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https://www.youtube.com/watch?v=mw4L0cKA5XA
Many e-commerce companies work hard to increase their average conversion rate.
However, only a few succeed because most businesses do not understand the underlying causes that determine conversion rate.
There are several factors that can influence your e-commerce sales and overall conversion rate, such as the number of visits your website receives, the length of time it takes to fill out sale forms, and so on.
To take control of your conversion rates, you need to analyze which pages of your site convert visitors into buyers.
You also want to make sure that all relevant links lead to a single page (the shopping cart in web parlance). If people have to click through multiple steps before getting to the checkout page, they will leave.
The important thing about checking conversions is that you do it often, not once a month. More often than not, websites go through periods where nothing gets bought or sold, so you should look at past purchases or orders to find out if anyone made a purchase.
Looking at it from this perspective, then 68% will be potential customers, which means 32% will not buy from you
This is why having a great product and offering are important; if your customer does not want what you are selling, they will not buy it
There are an abundance of statistics that measure the ‘average’ performance of various marketing efforts. But how effective are these measures? More importantly, why is there so much emphasis on measuring average effectiveness?
Average can be a misleading term, with many people interpreting it as “the average person would interpret this statistic”. Instead, average should be interpreted within the context of who is reading the statistic, using statistical significance (p-values), confidence intervals and other metrics.
Web analytics tools use multiple regression analysis to determine which web page elements have an impact on whether a visitor stays on the site and buys anything. They then test all variables separately and in combination to see which ones drive traffic and sales.
Many popular analytic solutions offer free reports on single variable tests and combinations thereof. However, testing only one variable at a time will often not yield results that explain driving pages from specific sets of visitors. By running numerous analyses against different groups of users, more insight can be gained into how to improve conversions.
Analyst A may conclude that people between ages 25 and 45 prefer their information presented in an interactive format rather than in text format. Analyst B might disagree and state that older individuals do not like graphics because they get confused easier. Through performing both studies one could come to the conclusion that age has something to do with graphic design.
Next, you’ll want to count how many people entered their email address. This number will vary depending on your marketing campaign
For example, if you sent out an eblast, then that email blast is one entry. If you ran a promotional contest or sweepstakes with a winning prize, there would be multiple entries.
You also have repeat visitors and those who don’t come back after they first visited. It is important to note whether or not these are regular visitors or just passersby.
It’s also helpful to know which pages in particular lead to more emails. In fact, you should set a goal to reach at least 10-20% of your customers via any page other than the home page.
This way you can segment your audience more effectively. For instance, you could send them an invitation to make plans for dinner tonight once they arrive at the store.
Alternatively, you can offer two options in the initial greeting: announce it is your favorite meal time and ask what they plan to cook this week. Then, follow up with a specific request for input.
This prevents people from immediately scrolling down the page and begins a conversation about food choices. Input includes questions like “do you prefer eggs for breakfast?” Or “what type of cuisine do you most often eat?”
By establishing yourself as a knowledgeable person, you open the door for tips later on. People feel more comfortable giving personal information to someone they trust.
One important factor that contributes to the average conversion rate is the ease with which a visitor can find her way around your website. When people do not have any difficulty in finding what they are looking for, they will check out both online and offline sources.
More often than not, visitors who end up converting into customers start off as seekers-they search for something using Google or some other search engine. If you want to increase your conversions, you must make it easy for people to find what they are looking for.
Good navigation also plays a part in conversions. People need to be able to easily find everything that they might want to find. Users should never feel lost after going through the registration process.
You may have lots of products, but if you don’t give users good options to choose from, they will go somewhere else. Even if those other sites have more features, such as video listings or product reviews, people are likely to stick with yours if there is no option for them.
Product quality is another important factor in conversions. People spend time online researching products before buying them. They read customer reviews and talk to others who already use and like the product. You would hope that when they buy from you, they would get what they wanted.
That is why you need to ensure that you provide high-quality goods and that the buyers receive their packages in good condition. Customers expect this standard set by themselves so that they do not pay attention to the differences between brands.
Most people don’t like feeling anxious or stressed out. We have subconsciously developed defenses that help us cope with this type of stress.
The human body has a fight or flight response when it feels threatened. This is what we refer to as stress.
When our bodies are under stress, one way that they try to defend themselves is by taking glucose from the blood into the cells. Glucose is the energy source that helps keep our brains functioning.
However, if there is not enough glucose, then the brain will stop working properly. Also, if the body remains in a state of chronic stress, the insulin won’t be able to do its job effectively, so sugar can build up in the blood, leading to obesity.
Chronic stress also causes the hormone cortisol to rise, which promotes fat storage and leads to depression. People who feel chronically stressed run a risk of storing excess weight around their middle areas.
While most customers will click through all of the steps in your shopping experience, not every customer will finish the purchase. The average conversion rate is affected by many factors, but one of the biggest reasons people don’t complete a sale is because they don’t have enough money in their account to pay for everything.
