Published at eCommerce by Sael
on 10th Mar 2023
Join the Digital Revolution: Blazers.io Arrives in Bangalore on Feb 29! Get Ready to Transform Your Online Presence.
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Join the Digital Revolution: Blazers.io Arrives in Bangalore on Feb 29! Get Ready to Transform Your Online Presence.
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on 10th Mar 2023
In India, there are around 19,000+ e-commerce businesses. Globally, 18% of companies are done online. There is high competition in the Digital buying world.
The average eCommerce conversion rate is only 2.86%. When 100 online shoppers visit the eCommerce website, only 2 to 3 complete the buying process effectively.
Companies spend money on customer acquisition, which directs traffic to the eCommerce store. However, when the customer visits the store and leaves without purchasing the products, it is a loss for the company. Meaning it is a selling chance that we miss. So, how to persuade a customer to select our particular product from innumerable products that are spilled in the market? Yes, it is possible through some hacks. Let us explore more on that.
Table of Contents
1. What is eCommerce Conversion Rate
2. Why is conversion rate an important metric in eCommerce and how it is calculated
3. A good eCommerce Conversion Rate
4. Hacks to improve the eCommerce Conversion rate
4.1. Ensure that the eCommerce store loads in 3 seconds
4.2. Enhance online store navigation
4.3. Utilize the live chat feature
4.5. Social Proof Notifications
4.6. Use high-quality product images and videos
4.7. Make Check-out process simple
4.8. Reach out to abandoning shoppers
4.11. Enhance sales with a spin-the-wheel option
4.12. Design your store for mobile compatibility as well
4.13. Include your Customer Showcase on Your Online Store
The eCommerce conversion rate is the percentage of website visitors who navigate your website and are converted into customers by buying from your online store. The essential metric in an eCommerce business is conversion rate optimization. It helps in bringing out more revenue to your online store.
The eCommerce conversion rate has an essential role in the business. The benefits are
Increases Revenue: Simply put, you have to function on increasing conversions if you want to increase your revenue. As a result, CRO is the most dependable and cost-effective way to increase cash flow. By concentrating on converting the quality traffic to your site, you can easily focus on saving funds by not spending as much on 3rd party ad campaigns.
• Enhance User Experience
Optimizing your website should focus primarily on the user experience (UX). As a result, your website will, by default, offer more value and give users a satisfying buying experience. Everything about it helps to increase the authority of your website.
• Increase the effectiveness of your remarketing campaigns
Selling to existing customers is always less expensive than looking for new customers. However, you must make the initial sale to do that. A high conversion rate is crucial to your marketing strategy because the more site visitors you convert, the more you can profit from subsequent sales.
• Help enhance Rankings in Search Engines
You can boost your website's SEO by making it more conversion-friendly. You can quickly achieve higher search engine rankings that result in more traffic when you concentrate on producing excellent website content and graphics and using the right keywords.
• How is eCommerce Conversion Rate calculated
For a given period, if 10,000 visitors come to your online store, only 100 converts, and your store's conversion rate is 1%.
It's often as simple as that. The conversion rate is calculated by dividing conversion by the total number of visitors. The majority of analytics tools offer conversion rates.
To properly establish Ecommerce conversion rate benchmarks for your online store, you must first understand what your current visitors are doing. Where do customers get stuck, and how do they use your website?
To gauge progress, try comparing your standards once you've recognized them.
The typical eCommerce conversion rate is between 2.5 and 3%. If you try to emulate all the correct processes, you can still foresee trying to win the sale only 2 to 3% of the time.
A 3% conversion rate is good for an online E-commerce store. When you succeed, you can advance to more advanced conversion rate strategies.
The attention span of a human has considerably reduced. It is, on average, only 8.25 seconds. The page loading should be fast when the customer wants to buy a product from your website. It is an essential parameter in the eCommerce conversion rate.
You can use Google page speed to test the loading speed of your website. You have to check your
• Hosting plan
• Image optimization
• Thumbnails
• Videos, etc.
For both desktop and mobile phones. This helps in faster loading of pages.
User experience is the base for the sales of the product. It plays a vital role in Ecommerce conversion. When the user visits the website, it should be easy for them to navigate through the pages and the products. When they locate the product quickly, the chances of purchasing them are high.
So, it is essential to categorize the products by various standards. Also, provide a search bar to search the products easily. This helps the user to get the right product in minimal time.
