When evaluating your online business’s performance, the conversion rate is a must-have indicator. It represents the number of times leads are “converted” in terms of sales. so increasing conversion rates should be one of the main goals. Discover the true reasons why visitors abandon shopping carts and how you can help and enhance your online store’s conversion rate!
What Exactly Is Conversion Rate?
For the uninitiated, a website’s conversion rate is the number of visitors that finish your site’s goal.
Your website objectives are determined by you and your site. While goals vary on every site, yours may be someone registering an account, making a purchase on your e-commerce site, or subscribing for news.
There is no doubt that conversion rate optimization strategies are important eCommerce KPIs for determining return on investment. To measure your conversion rate you need to follow this formula: The number of conversions is divided by the number of visitors (or sessions) multiplied by 100.
Industry standards can provide us with an estimated image of the best conversion rates:
The benchmark in the B2B industry is roughly 1-2%. The benchmark in B2C eCommerce is 1%, roughly 2% in medium-value B2Cs, and roughly 3-4% in low-value B2C.
To get the desired result, it is necessary to know what steps to take toward the goal.
Make the checkout process shorter
The steps a customer takes to complete a purchase and make a payment are known as the checkout funnel.
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The likelihood that a visitor will convert increases with the length of the checkout funnel route.
When you ask visitors to create a profile on your website, sign them up for your emails, ask them to read through a few details about the item they want to purchase, and then make them go through a convoluted payment process when they are ready to purchase from you, that is an example of a complex or lengthy checkout funnel.
CTA placement and wording
As stated in the name, the call-to-action buttons nudge your visitors to take a certain activity. All of your pages should have CTA buttons, and visitors should be able to see them easily.
When developing CTAs, keep the following three considerations in mind: placement, color and form.
However, it can sometimes be complicated to tell which CTA is compelling for you. To find out which CTA is most effective for your shop, utilize the A/B testing technique.
Insert customer reviews
Positive or negative reviews will always appear on social media if your eCommerce site is even somewhat popular.
However, if you include user reviews directly on the product pages, it increases credibility and aids prospective customers in making an educated choice.
The biggest example of an e-commerce company elevating reviews is probably Amazon. Consumers now even check Amazon before making offline purchases to see if the item is worthwhile!
Make store navigation better
The necessity of navigation, which is essential in a customer’s trip around your website, is neglected by many online store owners.
The reason is straightforward: There is a direct correlation between the speed of access and the chance of purchase for your visitors.
If you’ve ever done any online shopping, you know how annoying it can be to go to a website that can’t even figure out what its users want.
Multiple Options for Payment
Having a variety of payment alternatives is a key element in improving the user experience.
Not all your website visitors have the same payment options. Debit cards, credit cards, and even other methods like PayPal are all available to some.
If your website just accepts one form of payment, you are excluding many potential clients who could be interested in purchasing your items via PayPal or other possibilities.
You don’t have a business without site conversion rate optimization. And a higher conversion rate will always be preferred, regardless of what it is currently. Furthermore, even if you’re happy with the performance of your online business, it can still be capable of improvement.
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