying in advance. If you highlight the free shipping option on your home page, your visitors will immediately be aware that they will not be charged an additional $10-20 when they pay.
If you’re concerned that the cost of the shipping costs of your customers can reduce your overall profits, The solution is simply to increase the cost of your product to cover the shipping costs. This is particularly crucial in the case of selling bulk items and the need to keep the cost of shipping to a minimum. Ensure that your prices remain competitive, or your customers might choose to move their business elsewhere.
3. Provide live chat customer service
Customers are usually confused by various products and services and have many questions that must be addressed quickly. They seek quick and accurate answers. Implement live chat on your website for e-commerce. This will ensure that customers are satisfied, boost your brand’s image, and build trust. Customers are more likely to purchase through websites that provide this option. It’s among the best methods to boost your site’s conversion rate.
It is essential to ensure that your customer service representatives and live chat representatives are on the ball. Be sure they don’t wait for customers for long periods, or else they’ll become bored or annoyed or simply cease to make the purchase. Sometimes, customers are hesitant to engage in an exchange. In these cases, they must watch customers’ behavior on the website, initiate a conversation, ensure that they feel comfortable, and gradually guide customers to purchase.
4. Offer flexible payment options
If you provide high-quality products for a high price, then you’re likely to lose customers who aren’t able to be able to afford them – or just don’t have the money to pay for your product.
One easy, risk-free strategy for optimizing the conversion rate of eCommerce is to provide various payment options that make your items more affordable to customers with varying budgets.
5. Send abandoned cart emails
According to research from 2018, 2018 the worldwide abandoned cart rate stood at 75.52 percent. Any customer actively engaged isn’t the same as a 100% guaranteed purchaser. It’s hard to decrease the number of abandoned carts; hence it is important to know why they made this decision. There are a variety of reasons customers abandon their carts, such as unanticipated costs, lower prices at a different website, requesting to sign up for a compulsory subscription or a complicated checkout procedure and expensive shipping, a lack of payment choices, absence of a return policy, and security issues.
The solution to this problem is sending emails to recover customer shopping carts. The emails sent within three hours of abandoning the cart will have a 40 percent open rate and a 20 percent click-through rate. Minimum of 10.7 percent of the customers who receive an email come back to purchase. You must implement various customized strategies for sending these emails. This is sure to increase the conversion rate and sales.
6. Optimize your site for mobile
Customers spend the majority of their time on smartphones. Mobile devices were responsible for more than a third of all retail sales. Your online store must offer customers a fantastic mobile experience. Therefore, you should optimize your online site for smartphones to boost conversion rates.
7. Boost your page loading speed
If your site is slow, it’s making your visitors bounce around throughout the purchasing process. Making fewer seconds off your load time will significantly increase the conversion rate.
You must find strategies to help make your site more efficient. You may want to change hosts for your website and modify your web hosting plans to allow for increased users. Check your plugins to determine if they are slow with sophisticated tools for monitoring performance.
Utilize an image compression tool and eliminate unnecessary large code and files from your website. Think about using a CDN (content delivery network) to improve speed.
8. A/B test your web pages
Split testing is among the best methods to increase the conversion rate of e-commerce. In reality, it’s quite simple: suppose that you have two headlines on your web page, and you’re not certain which one you should use, then you should consider Split testing A/B. It can help you figure out the one that is most popular. You must now create two different versions of your web page. The software will direct half the visitors to page A and the remaining half to page B. It is possible to choose A or B based on the results. It’s very simple and can help you for you to improve the conversion rate.
9. Give limited-time offers and discounts
Discounts are a favorite with customers, as evidenced by around 93% of consumers who use a coupon code at least once during the year.
Discounts and offers attract customers for a variety of reasons. They instill an emotion of urgency by telling customers to act quickly before the offer ends and also allow the customer to feel content knowing that they’re paying only a tiny fraction of the cost the product normally retails at.