Your site attracts many visitors, the items are added to the cart, but the purchase remains incomplete. What is the problem?
Conversion rate optimization solves these problems
Conversion optimization focuses on understanding the reasons for user activity: why they visit your site, how to convince them of your service, and how to provide them with a better experience. Conversion rate optimization is often considered a simple game of geeks that will help you find a solution to all your problems if you study the analysis deeply enough.
The usefulness of analytics cannot be denied; Many problems can be found, for example, in the technical implementation of a website, in which case fixing a broken form found in the analysis can make a big difference in the performance of an online store.
However, there is often nothing criminal about their site. A typical scenario is that your company has just completed an extremely expensive website upgrade that took several months, but conversion is slowing down. In this case, a more detailed study is required, so in addition to a conversion optimizer, help is needed to develop an optimization strategy.
Why optimize conversion?
What should be done to increase the profits of the company? Conversion optimization gives you more results to improve your current marketing efforts. Conversion rate optimization is one of the best tools for growth.
Opinions about the colors of your site’s buttons or the most suitable main image are not conversion optimization, but only opinions. Effective conversion rate optimization is based on a thorough study of what is happening on the site, what are the opportunities for improvement on the site and why they exist. Only based on this information can we start to fix the site and improve the customer conversion path.
Compare conversion rate optimization to a visit to the doctor, which option would you choose?
A) Interview the patient promptly and send directly to the cardiac surgery center based on symptoms reported.
B) Carry out an exhaustive study to first identify the problem and decide if surgery is the correct way to treat it.
How is the conversion rate calculated?
The conversion rate is calculated using a very simple formula: divide the conversions by the number of visitors and multiply by 100. So if you only made 30 purchases from the online store last month and had 2,000 visitors, your conversion rate would be 30/2000 x 100, or 1.5%.
What is a good conversion rate?
It is generally written that a good conversion rate is at least 1-4%, but every website and the conversion itself is different. The conversion rate for submitting a request for quote can be a few ppm on a B2B website, but it can generate hundreds of thousands of dollars in sales and therefore be very profitable. Whereas in a B2C online store, a conversion rate above 20% can be a disadvantage for your business if you sell items priced at a couple of euros.
Therefore, there is no perfect industry standard that can be trusted and blindly followed by any means possible. For example, you are guaranteed to skyrocket your online store’s conversion rate by offering all your products for free with home delivery. So it is better to learn more about what is important for the user and how you can facilitate the purchase path, which also increases the conversion rate.
If you have a slightly higher conversion rate each month, you will definitely get better results.
Why do I need to measure more conversions than just one?
Each stage of the purchase journey has its own conversion rate, and each one has a very important effect on the final result. If you try to fix just one point along the way to a purchase (for example, by adding an item to your shopping cart), you won’t get the most out of it. Therefore, for best results, try to optimize all stages of the checkout process individually. Next, we’ll tell you what happens in practice when you build conversions along the purchase path, lowering the barriers to purchase.
Why is it important to optimize the conversion of an online store?
Let’s say you have an online store with an average purchase of €100, of which you will keep 50%. Every month, 5,000 Google visitors come to the home page of the online store and you pay €0.30 per visitor for advertising costs.
Let’s say there are 4 different stages in the buying process, each of which affects the final result:
- 50% of homepage visitors go to a category page.
- 60% see a product they like and go to a product page to learn more about it.
- 5% add item to cart and proceed to checkout
- 50% enter address information, payment method and pay for the purchase
As a result, you will receive a total of 37 transactions for €3,700, of which you will have €350 profit after expenses.
Step 2 – Fix the site with a conversion optimization strategy
- On the product category page, you notice that the list of products is displayed in alphabetical order, while the most popular products remain on another page. Changed the order of the product category page so that the most popular products appear first. The conversion rate increases by 60% > 65%.
- On the product pages, you’ll notice that there are social sharing buttons below the buy button, which are barely used. Buttons will be replaced with much more important customer information, like free shipping and a 30-day return policy.The conversion rate increases by 5% > 6%.
- , the buyer is asked unnecessary questions that do not directly affect the delivery of the purchase to the buyer. thanks for the clarification the conversion rate increases from 50% to 60%.
And anyway: 70 pieces will be sold for 7,000 euros and you will have a profit of 2,000 euros
Trading volume increased 89% due to conversion optimization and revenue increased 471%. If all figures remain the same, the annual revenue of the online store will be 19,800 euros more than before the conversion optimization.
Still doubting the viability of conversion rate optimization?
What is a conversion optimization strategy?
A conversion optimization strategy identifies the worst weak points on a website and shows how to improve the customer experience on a website. With an improved customer experience, buying becomes easier and barriers to sale are lowered, improving the bottom line of the website.
Your site will be reviewed to collect quantitative and qualitative information about the characteristics of the site. Based on the collected data, a conversion optimization strategy will be developed. The end result is a detailed report on development proposals, site usability, content, and technical issues.
Conversion rate optimization may seem like a fad, but in the right hands, it increases your site’s performance. Why wasn’t the item added to the cart, why wasn’t a quote request sent, or why haven’t we been contacted? When the focus is on the right things, conversion optimization can be used to find, for example, pain points that prevent a transaction from closing.
If you want to know if there are pain points on your site that require conversion optimization, contact us! Let’s compare your marketing effectiveness curves together.