Double Your Sales Overnight: Secrets of Ecommerce Conversion Rates!
If you are running an ecommerce business, you know that conversion rate is an important metric you must watch out for. A good ecommerce conversion rate is important for your long-term success. According to a survey among US and UK markets, 90% of personalization efforts increase conversion rates.
But what is a good ecommerce conversion rate? Does the value of the metric change for different businesses? How do you recognize it, and once recognized, how do you improve it?
This blog will guide you through the ecommerce conversion rate. It includes what's considered a good conversion rate for ecommerce and secrets to improving it.
What is an Ecommerce Conversion Rate?
An ecommerce conversion rate is the percentage of website visitors who, after visiting your website, take some action. For example, make a purchase, share your site on social media, or download a newsletter from your website—any KPI (key performance indicator) your business finds valuable.
The conversation rate for ecommerce is calculated by dividing the number of people who completed an action on your website by the total number of visitors that have visited your website in a given period.
For example, if you had 1000 website visitors and 100 of them made a purchase, and the rest did nothing, the ecommerce conversion rate for your website would be 1000/100 = 10%.
What is a Good Ecommerce Conversion Rate?
Generally, a 2% to 3% ecommerce conversion rate is considered good. Above 3%, it is considered excellent. Some conversion rate optimization techniques help increase this percentage. CRO is the process of optimizing your site according to the website visitor's behavior.
CRO techniques use in-depth data to analyze customers' behavior, run multiple tests, and tweak content to make it more relevant and exciting to users. It works to draw their attention and boost conversions. Help from experts would be a bonus! Consider CRO techniques for your website's landing page, category pages, and other touch points.
CRO experts will help you plan your website's UX or UI to attract maximum leads, lure them toward conversion, and increase business revenue. With different CRO tools, these experts help you monitor website traffic, measure conversion, and identify key factors influencing the conversion rate.
Secrets to Improve Ecommerce Conversion Rates
Well! The secret to improving conversion rates in ecommerce is to develop effective personalization strategies. Let's get started with the top 10 ways:
Language
The language you use on your website greatly determines whether visitors will complete a conversion. Website content can create an emotional connection with your customers. It encourages them to act. You should personalize language at every customer touch point.
Brand Awareness
You should generate dynamic content across various channels to capture customers' attention. Talk about your brand, its offerings, and why people should choose your product over those of your competitors. For example, you can create ads about your special offers or convenience options (24-hour tech support, free delivery, etc.).
High-quality Product Images and Videos
When your customer makes an online purchase, he can't touch the product. You must have a detailed image or video of the product on the website. High-quality images and videos of the product help ensure the customer knows what they are getting.
Don't Let Customers Abandon the Cart
Our goal is not to make customers add items to their shopping carts, but we want a purchase. Consider putting artificially intelligent chatbots on the website to craft personalized messages for each customer. These messages are personalized based on customer behavior, past purchases, and other factors. For example, AI bots can suggest similar products to the customer based on their last purchase.
Pick A Genuine Price for Your Product
It is best to price your products at or below the average price. You can be sure you have picked the right price by adjusting your prices frequently to see what resonates best with your customers.
Tweak Your Ecommerce Checkout Process
If your e-store checkout process is too long or complicated, your ecommerce conversion rates will fall rapidly. It is a crucial step for your A/B tests and personalization strategies to be most effective. You must also tweak the process based on customer feedback.
Provided Limited-Time Coupons
Discount coupons for a limited time prove very useful in bringing more customers to your site. A discount coupon creates a sense of urgency among customers to buy something. They make their purchase decisions without distractions, even when they haven't planned to shop.
It is essential to make your customers feel that your website is secure. You need to build trust quickly with customers so they are willing to enter their credit card information or other information on your website. Split tests have shown that trust signals increase conversion rates for ecommerce sites and boost revenue for your company.
You can display McAfee, GeoTrust, or other security badges to build customer trust. Also, you can show small images of credit cards, PayPal, and other payment options to build customer trust in payment options.
Use CTA (Call to Action) Sparingly
Make the correct use of CTAs by putting them where needed. You should not overwhelm your customers with too many CTAs on one screen. Also, we suggest you not clutter too much data on one page.
Allow customer Reviews
In a digital business environment, allowing customer reviews is always necessary to build customer trust and loyalty. It ensures the validity and success of your business.
Conclusion
While there are many ways to create a successful ecommerce business, it all comes down to understanding what motivates your customers to purchase. Boosting conversation rates for ecommerce should be at the top of your business's To-do list, as it encourages customers to buy your products.
