eCommerce Conversion Rate Optimization: 11 Ways to Grow Your Revenue
E-Commerce businesses need to be much more competitive now a day because they would need to tackle competition from so many other E-Commerce firms emerged recently. Simply going mobile and listing products on website or app is not adequate enough for a respectable conversion rate. Technically, E-Commerce Conversion Rate is the ratio of people who visit your E-Commerce store and those who actually make a purchase.
There are many factors that would affect the E-Commerce Conversion Rate positively or negatively. Conversion Rate Optimization is not a complex science but simple logic that reflects the customer’s preferences. Here is the list of 11 simple ways through which you could improve your effectiveness online.
1.Improve Site Speed
There are a few important reasons to improve your website speed.
The first, Google considers site speed as one of the ranking factors for your website. And new age buyers do not wait forever. This will effect on website traffic.
Second, if you want to increase website’s conversion rate. A study done by Tammy Everts & her team indicates that a slow loading time impacts badly on e-commerce conversion.
“A 2-second delay in load time during a transaction resulted in abandonment rates of up to 87%. This is significantly higher than the baseline abandonment rate of 67%.”
Image Credit: Radware
Third, Adwords quality score. If you want or are already using Google search ads, you might be aware of quality score which depends on various factors. (You have to pay less if you have better quality score.) Google may consider page speed as an important factor while assessing landing page. It is better to improve your landing page loading speed to avoid this consequence.
If your site takes more than 3 seconds to load, consult your Tech Head and get it fixed, pronto.
2. Optimize Mobile Compatibility
With the growing number of smartphone users worldwide, your eCommerce store would be accessed by more mobile users. As per eMarketer.com, there are around 2.10 billion people who own smartphones & it is estimated that this figure would be increased to 2.87 billion people in 2020.
Image Credit : eMarketer
The main reason of increasing no. of mobile users is the new generation is being more tech savvy & wanting internet on finger points for 24/7.
If your eCommerce store is either not responsive on mobile or the app is not developed, it would dilute the user experience for this generation. And, this ultimately would end up reducing website traffic and orders.
If your goal is to run your eCommerce business for a long time, your business needs to have mobile compatibility otherwise be ready for losing your business.
3. Enhance Search Experience with ‘Search Box’
Another an important thing is the visibility of ‘Search Box’ on your eCommerce store.
Many times the visitor wants to find out the exact product by typing in the search box, to avoid multiple steps of selecting relevant categories. If it isn’t found easily, there are more chances of the user leaving your eCommerce website.
‘Suggest a search’ feature also helps a visitor to look for the right product on your eCommerce website. That not only saves time for the visitor but also increases the chances of orders if the visitors’ requirements are satisfied.
There should also be other filters on the search page to narrow down the products after searching specific product name in the search box. This helps in showing the relevant products which a prospect is looking for.
4. No Results Page
You also need to concentrate on ‘No Results Page’ functionality. Sometimes, the searched product is out of stock or not available on your eCommerce store. If you don’t work out on this, your hard-earned traffic may move to your competitors’ site.
Be creative in offering an alternative solution to ‘No Results Page’. For e.g. other products of the same brand or the relevant products of other brands can be suggested. If the product is out of stock, you can ask the visitor to set alert ‘Send me an email’, for whenever it’s available.
These ways help in engaging the prospects who may become the buyer over the time. For more inspiration, visit a blog published on Baymard.com where you can go through 50 examples of ‘No Results Page’.
5. Up Selling & Cross Selling
Up selling & cross selling can play an important role in your eCommerce revenue if they are done in the right way.
It helps in increasing customer retention. It is believed that a customer wants to buy product or service to solve a problem, but they don’t know which is the best solution, in most of the cases.
If you adapt up selling & cross selling to offer more value than customer’s expectation, you become their best friend.
You can also increase average order value & lifetime value over the time.
Here are some observations you should consider while adopting up selling & cross selling on your eCommerce website.
- Display up selling products at noticeable space along with testimonials
- Make sure the up selling products are not costing more than 20% than=of the original product
- Show: why should customer buy that instead of the selected product? and mention relevant reasons
- Always suggest the product from the same category
- The cross selling product should be at least 60% cheaper than the product added to cart by the customer
- Suggest the product of different category but complementary in nature
6. Free Shipping
If you don’t offer ‘Free Shipping’, your eCommerce site would start losing the income. Some studies showed that No free shipping is No. 1 cause of abandoning the eCommerce shopping cart. As a buyer, we are aware of that & have done it many times. So, if you offer free shipping, you can increase on the sales.
