How can I improve conversions while keeping costs low? It's all about the customer experience. This is how...
Successful eCommerce companies have goals, strategies, and plans to increase conversions, or the number of visitors who buy something and keep coming back.
But the main goal of your business should be to give your people the best possible experience.
In the end, customers are what keep a business going; without them, you don't have a business.
When you make changes to your site based on data and with the customer in mind, you should see better results with consumers and your goals.
Forbes reports that a business's income can go up by more than 80% when it focuses on improving the customer experience.
According to the data, a strong digital strategy that puts the customer experience first is essential for the success of an eCommerce business.
What does "Digital Strategy" mean?
Digital marketing versus digital strategy
Despite being used interchangeably, digital strategy and digital marketing strategy are not the same.
A digital strategy is a plan to identify or address particular online issues with actionable activities, or tactics, in order to achieve corporate objectives. These online problems could relate to the eCommerce website, the IT setup, database marketing, or any other piece of technology that can help with running and expanding a company.
A digital marketing strategy, on the other hand, is a plan for increasing brand recognition and awareness online in order to support the achievement of sales and marketing objectives. Conversion rate optimization depends on this. Social media, other digital marketing campaigns, like email marketing, and organic and sponsored searches are all examples of digital marketing strategies.
How Do You Create a Digital Strategy?
- Recognise and express the digital opportunities, problems, and barriers.
- Set up objectives for your digital strategy that match those of your company.
- Know your target market. Make buyer personas so you can figure out what your people want and need.
- Create optimisation activities to support the ultimate goals after assessing possibilities and gaps.
- Analyse and keep track of performance results. Set a baseline for the current situation, monitor performance over time, and adjust as necessary.
What Exactly is Customer Experience Optimisation?
Customer experience optimisation is the process of developing and maximising customer journey touchpoints, or each point at which customers interact with your product and brand, in order to benefit the customer and meet certain business objectives.
What is Conversion Rate Optimisation or CRO?
The rate at which potential customers, subscribers, or leads convert increases as a result of customer experience optimisation.
To get the results you want, make small, data-driven improvements to the user experience on your website, app, or store.
The technique of continuously assessing, testing, and optimising the customer experience to improve results and meet corporate objectives is one of the most significant components of CRO.
You may monitor how close you are to achieving your goals by monitoring your performance.
7 Ways to Increase eCommerce Conversions Rate
1. Know and understand your customers' buying habits and customer journey
Know and understand why and how your customers buy from your site to make their experiences much better. To really know your customers, you need to be aware of what they want and need and have the data to back up your choices.
But how do you get to know the people who buy from you? Just ask. This is how:
- Polls on social media sites
- Forms for feedback before and after a buy
- Interviews with one person
- Study groups
- Questions and answers
Customers can tell you what they think about your products, services, or website just by asking. Getting feedback from people might take a little work, but what you learn will be very useful and more than worth the work.
2. Develop a strategy for optimisation
Develop an optimisation plan using data from surveys of customers and other sources. Regarding deadlines, materials, and assignments, be reasonable. Remain focused on your company's objectives. After all, everything you do should serve your overall business goals, which are supported by your digital strategy.
3. Recognise sales funnel Issues
Use Google Analytics Behaviour Flow or a similar tracking tool to find pages that aren't doing well and problems with consumers leaving. Behaviour Flow lets you see how customers move through your site and where problems are so you can improve your conversion rate.
Look for pages that have these:
Bounce rates are high
For example, a blog page or story that is meant to be read by the customer may have a higher bounce rate.
Which parts of your website are losing visitors? For instance, too many steps in a funnel might increase drop-off rates and create friction. Determine the cause, then address the related problems.
Low conversion rates
If your sales are going down, especially if they are going down on certain pages, you should look more closely to find out why. Does the offer make sense? Does the main page match what was asked for? Is there words or a message that turns people off? Problems with tech? Look for anything that might be stopping people from doing what they want to do on your site.
Costs for paid advertising have gone up
High paid search customer conversion costs can mean that your ads and landing pages aren't very good. For example, if there's a gap between the ad and the landing page, people might leave your site right away, which would make your paid media costs go up.
Your purchased and earned media should drive more visitors to your website, not less. While there will always be swings in traffic due to seasonality or other external causes, a severe and constant drop in traffic indicates an issue that must be addressed immediately.
4. Lower Cart Abandonment by Improving the Checkout Experience
Customers abandon carts for a variety of reasons. The biggest factor, though, is a bad checkout page experience. According to the Baymard Institute, clients abandon carts over 70% of the time. But why?. Anything that prevents a customer from instantly finishing the checkout procedure.
