Are you thinking of starting a new online store; or are you having one already but don’t know just how to optimize it to get a higher conversion rate?
If you answered yes to any of the above questions, know that conversions aren't a matter of luck. You are required to build & deploy conversion rate optimization strategies to pull up conversions for your e-commerce store. Well, it is a sweet bitter truth that retailers often have to accept in order to grow in an increasingly competitive digital buying world.
The roadmap towards building a successful online store usually goes through the following route:
- You research the market to decide on a product that you are going to sell.
- You find the best wholesale sources to buy in bulk.
- It is now time to set up the store.
- You invest time and money in creating paid advertisements to attract potential customers.
And you are done!
That is where retailers began to believe their work is over. They no more require to worry or sweat about anything else!
A cool website has been set-up, products keep flowing, money is running into the system to make sure the advertisements keep hitting the right people.
But is that enough; enough to sustain an online retail store?
Unfortunately, optimizing the buying process for a potential audience is a continuous process that needs a lifetime of nurturing. The best approach to drive KPIs is to be in your visitors' shoes and cut off as much friction as you can at every step from the customer journey.
Wondering how to battle those conversion woes to increase your revenue streams?
Let us first start with understanding what does conversion exactly means!
The definition of conversion rate varies from business to business. But, with respect to an e-commerce website, it is the percentage of visitors that land on your website and complete the desired action. If 1000 people, for example, visit your website in a given period of time, out of which 50 end up buying the product. Then, the conversion rate for your website is 5%.
Usually, for an e-commerce website, 2% is believed to be a great conversion rate.
Now, there is one more idea that I would like to introduce here on my blog that is pretty much needed . Conversions aren't about closing deals with customers but about opening better mutual avenues with them. Therefore, when it comes to e-commerce, conversion could be any of the following:
- A successful online sale.
- When somebody adds a product to their cart.
- When somebody adds a product to their wishlist.
- Email signups you receive. (the more, the better!)
- When somebody shares a story about your brand online.
- Any other KPI that your company finds valuable.
Now, that we know what conversions are why they are important for building a strong online retail business, let us talk about conversion rate optimization.
Advanced Conversion Rate Tactics for your e-commerce Website:
1. Use high-quality videos to get engagements on your products
As I mentioned earlier in this blog, to enhance customer experience on your website you need to put yourself in their shoes and see the buyers’ journey from their perspective.
What separates offline stores from online ones is the experience the former provides that cannot be emulated anywhere online.
However, high-quality videos are your closest bet to giving your audience a great understanding of the product. Videos help customers visualize what they are getting and how best they can use it.
By adding videos to your products, you automatically cut the need to have long winding descriptions that very so often leave visitors bored and confused.
2. Don’t sell yourself cheap; be competitively priced
When it comes to selling online, price optimization is very important. Price optimization helps you find a balance between too much and too little. It is important because if you placed your prices too high, you will lose customers. Whereas, if you placed them below the desired level, your profit margin will decline.
According to PWC research, the 3 major reasons why customers visited an e-commerce website are:
- 61% to compare pricing
- 23% to participate in promotions
- 41% to look for coupons
What did you understand from those points? That people are attracted to coupons and like to compare prices before making a purchase decision. The solution to this problem is smart pricing.
There are software like competitor pricing intelligence software that enables you to set pricing strategies by targeting certain profit margins and competitive pricing positions.
3. E-commerce checkout optimization
It is hard to see your customers say goodbye to your online store right before making a purchase because your checking out process is either too long or unconventional.
This is where you do a lot of A/B testing and personalization to see what is working for your website. Different products call for different audiences. Therefore, the right way to create a perfect checkout process for your online store is to gauze your target audience's behavior and tweak it according to their expectations & convenience.
Giving your customers the ability to modify their cart is one of the best e-commerce checkout practices. Let us say, for whatever reason a customer wants to remove a product from their cart right before a purchase. By making it difficult for customers to undo their cart you are creating suspicion in their head.
How do I fight cart abandonment? There are many software available online that help you decrease cart abandonment rate by sending customers follow-up emails with their cart contents along with tempting coupons.
4. Let the chatbots assist your visitors
Chatbots are automated programs that let your visitors troubleshoot their problems on their own. They work faster than any human hand and are much more accurate and efficient at giving responses. They make for a perfect assistant to accomplish repetitive and mundane work.
Imagine how difficult it could get if everyone starts calling your customer support team for the very basic customer support conversations! It is a waste of time for both the company and the customer. Also, it increases the friction in the buying process, discouraging customers from buying.
By optimizing your bot and making it prepared for the basic queries not only can you improve customer experience on your website but can also prioritize attention towards severe complications. Also, when customers get their answer as soon as they type it within the bot, they are likely to appreciate the assistant, stick and buy.
A brand’s story is important in attracting customers. It helps align businesses with customers. However, the one story that people actually want to hear is that of the other customers like themselves. Word of mouth has always been an important marketing strategy employed to make people believe and buy.
Reviews help build your brand and its reputation. Therefore, it is important to let customers speak about your product on online platforms. If your product is good, you shouldn’t be afraid of negative criticism.
To believe how important reviews are you do not even have to go too far. Remember, the last time you bought something online. Didn’t you check the reviews before clicking the buy button? Well, you definitely did! In fact, the reviews are so important that a customer can even ditch a good-looking product just because its competitor product got better reviews. That is how effective videos are!
When it comes to e-commerce, there is no sure route to success. However, you can improve your chances by creating a great user experience in your online store. In order to grow a business, you need to take care as much about gaining new customers as about retaining older ones. By following the above mentioned tips you can simply double your conversion rate.
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