A study done by Compete concludes that 93% of respondents indicated that free shipping on orders would encourage them to purchase more products online.
Now, the question is how you should use this free shipping on your ecommerce site.
- You should offer free shipping with a threshold value. Means a buyer requires to purchase minimum x amount of product(s) to avail the free shipping.
- Free shipping on returns. You might think of overlooking it but it has the potential. As per a recent research, 82% of consumers are likely to complete a sale when free shipping on returns is provided. This shows that you are more customer-centric.
- When a customer is about to ‘Place an Order’ but intends to leave due to less price on competitor’s site, you should use ‘Exit Intent Pop Up’ offering ‘Free Shipping’ option to the leaving shoppers, to retain more conversions.
7. Customer Reviews
It is human nature that a person would like to get reviews while buying a product/service. We all experience the same in offline shopping. The same applies here, online. Before going to buy a product or to access the service, usually a customer wants to go through experience of others who has already used a particular product/service.
We all know that a product has its pros & cons and somehow, somewhere the customers might have faced some problems. It is recommended to pursue their issues, and respond in a polite way to resolve their problems. This will not positively effect on the reviewer but a prospect would feel confident to check out the product.
8. Better Quality Images & Video
If you have doubt on the effect of better quality images of product, have a look at below example of Best Made Company.
Don’t you get a feel as the product is in front of you? Most probably the answer would be ‘Yes’.
If you don’t have much space for large image on product pages, you can use functionality of enlarging image by hovering cursor over small product images.
Have a look at below tips while using images for the product:
- Image showing a person using your product, grabs more attention.
- Image in which a person is drawing attention to your product also attracts the attention.
Instead of discussing about video’s significance in eCommerce conversion, let us go through a few statistics first:
- 55% of shoppers often research on mobile devices, where visual content helps to determine their product selection.
- 64% of users are more likely to buy a product online after watching a video.
- 90% of users say the product videos are helpful in decision making process.
- Our brain processes visuals 60,000 times faster than text.
Now, you might get that why you should use videos on your eCommerce website.
The reason a customer checks out a product from your eCommerce store is trust and a video fulfills it and conveys more information within a short time.
9. Offer multiple payment gateways
One of the most distressing reasons for cart abandonment is, not offering multiple payment gateways on eCommerce store.
If your website can not accept multiple payment options like Paypal, debit card, or credit card; buyers would discard the idea of shopping & move on to your competitors’ website. Because all the buyers may not have a certain account, they would seek other option to complete the transaction easily.
To make the checkout process smooth, allow the buyers to use another gateway of e-wallet payment.
For example, if your target location is India, incorporate e-wallet payments like PayTM, Freecharge, Mobikwik etc. as one of your payment gateways.
10. Offer Live Chat Support
Sometimes, a prospect has some queries regarding product, to be resolved before making an order. If the live chat support is not available on your website, a prospect has to wait around 24-48 hours for the response.
Meanwhile, if it is resolved on your competitor’s website, you will lose customer as well as revenue.
While applying this on your website, make sure the user can leave a message when your operator is offline.
11. Checkout Progress Indicators
Sometimes, the checkout process is too lengthy & there is no indicator that shows how many steps are pending.
Let us elaborate this situation in real life. Think yourself in a long-distance race and you don’t know where the finish line is or even where you have reached in the race. It becomes frustrating. But if you know that only a couple of miles are remaining to complete the race. It gets converted into enthusiasm to finish ASAP.
The same thing applies to checkout progress status. For example, if your eCommerce website has below checkout progress.
When customers click on ‘Check Out Now’ button, they are redirected on this page & know how many steps are pending to complete the order. This helps in encouraging customers to complete the order & generating more sales for your ecommerce business.
Running an E-Commerce business is not easy however, it can be more effective if you think it through and implement the ideas smartly. Let us know if any of the tips above, has given you a fruitful result. There is nothing such as a standard conversation rate but it can be optimized by reducing common mistakes and use of right content. Please share your feedback on this post and anything that you’d like to add in it. Get started, now.