E-Commerce conversion rates are a concern for most of the online retailers, let alone opting for E-Commerce Website Development in the first place. While optimal conversions can determine the difference between profitability and incompetence, cart abandonment is one of the most prominent failures of online retailing. Though even more critical is a constant flow of website visitors, who do not even begin the checkout process.
Website visitors who do not purchase anything are like cash left on the table. Your hard work of attracting the audience has worked wonders. But do you know what the real issue is? Closing the deal – That is what savvy marketers call hitting the right spot at the right time. Well, if you are not good at it, this article should be your go-to guide because it covers the best practices to optimize your E-Commerce conversion rates.
How E-Commerce and Conversions relate?
Conversion rates calculate the percentage of total visitors who took action on your E-Store. It can be for a user clicking a link or signing up your Newsletter.
All in all, for Pakistan Selling Sites, the ultimate goal is to convince the website visitors to make a purchase. And if you were looking forward to a dictionary definition, here’s how Google defines conversion rates;
“A percentage that expresses the ratio of transactions to the sessions.”
In simpler words, conversion rates are a depiction of how many people visited your website and bought something.
What is an impressive E-Commerce Conversion Rate?
It is tricky to know about what conversion rate is considered a good one by top-notch online retailers since they guard their information strictly. Moreover, conversion rates also vary from one industry to the other. For instance, retailers like Mushtaq Online and Metro Cash & Carry that deal in the food industry where buyers do not hesitate to pay, experience higher conversions.
However, on the other hand, when we look at our online retailing clients like Meeshan – Home Furnishings, and RightStep Migration – Immigration Services, have lower conversion rates. The reason? They are high-costing products and services. Though overall, on average, the conversion rate across industries ranges between 4% to 6%.
Calculating E-Commerce Conversion Rates – THE FORMULA
We assume that you’ve gone through the definition of conversion rates. But if you haven’t because you are more of a number person, rather than a Google-er, we’ve got you covered with the formula too!
Divide the number of visitors on your website that actually purchased with the total number of visitors. Next, multiply the figure with 100. So, if your website had 100,000 visitors in a month, and 5,000 of them bought something, there, your conversion rate is 5%.
Optimizing E-Commerce Conversion Rates – 10 BEST PRACTICES
We know, by now, you must be looking for ways to boost your website’s conversion rates. Here then – play your hands on these tried-and-tested best practices.
1. Reduce Loading Time
Over a half of savvy website visitors leave your website if it takes more than five seconds to load, and if you aren’t taking this seriously, let us tell you that this is what Google says. Precisely, bounce rates depend on a website’s load time across every platform. So whether you opt for Shopify Microsoft Dynamics or Magento E-Commerce Website Development, you need to optimize your website’s load time.
Though we understand, you can’t be accountable for your website visitor’s dropping internet connection, taking care of your kid, aka the E-Store is your responsibility. And technically, that begins when you choose your hosting and CMS Application. Plus, make sure that you use compressed visuals, which are essential for sales.
2. Opt for a Responsive Web Design
The coded of a responsive Magento Website Design automatically adapts to the device your visitor is using to access your website. In simpler words, the visitor will automatically view a mobile-friendly website, rather than clumsily scrolling through a puzzle-like website with a terribly-sized UI.
3. Ensure Easy Navigation
Higher bounce rates or prolonged browsing durations could indicate that your website is challenging to navigate. If the visitors can’t locate what they are searching for, they can’t purchase it. Hence, you need to maintain a balance between both – Displaying your products and making them easily navigable with drop-down.
4. Benefit from User-generated Content
In pushing your target audience towards purchasing from you, user-generated content like product reviews and contest entrees are proven to be effective. Surprisingly, some industries have also experienced a 100% boost in their conversion rates by benefiting from user-generated content. And out of all those, here we have Starbucks nailing the game!
Imagine yourself in the shoes of a customer. Will you trust a brand more if you find customer reviews and photos of other people that relate to the brand? You surely will!
Plus, here’s a catch – Display your user-generated content on the homepage of your website because it establishes trust instantly, increases the click-through rate, and boosts conversion rates.
5. Create a FOMO
What if we, as a Digital Marketing Agency in Pakistan, told you that we are providing a FREE SEO AUDIT to those who sign up for our newsletter in the next 24 hours? Here’s what will hit you – FOMO; Fear Of Missing Out. Well, don’t worry, that is every human’s psychology; to fear of loss more than they gain.
Talking about Magento E-Commerce Development, you will notice this natural tendency in limited time offers and temporary coupons. So, let’s play smart? Drop a discount coupon is your customers’ mailbox and nudge them to make a purchase, which they abandoned the last time they visited you. Plus, did you know that the same tweak works when you show an item as – LOW IN STOCK? Well, if you didn’t, take this as a savvy marketers tip.
6. Easy Checkout
According to statistics, around 90% of website visitors abandon their carts if they feel like the checkout process is overwhelming. The easiest way to solve this issue? Reduce the checkout steps with E-Commerce Platform Integration Services that make your checkout process hassle-free by just asking for essential information.
7. Multiple Payment Channels
Accepting payment through channels your customers prefer is essential because if you don’t, they might abandon their cart. In this tech-driven world, digital wallets are getting popular as a way to boost conversion rates of E-Stores and provide convenience.
Hence, considering that mobile shoppers consider paying through digital wallets like PayPal, Apple Pay, and Google Pay, reduce the friction and attract them by accepting payments through channels that they prefer.
8. Get a Trust Seal from Google
According to statistics, around 20% of customers abandon their carts after reaching the checkout button. Why? Because they couldn’t trust the website with their credit card information. Plus, savvy Magento Web Developers also found out that any symbol that indicates security on the checkout stage boosts a customer’s trust in you.
Being a Web Development Company, we suggest, get a certification label from Norton or trust seals from Google. However, make sure that these seals won’t express technical security; you can get them through an application process.
9. Send Cart Abandonment Emails
Tapping into customers who abandoned their cart with your Social Media Marketing Lahore and Email Marketing Pakistan campaigns is a proven way to boost your Magento Development Services efforts and conversion rates.
Cart abandonment emails could be as precise as a reminder or include a more advanced branding and behavioral tweak, just like the one discussed before, which appealed to limited stock notification. Plus, strategizing an SMS Marketing is also another proven way to engage potential buyers.
10. Offer Free Shipping
Even though giving away a FREE SHIPPING is one of the costly ways to optimize your Magento E-Commerce Development Services efforts for conversions, it is very compelling. According to savvy Digital Influencers in Pakistan and marketers, around 60% of customers abandon their carts because of extra shipping costs.
Though on the other hand, if you offer them a FREE SHIPPING on a minimum amount of order, they will spend more to meet the minimum. Here, have a look at the big brand – Ann Taylor playing hands on this tweak.
Speaking of E-Commerce, if you are a small business going through this blog, we’ll be honest – You will face enough troubles that might be stopping users from reaching your website and the checkout button.
However, what we suggest is, don’t back out at the last step. With simple steps, you can turn over the game, boost your conversion rates, and make the most out of your E-Commerce conversion website. And if you need some professional help from a Magento 2 Digital Agency to nail these practices that Online Marketing websites in Pakistan follow, get in touch with us at Xcentric Services.