15 Ways to Increase Ecommerce Conversion Rates In 2023
15 Ways to Increase Ecommerce Conversion Rates In 2023
Among the most useful tools for eCommerce companies to gauge return on investment are conversion rates and the personalization that goes along with it (ROI). Your ROI can be considerably increased by using conversion rates to determine how to properly optimize your website.
In fact, a poll of marketers in the US and the UK found that roughly 90% of personalization efforts yield a profitable return on investment.
But it’s crucial to keep in mind that organizations must prioritize them and, perhaps most crucially, optimize for them if they want to see conversions. This is true whether you are just getting started and managing everything yourself or an eCommerce manager or marketing director who has agreed to reach lofty objectives and KPIs for the company.
That’s why today’s blog is going to be so important for you, so let us dive into the 15 Ways to Increase Ecommerce Conversion Rates In 2023. But first, let’s begin by defining a conversion – which often has a different definition of a business to business.
Understanding Ecommerce Conversion Rates
Understanding Ecommerce Conversion Rates to Increase Ecommerce Conversion Rates In 2023: The textbook definition of eCommerce conversion rate is the percentage of website visitors who purchased something from your online store. I have listed below some typical conversions for eCommerce websites, that are likely to be a part of your eCommerce website as well.
- An online sale.
- Added products to a cart.
- Added items to a wishlist.
- Email signups.
- Social media shares.
- Any KPI your company finds valuable.
Because every element of the customer experience on your website has the potential to affect conversion, the subject is so vast. In order to increase revenue, conversion rate optimization (CRO) enhances the shopping experience. On landing pages, category pages, or any other client contact point, conversion rate optimization can be carried out. How to raise your site’s eCommerce conversion rates is covered in this CRO guide.
How is the Conversion Rate Calculated?
For a certain period, if your online store has 5,000 visitors and 50 conversions, its conversion rate is 1%.
It is frequently that easy. The conversion rate is calculated by dividing conversion by the total number of visitors. Within any data segmentation, the majority of analytics systems offer conversion rates, which we’ll discuss in the sections below.
To properly set up eCommerce conversion rate standards for your online store, you must first understand what your present visitors are doing before attempting to raise conversion rates. How are customers interacting with your website, and where are they getting stuck?
To gauge success, compare your benchmarks once you’ve identified them.
You will frequently hear the word “testing” mentioned by professionals when discussing how to boost conversions. Before deciding what to test, it is crucial to grasp the fundamentals and your present conversion problems.
What exactly is a Good Ecommerce Conversion Rate?
Conversion rates for online sales typically range from 2.5 to 3%. Even if you follow all the appropriate steps, you should still anticipate winning the sale about 2-3% of the time.
Your online store should aim for a conversion rate of at least 3%. When you succeed in doing that, you can graduate with more sophisticated conversion rate strategies.
15 Ways to Increase Ecommerce Conversion Rates
High-Quality Images and Videos For Your Product
When you are shopping, think of what you’d like to see.
You cannot touch or try on a product when you shop online. The best thing you can do to ensure that the buyer knows exactly what they are getting is to display a thorough photograph or video.
Users may more easily imagine the things they are interested in and conversion rates can rise by using high-quality photographs and videos on the product pages.
Online buyers have developed certain expectations that they have come to expect from Amazon. Free shipping is a need in the marketplace of today. If you don’t offer free shipping, people will probably shop somewhere else. Increasing product pricing to account for delivery expenses is an alternative to offering free shipping. But consumers are wise; if your costs are outrageous, they will go right away. Hence, free shipping is a fantastic and well-proven conversion rate optimization tool.
Limited-Time Coupon Codes
Offer coupons or discount codes that visitors can use for a short period of time at the point of purchase to receive a certain amount or a percentage off.
A sense of urgency will be created when your coupon code expires, allowing customers to make purchases without being interrupted, and increasing the conversion rates of your website.
Be Competitively Priced!
If your store’s checkout procedure is too drawn-out, challenging, or unusual, you risk losing a lot of clients just as they are about to make a purchase.
Many of your A/B tests and customization tactics should be conducted at this important stage of the funnel. For the majority of hosted eCommerce sites, there are industry standards, but you may still need to adjust the procedure based on your consumers in order to increase conversion rates.
Use Shopping Cart Abandonment Software
Abandoned cart software can assist you to enhance your store conversion rates if you constantly deal with them.
This kind of software is provided for free as a component of the shop functionality by some e-commerce platforms, like BigCommerce.
