Business is all about conversion. If you can find the best strategy to optimize conversion rates, there is no measure how rapidly you can grow your business. Most businesses think of CRO as something which is very complex to understand and hard to deploy.
However, the fact of the matter is, Conversion Rate Optimization is nothing but, finding out why visitors aren’t converting and Fixing it. That’s it.
It sounds obvious, but a lot of people forget it — and they leave a ton of money on the table as a result. Before starting let’s first understand the basics of online store conversion rates and how we calculate it.
What is An Online Store Conversion Rate?
Ecommerce conversion rate is simply the percentage of visitors that land on your store who purchase something from your online store (in a set period of time). You must know your end goal to accurately measure conversions that align with business goals.
How to Calculate Conversion Rates For Your eCommerce Store?
Let’s say your online store is getting 10,000 visitors and 100 conversions for a set period of time, that means your store’s conversion rate is 1%. Simple as that! Divide conversion into visitors and you have conversion rate.
Most businesses tend to get busy with marketing strategies and other promotional campaigns that they miss out on evaluating why their visitors never get converted. Worse, they never think about optimizing conversion rates for their store.
Here are three effective strategies that will help you optimize conversion rates for your Magento Store:
1: Streamline The Checkout Process:
This is one of the most important factor that affects Conversion rates for any Magento Store. By replacing the conventional 6 step checkout with a one step checkout, you can drastically maximize the conversion rates for your Magento Store. No one likes to get into the complex checkout process where they have to feed in the same information each time while buying a new item. With one step checkout process people can simply swipe to make a new purchase. This will enable customers to buy frequently.
Not just that, allowing free shipping can also boost conversion rates to a great extent. If you think you can’t offer free shipping, then keep in mind that this is often a psychological game. Increase your product prices to cover shipping cost if that’s what needs to be done.
Streamlining the checkout process and offering free shipping will boost your sales and maximize conversions bringing more business to you.
2: Videos Are Better Than Text & Images:
Today, videos are the best ways of reaching out to multitude. Nowadays, no one likes to read text or understand things from images. People want interactive videos to connect with your brand.
“⅓ of all online activities is watching videos. Ads in video format increase purchase intent by 97% & brand association by 139%.”
Gone are the days when a good looking presentation or a fancy product image would be enough to make a sale. Today, people want fascinating stories and interactive videos to connect with your brand. The more engaging your story would be, better people will think of your brand.
Hence, whether you are running a promotion campaign for your product or showcasing it on your estore, weave it in a way that compels your end user to invest their resources in your idea or product.
3: Leverage FOMO Phenomena:
FOMO, stands for ‘Fear Of Missing Out’. Today, FOMO is very popular in online marketing. Fear of missing out is responsible for numerous decisions that we make on daily basis. Guess what makes us check our Facebook frequently? FOMO! Likewise, the fear of missing out an career opportunity, an important business deal, are but a few real-life examples of FOMO.
However, it is not only limited to Facebook or an important business deal. It can also be leveraged to maximize conversions from your Magento Store. For instance, you can make your offer exclusive for limited period of time, or by persuading them to buy your idea before the deal times out.
Recently, Amazon celebrated Amazon Prime Day by offering discounts on millions of products – for limited period of time. Guess how much they sold in just 36 hours? You might be surprised with figures. Amazon sold more than 100 million products in the due time.
You too can maximize sales by leveraging the old FOMO strategy. Either make your offer exclusive for limited period of time, or offer some free goodies for limited period!
Final words, understanding your user’s behavior is crucial for optimizing conversion rates. Once you understand how your user interacts with your business, you can make changes that enhances the overall user experience along with maximizing the conversion rates. Above mentioned were few strategies that will definitely help you in maximizing Conversion Rates. More Conversions = More Business!
Finding an ideal company who can help you build extraordinary eCommerce website development and consulting services that drives growth is quite tricky because it needs craftsmanship and expertise beyond par. Understanding the problem various businesses were facing, we established ourselves in 2003 to help businesses emerge as giants in their industry. We believe in delivering robust solutions that inspires action. If you are seeking to design extraordinary Magento Stores that drive growth, we would be more than happy to see you grow and dominate your industry.
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Shivi Rao is a content marketer with Krish. She has worked in various industries spanning technology, science, rural marketing, startups & unicorns, eCommerce business, and digital marketing, believing that content is the foundation to facilitate the visibility of any organization and ensuring her words do the same. In her free time, you can either find her lifting weights in the gym or feeding the strays.
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