Conversion is a very commonly used term for converting a prospect into a customer. Different fields may have different names for this strategy. There is a range of tactics to invite people to go through your products and services. Conversion happens when you psychologically compel them to make a purchase.
Do you wonder what is the need to have for eCommerce conversion tactics? If you start an online eCommerce store on a good platform and offer good products, why is this “extra” needed?
The fast-food joint in your neighborhood sells amazing food. How do you know? What made you visit the joint first?
Proximity to your place (ease), customers waiting in a queue on weekends (incoming traffic), people who tried were all praises (reviews) were the factors that drew you to that joint.
You saw a good dining facility and economical rates (competitive pricing strategy). Then you decided to order. Please note that you tasted the food much later – after you noticed a lot of other significant details.
Similarly, there is a range of details that a customer looks at, unknowingly, that draws them towards visiting your eCommerce store. The look and feel of the store then lure them to buy the products you offer.
1. Understanding Conversion Rate Optimization
Conversion Rate Optimisation (CRO) has always been there. From the fast-food vendor near your house to Amazon, every business is calculating revenue based on the number of buyers as compared to the number of visitors.
Smart business owners work on ideas to increase the number of visitors and to convert them into buyers.
Amazon has a conversion rate of a whopping 74%. This simply means that out of 100 people who visit the Amazon website, 74 people end up buying. Wow! How do they do it?
Amazon works on multiple algorithms that are very technical for a layman to understand. What we easily understand is that Amazon works on key areas to woo the customers to the website and tempt them to buy. You can keep it simple but sensible when it comes to CRO
2. Key Areas to Look At
CRO drives your websites towards profit. The optimization tactics touch significant elements of your eCommerce store to attract more customers.
Some of them are:-
- Mobile Compatibility
- Website Design
- Product Description
- Customer Demographics
- Site Navigation.
Website A/B testing deserves a special mention under this heading. It involves the creation of a clone website page with a slightly different design to evaluate the amount of traffic coming on both the pages and comparing the same.
A/B testing gives an idea of which design is successful in terms of bringing more traffic to the site.
Conversion rate optimization affects the eCommerce website in more than one way. You pay attention to every detail of your website to generate more leads, drive the leads to sale and earn more revenue. Ecommerce conversion rate optimization impacts some of the key areas of your eCommerce store in a good way.
4. Brand perception
Your customers look at your brand with trust. CRO changes the perception of the customer towards your website. Impactful content, good quality images compel visitors to stay.
Your policies are now clearly displayed and the customer reviews speak volumes about your products and after-sales services. 30% of online consumers post product feedback online.
These positive changes bring loyalty to your buyers.
5. Customer loyalty
The experience of purchase with your store can make or break the loyalty factor in your customers. That experience is hassle-free after eCommerce optimization. So what you get are happy customers who come back to you for another purchase.
Your efforts to cross-sell and upsell makes them buy different products that you offer. A good experience every time leads to loyal customers. 30% of the customers say that they want to buy from the same website they have previously bought from.
6. SEO boost
A lot of people get confused between CRO and SEO. The fact is SEO works to drive more traffic to your website and CRO works towards conversions. While CRO helps the website to convert more visitors to consumers, it automatically increases the incoming traffic and gives a boost to SEO.
7. Return on paid advertising
Paid advertising does not always give the expected results. It is very frustrating to see your money going down the drain with no gain. CRO increases the efficiency of these ads.
Sometimes what goes wrong is not the medium of advertising. You need to formulate the right trick to see the magic.
According to statistics, businesses make an average of $2 in revenue for every $1 spend on Google Ads. This is a very encouraging figure. With CRO you can see more conversions happening with the same budget.
8. Competitive edge
Value additions by CRO to your website gives your business a win over your competitors. With CRO your store gets a sleek look and it functions smoothly.
Statistics say the number one reason for customers to shop online is that they can shop 24×7. Only a fast loading website will win this race.
Imagine a website in your competition with slow-loading pages and poor quality product images. Definitely not a choice for your customer.
9. Elevated sales figures
All this for what? Profits, of course. All said and done, CRO is a revenue-generating exercise. With the changes done in the key areas of your website and its marketing, the results are visible in the sales figures. Initially, the results may look like drops in the ocean, but this figure grows organically.
Ecommerce company WallMonkeys saw a 550% increase in conversions when they made slight changes in their website as per CRO.
According to Bill Gates,
“Your most happy customers are the greatest source of learning”
Conversion Rate Optimization is about making maximum customers happy while they visit your site. CRO is a process to test and learn about the process of converting these happy visitors into buyers. Maximize your sales with CRO and earn more revenue.