You can improve conversions by reducing how much buyers have to buy with only 1 button. Most purchases require two buttons/actions; add something to cart and then confirm an order. A lot of times this is unnecessary.
If you reduce the amount of time it takes to get from intent to completion, you’ll see more sales. According to statistics, about 28% of consumers who start checking out within 5 minutes end up walking away without making a purchase. That percentage drops down to 2% for those who stay on the site over 10 minutes.
Consumers are also getting hungrier for digital goods. Only 68% of consumers say they feel confident paying using their credit card, while only 54% do so online. Free shipping plays a role here – if there was no free shipping, confidence levels would be lower.
Thus, keeping costs low is important. If you can offer both quality and quantity, you’ll make lots of sales. Offer discounts to rush orders or limited-time offers.
And lastly, let people know what you sell, why you like it, and how to contact you. People need to understand that although you may seem big, you probably aren’t. With social media, letting your business show its true face helps too.
Most e-stores make it hard to find what you’re looking for. That is because they want to sell more products, not less. It is only when you start to do little experiments that you realize why no one likes having to navigate through hundreds of pages in an attempt to locate that one product that you wanted to buy in the first place.
It can be difficult enough deciding whether to purchase a specific item or not, without adding another layer of confusion by trying to figure out where you could get it for a lower price, or talking yourself into buying something that doesn’t fit your needs exactly.
Consumers are very sophisticated today, and know how to differentiate between quality and quantity. They want both, but they aren’t willing to pay for just one.
You have to provide beautiful aesthetics and educational content, along with unique customer services to keep people coming back.
Most businesses that sell products online have only one way to communicate with their customers, which is via email. And most e-mail marketing programs use templates or prewritten messages to help people get started.
But it’s hard to write a good message in just one shot. That’s why you may need to practice!
There are several things you can do to make your emails more effective. The first thing is to conduct a survey. This will tell you what works best for your audience.
You can then create an email design from this information that looks good and makes sense.
Another thing you can do is put yourself in your readers’ shoes. Try to understand how they think and what would motivate them the most. Why would they want to buy what you are selling? How could you improve your copy so that your audience wants to read more?
Finally, never rely on past practices like subject lines alone. People are getting smarter about reading subjects to see if there is anything worth clicking.
An excellent way to keep up with the trends is by subscribing to newsletters sent directly to your inbox. There are many free ones available through commercial places as well.
https://www.youtube.com/watch?v=mw4L0cKA5XA Many e-commerce companies work hard to increase their average conversion rate. However, only a few succeed because most businesses do not understand the underlying causes that determine conversion rate. There are several factors that can influence your e-commerce sales and overall conversion rate, such as the number of visits your website receives, the length of time it takes to fill out sale forms, and so on. To take control of your conversion rates, you need to analyze which pages of your site convert visitors into buyers. You also want to make sure that all relevant links lead to a single page (the shopping cart in web parlance). If people have to click through multiple steps before getting to the checkout page, they will leave. The important thing about checking conversions is that you do it often, not once a month. More often than not, websites go through periods where nothing gets bought or sold, so you should look at past purchases or orders to find out if anyone made a purchase. Looking at it from this perspective, then 68% will be potential customers, which means 32% will not buy from you This is why having a great product and offering are important; if your customer does not want what you are selling, they will not buy it There are an abundance of statistics that measure the ‘average’ performance of various marketing efforts. But how effective are these measures? More importantly, why is there so much emphasis on measuring average effectiveness? Average can be a misleading term, with many people interpreting it as “the average person would interpret this statistic”. Instead, average should be interpreted within the context of who is reading the statistic, using statistical significance (p-values), confidence intervals and other metrics. Web analytics tools use multiple regression analysis to determine which web page elements have an impact on whether a visitor stays on the site and buys anything. They then test all variables separately and in combination to see which ones drive traffic and sales. Many popular analytic solutions offer free reports on single variable tests and combinations thereof. However, testing only one variable at a time will often not yield results that explain driving pages from specific sets of visitors. By running numerous analyses against different groups of users, more insight can be gained into how to improve conversions. Analyst A may conclude that people between ages 25 and 45 prefer their information presented in an interactive format rather than in text format. Analyst B might disagree and state that older individuals do not like graphics because they get confused easier. Through performing both studies one could come to the conclusion that age has something to do with graphic design. Next, you’ll want to count how many people entered their email address. This number will vary depending on your marketing campaign For example, if you sent out an eblast, then that email blast is one entry. If you ran a promotional contest or sweepstakes with a winning prize, there would be multiple entries. You also have repeat visitors and those who don’t come back after they first visited. It is important to note whether or not these are regular visitors or just passersby. It’s also helpful to know which pages in particular lead to more emails. In fact, you should set a goal to reach at least 10-20% of your customers via any page other than the home page. This way you can segment your audience more effectively. For instance, you could send them an invitation to make plans for dinner tonight once they arrive at the store. Alternatively, you can offer two options in the initial greeting: announce it is your favorite meal time and ask what they plan to cook this week. Then, follow up with a specific request for input. This prevents people from immediately scrolling down the page and begins