5 E-Commerce CRO Strategies: Improve Your Conversion
The word E-commerce has emerged as a household word in the 21st century. But the actual history of E-commerce dates back in the 1970s when the interchange of data paved the way of modern-day E-commerce. Today, around 93.5% of internet surfers only shop online.
What is E-commerce?
Electronic commerce or popularly known as E-commerce is mainly the process of using the Internet to buy and sell products. The transmission of money and data is also a part of E-commerce or Internet commerce. You can consider big online stores like eBay, Amazon, Walmart, Etsy, etc. as examples of E-commerce platforms. There are three branches of E-commerce, these are – Business to business, Business-to-consumer, and of course consumer to consumer.
Believe it or not, China is the biggest and most popular E-commerce market in today’s world. The annual growth rate of 35% makes sure that this country has the fastest-growing E-commerce market in it. Other than China, the United States of America and the United Kingdom are also famous for their E-commerce market which is responsible for 340 billion dollars and 99 billion dollars in online sales per year respectively.
What are the benefits of E-commerce in today’s world?
E-commerce platforms help business owners widen the scope of their brands. When they switch from the brick-and-mortar physical store to the online world, they start reaching more potential customers. With a good quality product and proper customer service, it is possible to earn success pretty quickly with the help of E-commerce platforms. Unlike traditional retail stores, online stores are available to customers 24 hours a day. Also for the affordable price one can access various marketing opportunities like pay-per-click advertisements, SEO services, social media marketing, email marketing, and so on. For such services, you can turn to any E-commerce solution and get the benefit of huge profit.
What is conversion rate optimization or CRO?
Before Jumping to conversion rate optimization, one should have a crystal clear idea about what conversion rate is. Conversion rate refers to a percentage value that signifies all those visitors who complete the intended action on a particular website. Online sales email signups, social media shares, etc. are typical conversions. With proper Conversion Rate Optimization, one can boost the sale. In the general case, these rates fall between 1% and 2%.
Conversion Rate Optimization Strategies-
If you want to boost your E-commerce rates further, you should follow the following 5 most effective CRO strategies religiously.
Nowadays it is hard to find someone who hasn’t done any online shopping. So, when you come to design your very own product page, think of your personal shopping experience. The main drawback of online shopping is that consumers can’t touch the product before pressing the buying order. They require an HD image to showcase the product from every angle. Some sellers also use detailed and high-quality videos about the product. This step helps the consumer visualize the product. As a product seller, you should also provide minute details about a particular product. Also, include the feature of reviews and questions. The previous positive feedback about a particular product helps the consumer make up his mind upon buying it. Don’t forget to work on the exchange and product return policy in case the customer doesn’t receive what he wants. All these help the consumer realize how genuine the seller is and this enhances the Conversion Rate in a way. Around 55% of online users tell their acquaintances about their dissatisfaction and you will not want that for your product. So, it is very important to focus on the product page from the very beginning.
Price and Shipping
Price is a big concern among consumers. Some customers remain worried about extra shipping costs as this exceeds their budget and finally, they end up not buying that particular product. So, it indicates that a free shipping option is a must to increase the conversion rate. This leaves you with the option of raising the price of a product to afford free shipping. You can also lure your target clients with coupons and a limited-time percentage sale offer. No matter what you do, keep the prices below that of your competitors selling similar kinds of products. This can seem like a risk that can result in a huge loss to some of you. But if you maintain the quality and reach the target audience only, you are bound to make some profit out of your products.
Having live chat software can boost the user experience to some extent. With the help of this, you can immediately reach your potential customer and answer all their query about the particular product. As online stores remain open 24 hours a day, there may come some time when you won’t be available to help your potential customer with their doubts. For such cases, you need to either hire extra members for your business house who can take care of the questions or use artificial intelligence.
Safety of the website
This step is a vital one and has a lot of potential to boost the conversion rate for your business. For the transaction, customers input their bank details and credit card information, so the site should be pretty secure and safe. To build this amount of credibility you should use only the most trusted payment options like PayPal and other secure options. Once you make sure that you are totally secure you can add small safety badges to convey the information to the paying customer. This trust is instrumental in boosting the Conversion rate.
To help the customers find their desired product within seconds, you should add several categories and subcategories on the home page that will lead the target audience to their desired product. This categorization should be done very logically.
As you are on the internet to build a brand you should read between the lines and apply these points in your daily selling. But, first, make sure your business is attaining the baseline level of 1-2%. These five valuable points will definitely help you achieve the baseline and further. You should get down to E-commerce and CRO as by the next year (2024) the e-commerce sales will reach at least 4.9 trillion dollars and more business will start showing up in the online world. So, hurry before the competition becomes cutthroat.