Want to compete with BIG retail firms like Amazon or Walmart?
If yes, then you should be able to sell your products really well online.
The strategy here is to boost the conversions, not the traffic. Yes, the company that has high conversion rate sells well or you may say that companies selling well will have high conversion rates. The focus here is to improve your conversions, conversions from your existing website traffic.
Many companies across the globe often strategize their efforts to build their website traffic in order to drive more revenues, but, little do these firms realize that without conversions this would not be possible.
What’s the use of traffic that comes to your site but, does not get converted? What if there are a huge number of visitors to your eCommerce site, but none of them are buyers?
After all, it is the rate of conversions or purchases that will decide how well your business functions or drives revenue.
More conversions = More people buying from your eCommerce store
Hence, if you want to grow your business sales, you need to increase your efforts in getting conversions with your existing website traffic. You need to turn your traffic into paying customers who can pull out their wallets and make a purchase.
What Statistics Say about Ecommerce Site Conversions?
Recent research shows that 35% of businesses have conversion rates of less than 1%. Yet, 95% of budget of these firms is spent on increasing traffic rather than boosting up conversions for the current website traffic. According to the statistics, more than 53% of businesses do not focus on conversion rate optimization and spend less than 5% of their total marketing budget for this purpose.
According to sources, on an average, eCommerce site conversion rate should be between 2% and 3%. However, 3% to 5% would be good and mean that business is growing well and can leap higher with more efforts.
On the other hand, if your business website observes less than 2% conversion rate, then it means that its performance is really low and hence, it’s high time to pull up your socks and start assessing your weak points.
So, what do you think? How much does your business earn? How much would be the conversion rate of your business website?
If you want to make good revenue from your business, then you will need to make small investments focused on converting your existing traffic already visiting your website before spending thoughtlessly on gaining more and more traffic.
Just focus on a few important things that are listed below to add up conversions to your website from existing traffic.
1. Build Rich and Easy Consumer Experiences
If you want to improve your business conversions, you need to work on loopholes in the user experience, which your website offers to its users or customers.
The customer is the king and you need to impress him to get the lucrative benefits. How about creating an engaging user experience that not only appeals to him, but also creates value for him?
Today, there are several businesses investing in brand building campaigns blindly. These businesses opt for methods like paid advertising and re-marketing to drive traffic to their websites. However, they fail to understand that there is no use of driving traffic to a website that offers poor consumer experiences. Even though they land on your website, they will not be able to accomplish their goal for what they had been to your website and hence, will leave without making a purchase and more are the chances for them not to get back again. This means you will not only lose your prospects, but also their trust for your brand completely.
So, before plunging yourself into branding campaigns, just make small investments in fixing consumer experience loopholes or conversion drop-off points on priority.
2. Let Your Pictures Give a Real Feel of the Product
High-resolution and pretty detailed pictures of your products can create a positive impact on customer’s mind. Below is the picture of a footwear product in one of the most popular eCommerce websites. It gives you a feel of looking at an original footwear. Doesn’t it?
When you place your cursor on the picture, it simply zooms out different portions of the product, giving you a detailed look into the product as if you were holding it in your hand. It gives you a real feel of the product. When someone looks at it, he/she feels as if they are seeing it really at a store. Hence, this tends customers to buy the product.
3. Easy Checkout to reduce Abandoned Carts
One of the best ways to increase conversions from your current website traffic is to convert those customers who are adding products to their shopping cart, but somehow ending up without finalizing the purchase.
You need to figure out the shopping cart abandonment rate for your eCommerce store and have to plan an effective strategy to reduce this number, if you want to build your sales.
So, what can help you do this? How can you reduce the number of abandoned carts?
Yes, you can do this by designing an Easy Add-to-Cart to Checkout Process.
Make it super easy for your customers to add products to their cart and get on with checkout immediately after purchase.
For example, one of the leading eCommerce stores allows its customers to add products to their carts and guides them to the checkout with a clearly indicated button on the page. Yes, it is called a single-step checkout, which you need to do for your online store as well. If you can guide your customers to the checkout page or make it easy for them to check out immediately after purchase, you can improve your chances of conversions, thereby, decreasing the rate of abandoned carts on your store.
4. Add Credibility to Your Business with Reviews and Secure Shopping System
Make your customers feel comfortable and safe at your store. There are various ways to let your customers know that your store is not an ordinary eCommerce store.
Reviews and Testimonials
One of the best ways to do this is to include reviews on products or testimonials of your happy customers. Reviews and testimonials show the opinion of your previous customers about your products and reveal their good experiences of being at your store. Hence, this gives your visitors an opinion of someone like them, who had earlier been at your store and enables them to make purchase decisions easily by connecting them with your products. This is just like word-of- mouth advertising that works really well with product promotions and sale.
Secure Shopping System
With increasing incidents of website hacking and data breaching activities around, people are now more concerned about the security of their data or credentials they are using for shopping online. People want to buy from the eCommerce websites that give them the assurance of safety of their crucial data. Hence, the best way to get customers is to encourage them to purchase from your store by letting them know that you are offering a completely secure and safe shopping process. One of the eCommerce websites does it really well. The picture below shows how it does that.
Apart from this, you may also add and highlight things like Live Chat options, deals and discount information, PayPal check out and elastic search to enable customers to find what they are looking for, support them and help them make a purchase easily from your store.
Moreover, if you own a Magento eCommerce store, then you can also find many conversion optimization tools like Inspectlet, Magemail and Google Pagespeed Insights, which can help you monitor and act on certain aspects of your store to improve the conversion rates from your current website traffic.
Hence, one thing is clear here that if you want to increase sales for your business, you need to multiply its conversion rates for the existing website traffic, rather than spending thoughtlessly on paid methods to improve the traffic.
Just, boost your conversion rates and get more and more people to buy from your online store.