When users plan to buy a product, they might have doubts about its features, size, color, and uses. Also, they might need clarification if there are many products/services.
So, it is essential to monitor the user’s search pattern and helping them with live chats to clarify their doubts and queries. This feature would make the user comfortable and easily buy the product they were searching for. This helps in an easy eCommerce conversion rate.
An easy hack for the eCommerce conversion is creating FOMO. Fear of Missing Out. When you run a sale on the site with a limited-period offer, it creates a sense of urgency and the fear of missing out. So, the products get quickly sold out.
When you send the reviews of the customers as a social proof, the sense of trust increases.
Also, people prefer to read reviews when they want to buy products online. A recent survey says 9 out of 10 people read the reviews and buy the products.
You can include them on the homepage or as a notification when the customer purchases the product.
So, Social proof notifications are an essential factor in eCommerce conversion rate.
When the customer plans to buy a product online, the main factor that is considered is the product images. The customer would want to know the product's size, color, and feel. So, providing high-quality images plays a significant role.
The images and videos give the customer a clear idea of how the product looks and works. Also, when a zoom option is available, it would be easy for the customers to select the product quickly. High-quality images capture the visitors' attention, making them easily convinced to buy the product/service.
This hack is a crucial point for the eCommerce conversion rate.
It is essential to make the checkout process simple for the customers. You must reduce the number of steps involved in purchasing your product.
When the checkout process is simple enough, the customers would get tired and abandon the products in the cart and move on to the subsequent work.
You can request only necessary information from the user.
How does this help in the conversion rate
• Simplifying the checkout process would be easy for most users. Also, the time spent on the website by the user would reduce, which helps in more sales.
• Also, when the customers can checkout as guests, they save time filling out lengthy forms. They can check out fast and effectively. They can easily give in their delivery information, payment option, and checkout.
• It has a high conversion rate as it is convenient for customers to checkout.
• It is timesaving for the customers.
When the customer enters the products in the cart and abandons them, there might be a reason to do so. Don't hesitate to contact the abandoned shoppers through email or messaging and redirect them back to the online store. Paying attention to them would increase the conversion rate.
When shoppers leave the website without purchasing, you can send them a pop-up message with a discount deal. This would make the customer think again and purchase the product.
Online shopping and payment are now standard. There are many options like Google pay, Paypal, Amazon pay, etc., other than credit cards and debit cards.
Also, some people find it annoying to type the credit card/debit card details each time their purchase.
So, when there are multiple payment options, they would save time and find it easy to make the payment. This would give a better eCommerce conversion.
The shoppers always like the word “Free.” They get easily attracted to it. In a survey, 9 out of 10 online shoppers feel “Free Shipping” is the most preferred stimulant to shop more.
Also, when the shipping costs are high, 49% of online shoppers leave the cart abandoned.
So, remember, free shipping is an excellent way for an Ecommerce conversion.
If free shipping is not affordable for your business, you can add the shipping price to your product. Also, you can make free shipping exclusive for some visitors.
Example: Amazon offers free shipping to all its prime members.
The other hack is you can offer free shipping and get the email addresses.
You can add a spin-the-wheel popup to accelerate Ecommerce conversion rate on your online store. The main target of this method is the feeling that you win something. So, there is a dopamine rush about receiving the reward, making you feel happy. This is the principle of gamification.
The prizes can be cashback of up to 10%, discounts on some products, free shipping, etc.
The customer has to enter the email address and spin the wheel for the rewards.
The other hack is you can offer free shipping and get the email addresses.
In 2023, 6.92 billion people will use smartphones. That means 86.41% of the world’s population owns a mobile phone.
So, it is essential to optimize your online store for mobile. This would bring in more customers as people prefer to navigate the products through their mobile phones. When they are planning to buy the product, and if it is not optimized, there are chances of losing the customer.
An eCommerce conversion rate hack is that you can add your customer showcases to your online store. You can upload photos of your customers using your products.
Example: If you have a Footwear online business, you can feature customers wearing your footwear. This gives social proof to your online website visitors. It also helps to boost your conversations.
To do this, you can ask your customers to click a picture of them using your products and send it to you, also, it is a good idea to run a social media contest and display the customer’s pictures on your online store.
A well-designed website is essential to the short- and long-term success of retail and e-commerce businesses as online shopping becomes an increasingly important factor.
Increasing eCommerce conversion rates should be a top concern for companies since it urges buyers to do what matters most: purchase your goods.
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