June 25, 2024

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Conversion Rate Optimization: Strategies to Boost Sales on Your E-commerce Site

5 min read

Are you planning to hire an ecommerce development company? In the e-commerce landscape, several dos and don’ts encourage customers to purchase from your business. 

The main goal of these processes is to drive conversion, one of the most important metrics you need to watch out for while planning to build your business and boost revenue.

Conversion rates and personalization typically goes along with them. These are again considered the most valuable tools for e-commerce agencies to measure ROI. Utilizing conversion rates to comprehend how to optimize your site can considerably raise your ROI.

As per a survey conducted among marketers in both the UK and the U.S., about 90 percent of the personalization efforts drive positive ROI.

However, it is important to note that conversions do not just happen; businesses should always prioritize and optimize for them. It applies whether you are just starting or have been running your store for a long time. 

In this guide, we will inform you about conversion rate optimization and the key strategies you should follow to improve your site’s sales. So, let’s dig in:

What are E-commerce Conversion Rates?

An ecommerce business conversion rate refers to the percentage of site visitors who have bought something from your online store. Here are some of the typical conversions for e-commerce sites:

  • Social media shares
  • Email signups
  • Added products to a cart
  • An online sale
  • Added items to a wishlist
  • Any other important KPI

Conversion is, again, a thing that is hugely affected by every aspect of the user experience on your website.

Conversion rate optimization, or CRO, helps improve the shopping experience, which helps drive a specific KPI, usually sales. This process can be carried out on category pages, landing pages or any other customer touchpoint.

How to Calculate Conversion Rate?

Now, let’s find out the ways to calculate the conversion rate.

If your online store is receiving 1,000 visitors and 10 conversions for a set period, then it means that your store’s conversion rate is 1 percent.

Divide the conversion by the total number of visitors, and you will get the conversion rate. Several analytics tools available in the market offer conversion rates within any data segmentation.

What Do You Understand as a Good E-commerce Conversion Rate?

Average ecommerce conversion rates are typically around 2.5 to 3 percent. Even if you are appropriately doing everything, you can expect to drive sales around 2 to 3 percent of the time.

A 3 percent plus conversion rate should be the goal of your online store. After you attain that, you can shift to more sophisticated conversion rate tactics.

Best Ways to Improve Your Ecommerce Conversion Rates

  • Utilize High-Quality Video and Images on Your Product Pages

It is one of the great ways to boost your ecommerce conversion rates. Always think about what you prefer to see while online shopping. Whenever people purchase online, they do not get the option to put the product on or touch it. 

So, the best thing you could do is add a clear video or image, which helps the customers understand the product before investing their money. 

Ultimately, it helps in improving conversion rates. You can contact a reputed ecommerce development company to know more about this.

  • Offer Limited-Time Coupon Codes

Another important thing you can do is create discount codes or coupons that customers can use at checkout for a limited time. Doing so can help them to get a specific amount off or a percentage of the purchase. 

Whenever your coupon code nears expiration, it will create a sense of urgency. It ultimately helps the shoppers to make their purchase decisions without any sort of distractions.

  • Provide a Free Shipping Option

In the present day, online shoppers always look for free shipping options. So, if you are still not offering free shipping in your store, customers will most likely look elsewhere. 

Due to this reason, it is high time to work on this if you do not want to lose sales. One of the best strategies you can adopt to cover the shipping cost is to increase the prices of the products. 

However, you must remember that shoppers are savvy, so avoid pricing your products too high. It can influence your customers to buy from any other store that offers affordable pricing, and that too with a free shipping option.

  • Employ Shopping Cart Abandonment Software

Using abandoned cart software could effectively increase your store conversion rates. Employing this will be helpful if you constantly deal with abandoned carts. A few of the available e-commerce platforms are known for offering this type of software free of cost, especially as part of the store functionality. 

One of the notable names among these includes BigCommerce. So, by employing this software, e-commerce stores can kickstart their success journey.

  • Be Competitively Priced

It is important for you to price your store’s products at or lower than the average price if you are involved in selling brand-name items. It will help you to compete well. However, frequently adjust your prices to get an idea about what resonates.

Your marketing approaches will also affect the price someone is willing to pay. So, you should always market your brand to the right group of audiences with the right messaging. Ultimately, you would see a sudden boost in your revenue.

  • Make Use of Chatbots and Live Chat Software

You can even utilize chatbots and live chat support software to establish customer interaction. It will help your customers to get answers to their queries swiftly. The best part is that they do not have to wait long over the phone to address their questions and concerns.

Chatbots and live chat support software are typically seen as alternative options to each other. Currently, chatbots are replacing the human elements of live chats. However, you can leverage benefits by using both of these options. You can allow chatbots to interact with your customers on off-hours, offering better customer support service.

Final Words

Thus, the above-discussed ones are the few best approaches to adopt for increasing the conversion rate of your e-commerce website. By increasing the motivation of your customers to purchase your products, you can drive more sales to your business. 

If you need any sort of assistance in implementing any of these strategies, you should get in touch with a professional ecommerce development agency.

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