Digitization has opened up a lot of opportunities for businesses, both big and small. And, one vertical that has seen exponential growth over the years is the e-commerce vertical. However, with competition on the rise in the e-commerce industry, you can miss big time on opportunities if you don’t manage your online storefront the right way.
From reputed online stores to startups, one thing that matters the most to e-commerce business is the conversion rate. And, if you are not converting all of your clients, there is always room for improvement. Converting all your customers is a near-impossible task, which means you need to do something to improve your conversion rates.
So, what is it that you should do to optimize your e-commerce store?
There are numerous aspects to optimizing your e-commerce site. And, unless you optimize your site the right way, it is very difficult to increase your conversions and sales.
To optimize your e-commerce conversions, here is what you need to do. But before getting into what you need to do to optimize your e-commerce site, let us take you through what is a good conversion rate.
What is a good conversion rate?
What does conversion mean?
When someone saves an item to buy later, adds an item to their shopping cart, or makes a purchase, it means you have made a conversion. To be more precise, among those who visit your site, the percentage of those who take action on your page is what is known as the conversion rate.
According to Monetate, the global average e-commerce conversion rate stands at 2.86% (as of Q2 – 2018).
The average e-commerce conversion rate in the US is 2.63%, and that for the UK is 4.31%.
When it comes to conversion rates, you need to understand that conversion rate is highly contextual. For example, a store selling high-value electronic goods is bound to have a low conversion rate from a store which sells t-shirts at one pound.
So, what impacts conversion rates?
Some of the things that impact conversion rates include product type, average order value or the cost of the product, traffic source, location, platform (Windows, Mac, Android, IOS, etc.), and device type (desktop, tablet, mobile).
You can find your site’s e-commerce conversion rate on Google Analytics and set for yourself tangible goals to improve it. And, to improve your conversion rates, here are some e-commerce optimization techniques that help you achieve your goals.
How to optimize your e-commerce opportunities?
If you are the owner of an e-commerce store, your primary aim should be to increase your conversion rates. And, to do it the right way, here is what you need to do to optimize your e-commerce opportunities:
You should improve your product pages – You need to make sure that your product pages are up to the mark. It should convince your buyers to buy the product from your site. Make it easy for your shoppers to navigate your site so that they can find the product they want to buy. According to the Baymard Institute study, you should use two types of breadcrumbs for your e-commerce site, namely, history-based and hierarchy-based breadcrumbs. Breadcrumbs link shows a visitor where you are in a store, which is displayed at the top of your product’s catalogue.
You can also improve your product pages by using catchy SEO friendly titles for your products.
You also need to lay a lot of emphasis on product images. Make sure that you show the product from different angles so that it helps the buyers close the sales quickly.
You should also add product videos to help your buyers get more clarity about the products on display.
Also, make sure your product descriptions are concise, crisp, to the point, and clear.
It is important to use personalization – It is vital for the businesses in the e-commerce vertical to personalize their offers, content, and make them more relevant for their buyers. With the data you collect from the web and social analytics, you can personalize your offers because you get to know what your visitors like, who they are, and what they want, and where they have been on your site. When it comes to e-commerce personalization, make sure you follow the following tips:
You should always be relevant, smart, and targeted.
Highlight the related products.
Personalize site navigation based on your visitor’s interest.
Also, based on behavior, personalize your email marketing campaigns.
Make sure you show discounts by category.
Announcing flash sales is another option to optimize your conversions – Many people love to buy when they see the four-letter word SALE. When you let your customers know that they stand to gain if they buy during the sale period, it creates a sense of urgency. People tend to buy because they don’t want to lose an opportunity, and therefore, it increases your conversions. Hence, it is vital for your e-commerce business to use flash sales to improve your opportunities.
You also need to optimize your pricing – You need to make sure that your pricing is right, or else it is difficult for your buyers to buy from you. Here are some ways of getting your pricing right:
Compare your products
Add a clear call to action
Don’t give too many options
Entice your users by using charm pricing (for example, .99 or 1.99)
You can also use live chat to clarify your buyer’s doubts
All of this will help you optimize your opportunities.
You should try to reduce cart abandonment – Cart abandonment is one of the most significant issues which you need to address. According to the Baymard Institute, the average cart abandonment rate is 69%. But you surely want to improve your cart abandonment rate. And, to do that, here are some tips which you should follow:
Don’t surprise your buyers when they are about to check out, especially on the cost front. Most of the buyers leave the cart due to shipping or other cost surprises. If possible, you can offer free shipping.
Always have multiple payment options. You need to ensure that no one abandons the cart because of the lack of payment options.
Make sure that you keep a visible cart. You can have a cart icon on all your pages.
You should also offer guest checkouts.
Also, send cart abandonment emails.
And finally, offer a coupon.
Make sure that you optimize your site for mobile – With the rise in smartphones all over the world, you can’t ignore mobile optimization for your e-commerce site. People these days have a habit of researching products and services on their mobile. To optimize your mobile conversion rates, here are some tips:
Make sure that the load speed of your site on mobile is excellent.
Use videos because most people watch videos on their mobile.
Also, optimize for mobile search.
You should also use mobile marketing campaigns.
Pay attention to email marketing – Email marketing is one of the best ways to build a relationship with your customers. Email marketing offers the best ROI, which means more conversions. Some tip that can make your email marketing more effective:
Always have a catchy subject line
Make sure you personalise your email.
Target your audience on special occasions and holidays (holiday season and occasions like Valentine’s Day, Memorial Day, Back to school, etc.).
Always use transactional emails.
Automate your email marketing.
Don’t forget upselling – If you want to increase your e-commerce conversions, you should pay a lot of attention to upselling. If your visitors are interested in buying a product, you should encourage them to buy a more expensive item. You can upsell on your product page, during the checkout process, or after the checkout. You should also upsell your products to your existing customers. It is important for you to let your customers know why they stand to gain if they upgrade to an expensive item. You also need to ensure that you always get your pricing right.
Don’t forget to take the feedback of your customers – Customer feedback is extremely important, never ignore it. It is the only way to know whether your customers are happy with you or not. When you get customer feedback, you know where you need to improve.
If you want to learn more about optimizing your e-commerce opportunities, you should get in touch with vStacks Infotech now. Being a digital marketing company, we can help your business reach new heights.