Theory of business is quite simple, cut your losses and let your profit run. And what if you are running your eCommerce business slightly offbeat from this profit theory! To know this you will have to have an insight of your website conversion rate. If you are earning good revenues, it is not necessary that you are doing well with your eCommerce website. You might be earning your revenues from some repeat customers, and you stand a fear of loss when these customers find any alternates.
Real assessment of your eCommerce website can be done through analyzing your website conversion rate. If your customers are turning away from your website and falling out of checkout procedure or not reaching final call to action then it is a serious concern and it might make your business unstable. Your conversion rate will brief you about your shopping cart abandon rates, which are one of the most important figures for any eCommerce store. If your abandon rates are high then you are at risk and if it is low then you are doing very well with your business.
After analyzing your shopping cart abandon rates and conversion rate, by using analytics funnels, you will be able to know from which part of the checkout procedure or from which section of your website, customers are leaving your page and dropping out of your website. Further you can work on these loop holes, and fix up issues using split test of A/B test. A/B test will educate you with requirements of your website, and let you know about what changes you will have to commit on your website. You can switch through multiple designs, copy elements, call to action buttons, colors and many other factors on your website to receive more positive response.
The revenue that you are earning today is not necessarily can be earned tomorrow with such problems. It is because you are not converting your customers and making sales and optimizing your traffic.
What is Conversion?
Before proceeding further firstly we will have to take a detailed overview of conversion and it various aspects. Conversion in simple terms can be understood as outcome or a result. Result of total purchase committed from your total visitors. When you convert a visitor into a buyer, then it is termed as a conversion.
Definition- The process of changing or causing an internet user who is visiting your website to take your services or to buy your product called conversion and the rate of conversion on total number of visitor is called conversion rate. There are certain methodologies of conversion as per their call to action, which are as follow,
For eCommerce Stores – “Buy”
For Online Materials – “Download”
For Services – “Call or E-Mail”
These conversion events change a visitor into a customer or a lead.
What is Conversion Rate Optimization?
Conversion Rate Optimization other-wisely known as CRO is mechanism of seminate your website and landing pages with the motive of translating a visitor into a customer or consumer. Conversion rates are directly proportional to sales rates as higher conversion rates provide higher number of people taking your services.
Conversion Rate = Total Completed Called Action ÷ Total Reached Action Page
This conversion rate is one of the most important component of your eCommerce business and it let you know from you have to begin up and what to do after words.
What after Analyzing Conversion Rate?
This must be the question that you would look for after calculating conversion rate of your website. The answer is quite simple, Optimize it! There are some major fields and tools, where you need to work to optimize your conversion rates.
There are eight prime tools and techniques that can assist you in optimizing your website conversion rate and can flow in more customers on your website. Certain tests are also performed for betterment of your website by checking various options and to enhance size of visitors that you are getting. List of these optimization tool contains,
- A/B and multivariate testing
- Having a structured approach
- Customer journey analysis
- Copy optimization
- Online surveys/customer feedback
- Cart abandonment analysis
- Using a complementary selection of the above
Let’s have a better look on some of these major tools,
Split or A/B or multivariate Test
A/B test can be understood in a simple term as a test that is conducted to analyze performance of your store with different variants or tools. For instance, you set up two landing pages differently, each one having different components, with unlike colored call to action. Now make your site public, first part to half of the traffic and other part with different color and elements to remaining half of the traffic.
Now observe the changes in your conversions that are coming through small changes in your call to action. Is your changes are working? Do you need to add something more on your landing pages? Never be confined to your call to action button. Try every jack of it, with all the components of your website. It can be anything from header to footer, Image size, headlines, text, fonts, anything. Consider to test everything that exists on your page, who know what element of your website can fancy your visitor’s mind. If any change provides you positive resultants then you should definitely keep it.
This is the most useful and pro optimization tool. Major companies that are making hike in sales, are also making hike in executing split tests or A/B test with the average of 6.45 a months as compared to 2.42 test average of companies with decreasing sales. A/B test has been consistently been the most utilized mechanism for improving conversion rates.
Split test demands you to have a big number of visitors surfing in your website as you would be getting a chance to test a larger amount internet user and get broad results. While testing never assume that have reached completion because you never know what might work for your website. No matters how sure you are about reaching limits of fine CRO, always keep moving. Even a small variation with your webpage can rain you with conversions.
Customer Journey Assessment
More than half of the eCommerce businesses use their customer’s journeys to construct a road map for conversion rate improvements. You can never predict the behavior of your visitors and so there is no thumb rule about what attract your visitors most and lead them to buy your product. So it would be better if you use their own vision and consider what are the components of your website that attracted them to buy your services.
Your customers go through a big procedure and there are certain thing that grab their attention. They first see your advertisements, then they reach website or online store then they see your brands, make purchase and avail your services. While going with this flow they travel a big road. With these steps, their experience will definitely help you in improving your website, using their attraction points.
Online Surveys & Feedback
Feedbacks are useful in a lot of ways. You can use your customer views and their ideas in improving your conversion rates. Such reviews will help you in trying new things on your website and including components as well as elements for your split tests. Feedbacks also create a trust factor for your store. Whenever your customers review your website, try to take a little surveys and ask about their experience with your online store and with your services also.
Surveys are another way from where you can get your conversion rate on the line as it will let you know what exactly your visitors want to see on your website, their likes and dislikes in regards to your website. It will also not let your site pop up again and again to irritate your visitors alongside with creating lead generation. Another point where you must benefit you with these surveys are Net Promoter Score that enable you to your store to rank it better.
These are a lot of other factors as well, which helps you in elevating your business with conversion rate optimization, which we will talk in detail in my upcoming blogs. If you have any further question about conversion rate optimization or any other eCommerce related subject, then you can contact us and talk to our eCommerce consultants.