How to Increase Your Conversion Rate by 7.24% in 30 Days?
Conversion rates are important for any online business. And today, we are going to discuss the benefits of CRO. There are certain ways to increase the conversion rate, which we will discuss in detail in this exclusive read.
Everyone aims to increase their conversion rate, but the methods to do so are not yet fully understood. A decent conversion rate depends on various elements, including your business sector, traffic channels, audience demographics, objectives, and other considerations.
As you can see, the Food and Beverage industry has the highest conversion rate of 4.6% by the end of the 4th quarter of 2022. The next highest conversion rate was found in the health and beauty industry, followed by the skincare industry, at 3.3%. The average conversion rate of e-commerce sites in the study’s sampled industries was 2.5%.
If you’re struggling to improve your conversion rate, you may want to consider seeking assistance from a CRO agency. These agencies specialize in optimizing websites and marketing campaigns to increase conversions and can provide valuable insights and strategies to help you achieve your goals.
What is Conversion Rate?
Conversion rate is the ratio of sales to total site traffic in the case of any eCommerce Store.
In simpler terms, a conversion is when a site visitor does the desired action on your site.
Assume that each month, your website gets 50,000 unique visitors to your website. Now, when a user subscribes to your monthly news post subscription, then you can say that – they have made a “conversion” to your site.
Consider that there are 1000 of them in a month. For this example, let’s say your conversion rate is 2%. (Which needs certain improvements!)
Now comes the question of how to increase the conversion rate. And why is it important to have a rate of conversion? What advantages will that serve your business? Since it is crucial in eCommerce business.
Conversion rate indicates how many visitors do the intended commercial activity, as opposed to other eCommerce KPI metrics like traffic or time on page.
Your conversion rate, whatever it may be, is a crucial indicator of the success of your online business. You can increase sales, engagement, and lead generation by optimising your conversion rate once you have a firm grasp. So, it is a must that you know the benefits of CRO.
How to Calculate Conversion Rate?
Consistently monitoring your conversion rates across all channels is essential to keep your conversion rate optimisation strategy alive. You’ll require CRO calculation skills for this.
A typical formula for calculating a rate of exchange is as follows:
Let us get back to our previous section example; in that case – we have 50,000 unique users, and 1000 have subscribed to your new post for free. So, applying the formula above
Conversion Rate = 1000 / 50,000 X 100 = 2%
Well, which is an average value, but you can always improve by several ways to increase the conversion rate.
9 Ways To Increase Conversion Rate
It’s a prevalent belief that all an e-commerce company has to do to boost sales is set up a website and list things. However, your e-commerce platform needs ongoing tweaking and improvement.
For example, your audience demographics and consumer preferences may shift when new technologies emerge.
Having a web presence is essential for e-commerce success but not sufficient. Your consumers want personal attention in a convenient setting while receiving the highest quality goods and services possible.
They also expect a quick response time from your help team and staff. If they’re not satisfied, they’ll hunt for alternatives.
The question then becomes how to increase the conversion rate.
1. Catch up on Urgency or FOMO Strategies
Within the umbrella of marketing methods, “Fear of Missing Out tactics” establish a feeling of urgency and scarcity among prospective consumers. Timed promotions are a tried-and-true method of generating scarcity in the marketplace.
These methods are often used to persuade consumers to take an intended course of action, such as purchasing, signing up for a service, or signing up for a newsletter. Some possible applications of these methods are as follows:
Customers are more likely to act quickly when you attach a deadline to a special offer. For instance, “50% off everything for the next 24 hours only!” This creates a feeling of urgency and FOMO, prompting site users to act quickly before the deal is no longer available.
Scarcity and time pressure techniques may increase sales by getting buyers to act quickly, but they should be used ethically and transparently. Truthful information on product or service availability and promotion duration should be presented to consumers. If you employ these methods too often, customers may lose faith in your brand.
2. Get Better With Your Social Media Game
The psychological concept of “social proof” states that when people see others engaging in a certain behaviour, they are more likely to engage in that behaviour themselves.
Negative effects, such as decision paralysis or distrust, might be caused by many customer reviews or social media shares. Ensure the social evidence is relevant to your product or service since showing off fake or irrelevant social proof might undermine your brand’s credibility.
You may display reviews and testimonials from satisfied customers on the product pages of your website or app or a dedicated page. Maintain your brand’s credibility by only using verified reviews from actual customers.
This is because we are social creatures and tend to seek out the opinions and advice of others before making important choices. A social proof approach may increase conversions and user trust in online businesses and applications.
One way to include social proof into your website is via reviews and testimonials from satisfied customers. When people hear that others have had a positive experience with your brand or product, they are more inclined to have faith in your claims and make a purchase themselves.
Social media shares are yet another method of using social proof. You may capitalise on your company’s social media following by incorporating share buttons for the various platforms on your website or mobile app.
Visitors’ confidence in your brand and willingness to take the desired action increase when they see that others have shared your content or purchased your products on social media.