a conversation about food choices. Input includes questions like “do you prefer eggs for breakfast?” Or “what type of cuisine do you most often eat?” By establishing yourself as a knowledgeable person, you open the door for tips later on. People feel more comfortable giving personal information to someone they trust. One important factor that contributes to the average conversion rate is the ease with which a visitor can find her way around your website. When people do not have any difficulty in finding what they are looking for, they will check out both online and offline sources. More often than not, visitors who end up converting into customers start off as seekers-they search for something using Google or some other search engine. If you want to increase your conversions, you must make it easy for people to find what they are looking for. Good navigation also plays a part in conversions. People need to be able to easily find everything that they might want to find. Users should never feel lost after going through the registration process. You may have lots of products, but if you don’t give users good options to choose from, they will go somewhere else. Even if those other sites have more features, such as video listings or product reviews, people are likely to stick with yours if there is no option for them. Product quality is another important factor in conversions. People spend time online researching products before buying them. They read customer reviews and talk to others who already use and like the product. You would hope that when they buy from you, they would get what they wanted. That is why you need to ensure that you provide high-quality goods and that the buyers receive their packages in good condition. Customers expect this standard set by themselves so that they do not pay attention to the differences between brands. Most people don’t like feeling anxious or stressed out. We have subconsciously developed defenses that help us cope with this type of stress. The human body has a fight or flight response when it feels threatened. This is what we refer to as stress. When our bodies are under stress, one way that they try to defend themselves is by taking glucose from the blood into the cells. Glucose is the energy source that helps keep our brains functioning. However, if there is not enough glucose, then the brain will stop working properly. Also, if the body remains in a state of chronic stress, the insulin won’t be able to do its job effectively, so sugar can build up in the blood, leading to obesity. Chronic stress also causes the hormone cortisol to rise, which promotes fat storage and leads to depression. People who feel chronically stressed run a risk of storing excess weight around their middle areas. While most customers will click through all of the steps in your shopping experience, not every customer will finish the purchase. The average conversion rate is affected by many factors, but one of the biggest reasons people don’t complete a sale is because they don’t have enough money in their account to pay for everything. You can improve conversions by reducing how much buyers have to buy with only 1 button. Most purchases require two buttons/actions; add something to cart and then confirm an order. A lot of times this is unnecessary. If you reduce the amount of time it takes to get from intent to completion, you’ll see more sales. According to statistics, about 28% of consumers who start checking out within 5 minutes end up walking away without making a purchase. That percentage drops down to 2% for those who stay on the site over 10 minutes. Consumers are also getting hungrier for digital goods. Only 68% of consumers say they feel confident paying using their credit card, while only 54% do so online. Free shipping plays a role here – if there was no free shipping, confidence levels would be lower. Thus, keeping costs low is important. If you can offer both quality and quantity, you’ll make lots of sales. Offer discounts to rush orders or limited-time offers. And lastly, let people know what you sell, why you like it, and how to contact you. People need to understand that although you may seem big, you probably aren’t. With social media, letting your business show its true face helps too. Most e-stores make it hard to find what you’re looking for. That is because they want to sell more products, not less. It is only when you start to do little experiments that you realize why no one likes having to navigate through hundreds of pages in an attempt to locate that one product that you wanted to buy in the first place. It can be difficult enough deciding whether to purchase a specific item or not, without adding another layer of confusion by trying to figure out where you could get it for a lower price, or talking yourself into buying something that doesn’t fit your needs exactly. Consumers are very sophisticated today, and know how to differentiate between quality and quantity. They want both, but they aren’t willing to pay for just one. You have to provide beautiful aesthetics and educational content, along with unique customer services to keep people coming back. Most businesses that sell products online have only one way to communicate with their customers, which is via email. And most e-mail marketing programs use templates or prewritten messages to help people get started. But it’s hard to write a good message in just one shot. That’s why you may need to practice! There are several things you can do to make your emails more effective. The first thing is to conduct a survey. This will tell you what works best for your audience. You can then create an email design from this information that looks good and makes sense. Another thing you can do is put yourself in your readers’ shoes. Try to understand how they think and what would motivate them the most. Why would they want to buy what you are selling? How could you improve your copy so that your audience wants to read more? Finally, never rely on past practices like subject lines alone. People are getting smarter about reading subjects to see if there is anything worth clicking. An excellent way to keep up with the trends is by subscribing to newsletters sent directly to your inbox. There are many free ones available through commercial places as well. Average conversion rate is defined as the ratio of customers who completed a purchase to those who entered email information
The average sales funnel suggests that about 67% of people looking at your website will go onto make a purchase
Multiple regression analysis helps you better understand what factors contribute to conversion
You can track how many users enter their email address with a screenshot or record of their interaction
Look at multiple areas of the site; work on improving the overall user experience
Use bright colors in the customer journey, and focus on reducing anxiety to help them move through the process faster
Simplify the checkout flow
Make sure there’s always something interesting for consumers to look at
Work to increase the quality and quantity of emails they send
Coming soon!
More info!