What is an Ecommerce Conversion Rate and How to Increase it?
What is an E-commerce Conversion rate? The percentage of visitors to an eCommerce or an online website who purchased items from your website is defined as an E-commerce Conversion Rate. For a very good conversion rate, we need to go for Conversion Rate Optimisation (CRO). It helps in the improvement of the shopping experience driving KPI (Key Performance Indicator) specifically, which is usually sales. CRO can be conducted on category pages, landing pages, or maybe in any other customer’s touch point. This blog will also guide you to increase your E-commerce Conversion Rate. Calculation of E-commerce Conversion rate The E-commerce Conversion Rate is calculated by diving the no. of conversions by the total no. of visitors in a particular period. For Example, if the total number of visitors to a website is 5000 and the no. of conversions is 50, then it will be calculated as: (50/5000) x 100 = 1% Therefore, the Conversion Rate of the website is 1%. Before you proceed to increase your conversion rates, one thing you need to know is the current activities of your current website visitors, so that you can build up a standard E-commerce Conversion Rate and that too for your online store. What is a Good Ecommerce Conversion Rate? The average value of an E-commerce Conversion Rate is 2.5 to 3%. Despite doing everything, still, your expected E-commerce Conversion Rate will be 2 to 3%. The baseline goal for your online store is a 3% Conversion Rate. As soon as you reach that value, you can move forward to an advanced tactic of E-commerce Conversion Rate. Additional Metrics to Measure E-commerce Conversion Rate are:- Bounce Rate Exit Rate CTR or Click Through Rate Average Session Duration Average Page Depth Tools that can help to improve E-commerce Conversion Rate:- HotJar Quantcast Measure Google Analytics Various Ways to Increase your E-commerce Conversion Rate 1. Using High-Quality Images or Videos on the Product Pages If you have an E-commerce website, just imagine what would you like to have a look at in one such online store if you were a customer. If you are going to a local shop and buying something, you get to touch it and see every aspect of it, but in an online store, you can’t. So you have to give a detailed description of your products on the product page. Alongwith that, you should also provide a detailed image and a video, so that the customer gets a clear idea of what product you are offering. Using high-quality videos and images can help the users get a better visualisation of their interested products and with the help of this, you might get a chance to get a very good E-commerce Conversion Rate 2. The Offering of Free Shipping Most online shoppers have grown familiar with Amazon so they always expect certain standards. In the current market, especially in the online market, free shipping is necessary. If your online store does not allow free shipping, then your customer will neglect your E-commerce website and look for others. 3. Live Chat Software and Chatbots A customer might have a query regarding any product. Say for example, if you have an online store for gym equipment, then your customers might have queries related to it like whether there is any warranty and serving of the machines or equipment. So to answer their queries, you can live chat support software and chatbots so that you can have better interaction with your customers. Both of them are alternative options. In the case of chatbots, you have a human element which is replaced with chatbots of live chats. However, if a company opt for both option, especially if it interacts with a customer through chatbots even if during an off-hour, then it has a chance to get a very good response in getting better E-commerce Conversion Rate. 4. Set a Competitive Price If you’re selling products that most of the online stores similar to yours sell, then you need to keep your price of the product either within the average price of those websites or a bit less. Make sure that you adjust your prices in a frequent manner to test your customer’s reaction and the palpitation of the same. Your imagery and marketing quality will have a great influence on the price that someone is willing to pay. Market your products and your brands to appropriate customers with re right imagery and proper essgaing, you will surely get a very good amount of revenue. 5. Always Show Comments from the Shopping Cart If a customer can’t get a shopping cart, then they won’t be able to check out. One thing that you should always keep in mind that to display a shopping cart icon on your online shopping website. It will link to the page where a customer has selected the product(s) to buy. After entering an item in the cart, it helps the customer to check out the product(s) that they are ordering before making the final order and selecting the delivery option. Final Wrap Up As soon as COVID-19 emerged, most people started ordering various items online whether it is foods, medicines, or household items. As online shopping becomes a driving force to an extreme level, and too within retail and E-Commerce businesses. Having a successfully optimised website is condemning for both long and short-term business success. Boosting E-commerce Conversion Rate or opting for CRO is the main priority for every business because this, encourages the customers to do the sot important thing for you as well as them and that is buying your products.