3. Understand and Use Pop-ups properly
If you want to take many benefits of CRO, you must follow this tip; your conversion rate will skyrocket. The sites I’ve tested it on all adhere to the same standard.
Sumo found that a 3.09% conversion rate is typical for pop-ups. The top 10% of pop-ups, with an average conversion rate of 9.28%, are only accessible if you know how to get there.
If you want the best possible results from them, consider these pointers.
- There may be a clear winner among the PDFs, premium content, items, and other freebies you try.
- Create a cookie to limit the number of times a user sees the pop-up. You can usually achieve this using a pop-up tool.
- The pop-up should provide a simple exit option.
- However, the pop-ups are no longer bothersome thanks to a 30-second delay interval.
You should expect a massive increase in conversions and a complete absence of complaints from this strategy. You’ll receive all the benefits with none of the hassle.
4. Remove Unnecessary & Extra Forms from the Site
Don’t drag out your online form; get to the point. You should only include the necessary and relevant fields and eliminate the rest.
An app form allows users to submit their information and contact you online. Form submissions are captured in real-time as emails or tickets in enterprise resource planning software. As an example of a sales technique, these forms are now the standard method of communication between businesses.
However, there is a drawback to relying on forms. If too many fields aren’t essential, the user may be reluctant to provide any information. Unnecessary fields and lengthy forms are common causes of low conversion rates.
It has been shown that online forms are used by 74% of firms to generate leads. Nearly half (49.5%) of those polled said their website’s or app’s form had the highest conversion rates.
This proves that online forms are a valid prospecting strategy and that by combining them with interesting content, your marketing department can fast boost conversions.
5. Never Fail to Perform A/B testing
Position, position, position is everything. In conversion rate optimisation, testing is crucial. The experiment is the best way to mitigate the dangers of decision-making while encouraging creativity and discovering untapped opportunities among team members.
A/B testing, often split testing, increases your app’s or website’s conversion rate (the percentage of visitors that become paying customers). If you were given two possible headlines for your website or mobile app and couldn’t decide between them, an A/B test would reveal which one was more effective.
Your goal should always be to have at least one A/B test active on your site, preferably more. There is no ” ideal ” in marketing, your website, or the design process; testing is the only way to learn what works and what doesn’t.
You duplicate your website/app (pages A and B) and change the headline on one of them. During an A/B test, 50% of visitors are sent to Option A and 50% to Option B. These pages have a call to action and provide data on how many readers answered the call.
Whoever has the most visitors who do anything on their site is the winner.
6. Include a signup platform provided by a third party.
Including this capability on your website will almost immediately affect the percentage of purchase visitors.
In recent years, it has become more common for websites to provide users with additional signup and login choices in addition to the traditional ones. Users may log in using their existing Google, Facebook, or other online accounts rather than starting from scratch and creating a whole new profile.
This relates to an earlier tip in this article about eliminating any unneeded form fields; however, this eliminates the signup form. This makes it possible for a visitor to sign up for an account on your website in seconds by only clicking one or more of the provided buttons.
7. When it Comes to Prices, Delivery Time, and Product Availability, Never Miss A Chance
Misleading clients is the worst possible thing you can do.
Don’t be coy about costs, shipping time, or available stock; give them the whole picture. Customers won’t mind paying more for shipping or waiting longer for delivery if you do a good job of selling and conveying the value of your items.
The newest data on online shopping cart abandonment show that 69.99% are abandoned before completion (For Shopify). The main reason why? The extra costs are too high.
If you own a Shopify business, you can use an app called Back in Stock to let consumers know when you restock previously sold-out items.
8. Get Advantage of Pre-Fill Customer Information.
By saving clients’ payment and shipping details in their accounts, you may streamline the checkout process for repeat buyers.
The less data a consumer has to key in, the better. According to Google research, 30% more conversions are possible when clients use autofill on forms.
You can do that by having a pop-up where customers can make a one-time, lump-sum payment or spread their payments out over a longer period.
9. Integrate a live chat feature onto your website.
Many of your site visitors may be on the fence about purchasing your product or service; all it may take to sway their decision is the correct response to one or two queries they have.
A live chat feature is an optimal technique to assist in providing answers to such inquiries and encouraging site users to take the necessary action and convert.
In addition, this is an excellent method for carrying out user testing to determine whether or not you often get the same inquiries via your live chat.
Repeating the same question repeatedly indicates that something on your landing page needs to be changed. For instance, adding a section that addresses frequently asked questions (FAQ) can cut down on the number of people that use your live chat, saving your team time.
Have you put any effort into applying certain ways to increase the conversion rate? If not, then start working on how you’ll improve your website’s conversion rate.
It’s a well-known fact that a website’s conversion rate is directly proportional to its traffic. There are endless benefits of CRO. A company’s first aim should be boosting e-commerce conversion rates if it wants more clients to purchase its wares online. Put these astute suggestions to use in your company.