Every firm will experience this software’s success differently, but there is no denying that it can benefit eCommerce stores that employ it, it is indeed a fascinating conversion rate optimization tool.
Using Live Chat Software and Chatbots Might Help A Lot
Customers can get answers to their problems quickly and without having to wait on hold for long periods of time over the phone by using live chat support software and chatbots to communicate with them. The human component of live conversations is frequently replaced by chatbots, therefore the two are frequently seen as alternatives to one another. The most successful businesses will probably be those that can combine the use of both, with chatbots engaging with clients after hours, it is another tried and tested conversion rate optimization tool.
Let Customers Know Your eCommerce Store Is Safe
For clients to be okay with entering their credit card information on your website, businesses need to swiftly establish trust. Trust signals can considerably enhance conversion, according to split testing.
The foundation of many of your conversion rate optimization efforts should be discovering new ways to improve your on-site reputation and trust.
Customers want to be sure that they are doing business with an established business that uses industry-standard security protocols. This guarantees the security of their credit card details.
Most of the following are helpful, and are likely to work for you:
- Install SSL wherever possible, ideally at the checkout (most eCommerce platforms have this feature by default).
- As a visual cue that you accept customer-trusted payment methods, display miniature images of credit cards, PayPal, and other payment methods.
- Show off your McAfee, GeoTrust, or other security badges, and confirm that your account is still current. If you aren’t completely secure, don’t merely add a picture.
Make Sure That Visitors Can Easily Find Products
By including options like “Shop By Color,” “Shop by Product Type,” and others, logically organize your product categories. Making as few steps as possible to get a user to a product as quickly as feasible should be the aim.
Your clients will notice a huge difference if you set up a rotating banner to highlight your best products and install a website search so that visitors can find things quickly. It is crucial to keep in mind that visitors are more inclined to purchase from you if they can find a product quickly and help you in increasing conversion rates.
Simplify Your Checkout As Much As Possible
Make sure that all information on your checkout form—including CVV and input formats—is fully understood.
To simplify the process for users, try to restrict what can be entered in some form fields.
- Format a user’s credit card number as they type it to make it simpler to understand and less likely to be entered incorrectly.
- Don’t allow users to fill in date fields; instead, provide a date picker or dropdown.
Particularly considering that customers are frequently hesitant to provide their personal credit/debit card information, it is imperative to make sure you don’t give consumers any cause to feel uncomfortable or make it difficult for them to check out.
Digital wallets are a huge help in this.
Payment gateways and applications like PayPal Express, Amazon Pay, Apple Pay, etc. are examples of digital wallets. Users can pre-fill everything with their account information after signing in with these systems. For everyone, it is quicker and more secure.
Remind Them About the Shopping Cart Contents
They can’t check out if they can’t locate their cart.
When a user adds an item to their shopping cart, be sure to display a shopping cart icon with a link to it so that they can return there and see their purchases.
Let Customers Checkout As Guests As Well
Assuming you already have the customer’s name and email address from the time they made the purchase, allow them to check out without creating an account.
By making them register, you give the customer another excuse to depart.
Product Descriptions MUST BE High-Quality Copies
Make sure to include a thorough description of the goods so that clients understand exactly what they are purchasing.
Keep in mind that they are unable to handle the merchandise and cannot ask questions because they are not in a store. Furthermore, doing so will aid in preventing returns.
A great addition to product descriptions is the inclusion of a product video or demonstration.
Make space for Customer Reviews
What draws customers to Amazon? It is largely because of the availability of their product reviews.
Customer reviews are essential in the realm of online buying. Customer reviews serve as a signal to consumers and future clients regarding the legitimacy and performance of your company.
Obtaining favorable ratings can make or ruin your company. You can assist by providing customers with a promo code or other incentives the following time they make a purchase in exchange for a review.
Similarly to this, customer reviews of the product are a great selling point for service-based firms. You may establish the credibility of your company as one that can be relied upon to deliver a useful product by asking clients to explain why they choose your company and the advantages they have experienced.
Popping “Add to Cart” and “Checkout” buttons
An actionable button that clearly states what to do and sticks out from the rest of the text and visuals might further prompt users who are thinking about making a purchase.
As long as you’re not obnoxiously hammering consumers with CTAs, marketers who overthink things are frequently to blame for the absence of these buttons.
To increase conversions, BigCommerce now provides a customizable Buy Button that you can quickly add to your website
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