Technologies (P) Ltd.
Technology Delivered, Since 2001
SURE-SHOT WAYS TO IMPROVE E-COMMERCE CONVERSION RATES IN 2020
BUY SHOP
That said, conversion rates aren’t going away. And there’s a simple reason.
CONVERSION RATES AND E-COMMERCE Go hand in hand, irrespective of the business type!
“A website without conversions is like a car without wheels - stationary and useless.” As an expert puts it “conversion rate is one of the most important marketing metrics. It’s a metric that lead generation marketers—from practitioners all the way up to CMOs are measured on.” In other words, your store stands nowhere if it can’t convert visitors into customers.
TOTAL SESSIONS
SESSIONS WITH PRODUCT PAGE VIEW
AVERAGE CONVERSION RATE Needless to say, it’s not realistic in the slightest to expect everyone who visits your site to end up making a purchase. In fact, the vast majority of your site’s visitors are going to leave without doing so.
SESSIONS WITH ADD-TO-CART
SESSIONS WITH TRANSACTION
According to the funnel, the average conversion rates of eCommerce stores across industries is a mere 2.86%. That said, there’s one keyword in that statement that should stand out to you: Average. Yes, the average eCommerce store typically sees its conversion rate hovering around the 2-3% mark. Have you calculated yours? If not. You definitely need to switch to the next slide.
Here are 3 conversion rate formulas to use:
THE MATHEMATICAL FORMULA TO CALCULATE CONVERSION RATE
Total number of conversions / Total number of sessions * 100 Total number of conversions / Total number of unique visitors * 100 Total number of conversions / Total number of leads * 100 Note: All of these formulas are absolutely valid. The best way to calculate conversion rate depends on what exactly you’re defining as your conversion event and how you plan on measuring traffic. The numerator will measure your conversions (as defined by your conversion rate goal) and the denominator will be what you define as your total pool of traffic (generally session count, unique visitors or leads).
What needs to be done?
HOW TO MEASURE CONVERSION RATE ON YOUR SITE? Now that we’ve reviewed the formulas behind the basic math — it’s time to take this knowledge and use it to implement conversion rate tracking on your site (if you haven't already).
Set up conversion tracking. Google Analytics is one of the most renowned and substantial options. You might also want to consider KISSMetrics or Mixpanel depending on your business size and scale. Drop conversion tracking events at multiple points in your funnel. Install a pixel or identify a tracking page once you get started with the chosen software tool. Almost every software provider gives explicit instructions on how to perform this. Get tracking. Once the data starts flowing, it’s time to start using it for actionable consequences. Review the data frequently to start tracking and improvising your conversion rate.
01 Integrate Social Media
THE SECRET RECIPE TO HIGHER CONVERSION RATES
03 Invest in Automation
05 Remove Buyer
Personalize, Personalize, Personalize
02 Create Brief and Crisp Content
04 Humanize your Landing Pages
06
Uncertainties
07
Create a Magnetic Call To Action
08 Use Scarcity, Urgency & to Your Advantage
THE SECRET RECIPE TO HIGHER CONVERSION RATES
10 Implement Upsell, Cross-sell and Downsell
12 Allow Guest Checkout
14
Showcase Multiple Forms of Social Proof
09 Provide Multiple Discount Options
11 Provide a Persistent Shopping Cart
13 Offer Multiple Payment, Delivery & Shipping Options
ECOMMERCE CONVERSION RATE BY CHANNEL/SOURC E eCommerce conversion rates by traffic source are incredibly useful to retailers because the figures can be used to set channel-specific goals while also honing in on the most promising and best-performing sources of traffic.
Referral traffic is by far the best performer and highlights the need among eCommerce retailers to encourage.
“Referral traffic is driven from external sites that link to your store. This can be an expert post recommending one of your products or a comment on a blogpost. If the traffic source is highly relevant, people often come with a strong purchase intent. This is why the average Referral Conversion Rate performs so well. – Florian Schulze, Compass
Because eCommerce isn’t going anywhere- it’s gonna bloom!
WHY OPT FOR CONVERSION RATE OPTIMIZATION?
With the majority of the population moving towards online shopping, it’s is necessary for you to buckle your belts and adopt ways that bring maximum conversion.
Helps You Understand Your Customers Better
Lowers Your Customer Acquisition Costs
Allows You to Beat Your Competition
Improves Your Brand
Google Will Love Your Webstore
Increases Your Customer Lifetime Value
Gives Incremental Business Returns
Makes Your Paid Advertising More Effective and a lot more
WHAT’S NEXT? It’s the endless benefits that conversion will bring for your business:
Perception
Boosts Sales
ARE YOU READY FOR THE BIG STEP TOWARDS CONVERSION?
Our certiďŹ ed eCommerce experts have it all set, get in touch with them and experience eCommerce like never before! We have helped clients worldwide in achieving their goals and ultimately success.
THANK YOU! +91-11-47567701/02 |
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Technologies (P) Ltd.
Technology Delivered, Since 2001
www.nethues.com