Improving the Conversion Rates of your website
We get it, you want to increase sales on your e-commerce site, you should not only focus on traffic but also on your conversion rate. The Covid-19 pandemic has resulted in more online traffic and sales than ever before, (as hopefully you’ve experienced!), but there’s always different ways to improve on these red hot leads because the higher your conversion rate, the more money you can make with the same number of visitors.
divide the number of conversions you get in a given time frame by the total number of people who visited your site (or landing page) and multiply by 100%. It’s important to put it in perspective though…for example the benchmark conversion rate on a Shopify store is 1.75% for SME stores. Larger, more well known brands, may be as high as 2.8% but let’s face it, they have larger marketing budgets than most!
Here are a couple of tactics to help you increase your conversion rate.
1. Use Data Insights
Our Unleashed clients are currently getting enormous value from their Business Intelligence tool. Using data insights from the last few months of sales data can help you identify the hottest (or conversely slowest) moving products – invest in promoting these even more if they walk off your shelves and you have the supply chain to support it. Look at the stock that isn’t moving, can you discount it and promote it, without impacting the bottom line? Slice and dice as much of your data to forecast the lead in to Christmas.
2. Be clear, with your language and customer journey
It’s important to use clear and consistent language on your site and avoid jargon. Customers should be able to easily understand the products and services you sell when they visit your website. Provide as much detail as possible about the offering to encourage customers to make a decision on the spot. Make sure your customer experience is an easy one. Don’t make them fish around your site to see what’s in their cart. Enable them to return to shop for more products and check out easily – You don’t want them going anywhere else to buy! You could also investigate abandon cart re-marketing options.
3. Offer payment options
Do you have different payment options available? This will ensure a wider target market. Many customers will abandon their purchase if they find that your site does not accept their desired payment method. PayPal is highly desirable because it’s a well trusted gateway – many people will your site if you don’t have this as a payment method. Investigate options like After Pay or Zip pay because many millennials, particularly don’t like to use credit cards to make purchases.
4. Allow returns
People feel more comfortable completing a purchase when they know that they can return the product. The more favorable your return policy is for clients, the higher your conversion rate will be. Take some time to consider reasonable return policies for your site and make sure you display the information prominently.
5. Offer short term incentives
During Covid-19 whilst there’s been more sales, there’s also greater competition. What can you do to help your customers convert from browsing to purchasing? Can you offer free shipping with a certain spend level? Can you do a buy 1 get “something” free (could the free item be a slower moving item?). Again you can gain a lot of these possibilities by analysing your data.
Knowing what your conversion rate is and continually striving to improve it is an important aspect of online business. Implementing some of the strategies discussed here should help you boost your conversion rate, and thence the profitability of your business. Please call us if you’d like to discuss assistance with integrating technology to improve your conversions!