The e-commerce business is booming. eMarketer reports that retail e-commerce sales reached $799.18 billion in 2020 and are expected to hit $908.73 billion in 2022 in the United States.
More and more people are venturing into e-commerce because of its many perks. It’s more convenient and relatively cheaper than maintaining a physical store. Plus, doing business online can offer huge income and growth potential.
However, success in online business is never guaranteed. You need to invest in digital marketing and online advertising campaigns to increase awareness of your product or service. You also have to monitor vital metrics to determine if your digital marketing campaigns are helping your online business grow.
The primary purpose of your company’s website is to generate conversions. There is conversion when a user completes a predetermined or desired action on your website, such as filling out a contact form, signing up for a newsletter, or making a purchase.
Conversions vary among businesses. Some focus on earning sales, while others concentrate on generating leads. Regardless of the type of conversions you choose, monitoring your website conversion rate is crucial.
It is important to monitor your website conversion rate because it can measure the overall effectiveness of your website and its landing pages.
In addition, monitoring your website conversion rate can help you improve your content strategy. It enables you to identify your audience and their interests. Consequently, you can customise your content accordingly to draw their attention.
Measuring your website conversion rate requires finding the most appropriate metric. If your goal is to increase revenue, you can choose from any of the following:
If you aim to get more leads, you can opt for any of the following:
Math can be scary. Luckily, you don’t need to be a math genius to calculate your website conversion rate. The formula is straightforward:
(Total Goal Completions / Total Website Visits) x 100 = Conversion Rate
Say you want to calculate your website conversion rate for January to determine whether you are making sales. During that timeframe, 10,000 people visited your website, but only 2,000 made a purchase. Your calculation should look like this:
(2,000 / 10,000) x 100 = 20%
Your website conversion rate is 20%.
According to the latest survey, America’s average website conversion rate is 2.63%. Does this mean a good website conversion rate is anything above 2.63%? Unfortunately, there is no single answer.
Several factors beyond your control can influence your website conversion rate. These include the following:
Nonetheless, you can feel positive if your website conversion rate is higher than what you had previously.
Now that you know the basics, you can check your website conversion rate to see where you stand. Do not worry if you find your website conversion rate poor. One of the ways you can boost your rankings is by using a powerful personalisation platform for your ecommerce business so you'll be improving your conversion rate with Yieldify in no time.
Bad numbers do not necessarily imply that you failed. Instead, you can view them as a call for improvement. We list down ten ways you can maximise your website conversion rate.
You cannot convert your visitors if you do not know what they need and want. An on-site survey is one of the ways you can find what drives users to your website. You can ask for their personal information (e.g., name, age, and gender) and reasons for visiting your website.
Another way is to put an incoming feedback widget on your website. You can use it to identify the barriers that stop visitors from converting. Soliciting customer feedback also helps you identify what products to add to your arsenal and how to improve your service.
Your Contact Us page makes it easier and faster for your customers to reach you. Thus, it is an excellent way to turn your visitors into customers.
A study conducted by CMO Council reveals that the majority of the customers rate fast response time as the most critical attribute of a good customer experience. Customers are willing to complete their purchases online when a company responds quickly to their inquiries.
However, a long contact form can scare away or bore visitors, so stick to the essentials. You can go for three fields: name, contact information, and message/inquiry.
Competitor analysis is an in-depth examination of your competitors’ strengths and weaknesses to assess how you fare in the market.
It can optimise your website conversion rate by examining what users’ like and do not like about your competitors’ websites. In doing so, you can apply the best practices to your website to increase your conversion rate.
You may want to give more attention to these areas:
Your homepage or landing page should clearly define your value proposition. A value proposition is a promise your company intends to deliver to customers upon buying your products or using your services. Stock market analyst, trader, and commodity futures broker J.B. Maverick posits that an effective value proposition has these three elements:
More than half of online shoppers worldwide identify free shipping as the leading incentive to purchase a product. You may want to add it to your value proposition and put it on your website’s header.
One, play with colors. According to Color Psychology, the proper use of colors can raise your website’s visual appearance by 93%. It can also increase visitors’ purchasing intent.
Two, include pictures, graphics, or videos. Reading a 1000-word post can wane readers’ interest.
Three, make your words readable. Fun small fonts can be straining to the eyes. Avoid a font size lower than ten and go for a simple typeface, such as Times New Roman, Arial, and Calibri.
Finally, simplify your navigation features. For instance, go for a firm navigation menu instead of a drop-down menu. Many users find the drop-down menu annoying, leading to a less efficient, less pleasant user experience.
You can learn a thing or two from here.
Trust may be a short word, but it connotes a strong implication. Consumers are likely to buy your products or use your services if they consider your brand trustworthy.
However, online consumers can be skeptical. After all, not everything displayed online is real. You can build consumers’ trust by showing actual receipts.
Include reviews and testimonials on your website. Users who interact with reviews and customer Q&As are 105% more likely to purchase a product or service while visiting.
You can leverage reviews and testimonials to generate website conversions by doing the following:
Pop-ups can be annoying to users, but they work. A report by Sumo shows that the average conversion rate for pop-ups is 3.09% but can increase to 9.28% if done correctly.
Here are the characteristics of excellent pop-ups:
A call to action invites users to proceed with some desired action. You can use it to direct visitors to your products or services, contact form, or subscription offers.
A “click here” will not suffice. You need to use brief phrases with strong verbs, like “Buy now and get free shipping!” or “Subscribe today to get the first dibs!”
The goal is to attract users to visit your website. The more visitors you get, the more chances of generating conversions.
Again, website conversion can vary from one business to another. You may want to hire a digital ad expert to assist you in finding the website conversion metrics most appropriate for your company.