4 Nov · 4 min read
Nowadays, every business needs to keep a track of its KPIs leading to effective decision-making and better analysis for future growth of the company. One of the most important metrics for an online marketplace is conversion rate which shows the percentage of consumers who purchase goods out of the entire traffic to your site. By continuous enhancement in the online store and implementation of reliable tools, one can easily withstand the enormous increase in the conversion rate.
In this article, we will dive deep to know insights regarding website conversion, the importance of tracking KPIs, and various ways to increase conversion rate.
The conversion is defined as the ratio of several conversions to the total number of visitors. The unit of measurement for conversion rate is Percentage- the higher the conversion rate, the more visitors transform to buyers.
Conversion Rate: Amount of Conversions/Number of Visitors *100
When push notifications are enabled, they can improve engagement by 88 percent along with 66 percent of users returning to the site on average. As per prominent social media reports, up to 68 percent of users access their apps on a daily basis. The average click-through rate for push notifications is 10,3 percent when compared to 3% being contributed by marketing emails.
The push notification can consist of offering discounts to attract a customer, showcasing coupon codes, new collection highlights, shipping information, etc. Notifications that emerge as pop-ups PRO might help you to follow up with your customers by sending an appealing message to draw their attention.
Abandon carts can be dealt with using Mailchimp Advanced or Mailchimp Ecommerce to notify customers about their incomplete transactions. It also enables pop-ups made in the Mailchimp platform for your site to encourage faster decisions under the curtain. You can also make use of Mailchimp Advanced for personalized product recommendations to target a specific audience.
One of the content forms that has seen rapid growth in recent times is Video Content. It is a great tool when it comes to spreading knowledge about a specific product among potential customers. More percentage of people are likely to buy products from an online store concerning the video content. Video content seems to be a more effective way to show off clothes, software, or high-tech equipment.
The use of testimonials results in the boost of the conversion rate on specific site pages. Customers are likely to complete the checkout after reading relevant reviews about your product. Google customer reviews are an add-on that boosts your credibility and trustworthiness. It allows you to collect ratings from Google Shopping and Search Ads.
Providing a wish list function for potential consumers is one of the most successful ways to prevent cart abandonment and boost order intake. Adding this function provides the convenience to customers to choose the products that they would like to purchase at a later stage. This also enables customers to categorize the products in the best way possible.
Another option for deferring payment and keeping an item under constant watch is to use the My Likes page. It will serve as the main point for all the favorites of your site as well as a gentle reminder to purchase a product.
Offering Products with similar features enables customers in choosing a product that meets their requirements. One example of it is the Disney Store who suggests a wide range of products to its visitors based on their choice. They gather these insights by referring to the previous data and transactions of a customer. Such implementations can also be made on your website based on similar products leading to delightful customer journey.
Conversion rates are lower for eCommerce websites with densely populated product catalogs. Filtering is considered the best option to help customers in better decision-making to find the right product. They serve as virtual assistants, assisting consumers in narrowing down their search by recommending new matches.
It’s important to place the delivery information at the appropriate location for the customer to offer them a delightful experience. The shipping estimate add-on helps you to display the best shipping method on the product page automatically.
Offering multiple payments can prevent the customers from cart abandonment. It provides freedom to buyers to choose among various payment methods based on their convenience. The Apple & Google Pay add-on adds various payment alternatives and two-factor authentication to establish trust among customers about the confidentiality of their transactions.
The use of labels such as Black Friday, Cyber Monday, New Season, New Collection, or Only today helps in organizing the website searches in a better way. Order, User Tags, as well as Product Labels, are used to create tags and labels on products that facilitate navigation. Thus, better navigation enables customers in better decision making.
To conclude, using the above-mentioned techniques can help in overall boost of conversion rate. Furthermore, it helps in better deliverability depending upon your business objectives.