The following are some of the possible causes of a high cart abandonment rate:
- Window shopping and comparative shopping
- Adding to cart to receive a discounted rate
- There will be no guest checkout (account creation is required)
- Checkout procedure is complicated
- There are no coupons, discounts, or promotional deals available
- There will be no free delivery, excessive shipping rates, or a convoluted shipping process
- Payment method choices are limited
- Issues with site speed and performance
- Product or quantity limitations
- Concerns about payment processing or security
- Complicated return and refund policies
5. Make the purchasing procedure as simple as possible in order to improve conversions.
Customers are more likely to convert if you make it easy for them to make a purchase from you. Make buying easier by having a user-friendly website with simple navigation, an easy checkout procedure, and quick loading times. You should also provide several payment options and make your site mobile-friendly so that customers can buy from you no matter where they are.
6. Include high-quality product images and descriptions.
Customers who can't physically see or touch your products must be provided with high-quality photographs and thorough descriptions on each product page so they know exactly what they're buying. Include size charts or other information to assist clients in making the best purchase decision.
7. Provide free shipping or other enticements
Customers appreciate free delivery, so providing it on your website can be an excellent strategy to boost sales. If you can't afford to give free shipping, consider offering a discount or other incentive to clients who spend a particular amount, such as free shipping on purchases over £100.
6 Conversion Metrics to Help Increase Your Conversions
This is possibly the most important metric for any eCommerce business. There is no business without income. Regularly monitoring income might help you notice trends and change your business model accordingly.
2. The Average Order Value or AOV
Another important number to keep an eye on is your average order value. This indicator calculates the average amount of money spent by clients on each order. Increasing this figure can have a big influence on your bottom line. AOV can reveal which products or services are selling well and where you might be able to raise prices.
3. The Conversion Rate
The percentage of visitors to your site who take action, such as placing a purchase or signing up for a subscription, is referred to as your conversion rate. A high conversion rate indicates a profitable eCommerce business.
4. The Customer's Lifetime Value
This indicator calculates the average amount of money a client spends with your company over the course of their relationship. Increasing customer lifetime value is an important goal for many businesses.
5. The Cost of Customer Acquisition
This metric calculates how much it costs to attract a new customer. Keeping this quantity low is critical for a successful eCommerce business.
6. Rate of Shopping Cart Abandonment
This indicator counts the number of visitors who add things to their shopping basket but do not complete the purchase. Many eCommerce organisations consider reducing shopping cart abandonment to be a critical goal.
Create a CX and CRO Reporting Strategy for Higher Conversions
Are you having trouble making sense of your customer experience (CX) and conversion rate optimization (CRO) data? If so, you're not alone.
The good news is that it is possible to make data meaningful. You can ensure that all of your data is recorded and evaluated in a way that leads to useful insights and action by developing a CX and CRO reporting plan.
How to create a CX and CRO Reporting Plan:
1. Establish Your Objectives
The first stage in any reporting plan is to define your objectives. Determine, for example, what you want to learn from your data.
Understanding client satisfaction, identifying areas for development, and assessing the impact of changes on conversion rates are all common goals for CX and CRO reporting.
2. Select the Appropriate Data Points
Once you've determined what you want to learn from your data, you must select the appropriate data points to monitor.
There are several approaches to this. One method is to examine the data points that are most significant to your objectives. Another approach is to examine the data points most typically utilised in CX and CRO reporting.
Customer satisfaction, conversion rates, and NPS scores are all standard data indicators to monitor.
3. Establish a Data-Driven Culture
Establishing a data-driven culture within your business is one of the best methods to ensure that your data is used efficiently. This means that everyone in the organisation, not just those in charge of data analysis, should use it to make decisions.
To establish a data-driven culture, ensure that everyone in your organisation knows the value of data. For example, you may hold frequent data and application training sessions or seminars.
You should also guarantee that your staff have access to the information they need to do their duties. This provides them with the ability to collect, analyse, and visualise data.
Finally, it would be beneficial if you established a feedback loop so that staff could share their thoughts with you. This allows you to constantly develop your data-driven culture.
Do you need assistance with your digital strategy? With our eCommerce conversion rate optimisation and customer experience expertise, you can increase conversions while reducing expenses. Uncover Commerce will develop a solid eCommerce digital strategy to assist you reach your business objectives.
Contact Us Today!