The dynamics of doing business are rapidly changing around the globe. We are living in the era of internet outbursts. You can purchase almost everything online, from something as small as a needle to something as significant as a production plant. This has made it necessary for your business to go beyond brick and mortar and have an online presence. However, your online presence is sustainable only if it justifies your business cost and benefit equation.
The success of a physical outlet is measured by the number of footfalls, regular customers, sales orders, etc. In the same way, the success of your e-commerce business depends on the number of subscribers, leads, sale orders, etc., your website can fetch. A business needs to monitor its conversion rate optimization (CRO) to work this out.
We have curated a complete guide to help you alter your e-commerce marketing strategy and monitor the CRO for your e-commerce business.
What is E-Commerce CRO?
To understand CRO, let's first understand the definition of conversion rate. The rate at which the number of visitors to your website, out of the total number of visitors, completes the action you want them to fulfil is called the conversion rate, whether filling out a form, buying a product, or signing up for a service, etc. The greater the conversion rate, the better it is for your business website, which underpins the importance of conversion rate. Thus, e-commerce CRO means improving the rate at which your e-commerce conversions happen by making incremental changes to your e-commerce marketing strategy.
If you sell products on your website, conversion rate optimization (CRO) refers to maximising the visitors who buy your product out of the total number of visitors. In the same way, if you provide a particular service, CRO would mean making more visitors order your service out of the total number of visitors.
How to Calculate the Average Conversion Rate?
Formula: Average Conversion rate = (number of conversions / total number of visitors) x 100.
Track the total number of conversions on your website for a particular period, say a month or three months. Divide it by the total number of visitors to your website or landing page for the same period as shown in the above formula and multiply the outcome by 100. This will give you the percentage of the conversion rate.
To improvise, you need to understand where you stand initially. Hence, it is pertinent to measure the conversion rate first and consider conversion optimization.
Where to Start with CRO?
First, we need to understand the mechanism to manage and monitor conversion rate optimisation (CRO). Your e-commerce marketing strategy should focus on the factors that contribute to conversion rates at the backend and the front. Identify patterns and compare the volume of conversions from mobile devices with those from desktops. Check out the user experience when the website is accessed from mobile devices and see if the pages are mobile-friendly.
Google Analytics could be your go-to option to commence your analysis as it can serve you with insights such as your audience's age, interests, location, etc. These insights could be inputs to modify the goals and funnels accordingly. The other features of Google Analytics can also aid in monitoring performance. For example, its real-time tab can help you check on the performance of a newly launched product or a recently published post.
You can start with your website's home page on the front end on the front end. The home page of every e-commerce website is its first impression in the eyes of a prospective buyer. Try to keep it simple; not too complex but catchy. The home page should give a gist of all the top-performing products, and it should be easy to search for navigation options.
Ensure that there is an easily accessible blog tab on your website. Use the blog section to feed users helpful information about your products or services and give them the best pieces of advice about your industry. Other pages, such as landing pages, pricing sections, about us, etc., should also be well drawn up and maintained. Make sure the pages are light and easy to load on both the desktop and the mobile. Lastly, seek genuine reviews of your products. Ensure users comment not only about your products but their experiences as well. Your e-commerce marketing strategy can skyrocket if it gets a positive word of mouth.
CRO tools are essential in e-commerce marketing. They can help you understand three vital points -
- What is occurring in your e-commerce website through web analytics?
- How the user visiting the website is responding through behavioural analytics.
- A comparison and quantification of changes on the website through testing tools.
Tools such as Google Optimize, FullStory, Hotjar, Crazy Egg, Google Analytics, etc., should be extensively used to understand these parameters and modify the e-commerce marketing strategy accordingly.
Benefits of E-Commerce Business CRO
- Conversion rate optimisation (CRO) can give you insights that are useful to identify user behaviour and can be used to update and improve the product.
- Conversion optimisation can increase repeat orders from the existing customers, contributing significantly to establishing your brand and trust.
- At the outset, the ultimate goal of an e-commerce marketing strategy is to increase your return on investment (ROI), and CRO can help achieve the same.
If you intend to expand your business or increase revenue, conversion rate optimisation (CRO) is unavoidable. It can scale your business into a larger and more sustainable one in the long run. However, one cannot be an expert in every department. Working on product development, finance, operations, etc., and achieving success in all of them cannot happen simultaneously with the same people. An enterprise is a product of many small enterprises run by experts in their fields.
For conversion rate optimization (CRO), you will undoubtedly need an e-commerce agency. Amura Marketing Technologies, a leading growth marketing agency, is a 360-degree marketing solutions provider. Its e-commerce marketing services could be an apt choice to develop and monitor your e-commerce marketing strategy. It can provide end-to-end assistance in e-commerce marketing to take your e-commerce business to the next level and unlock its true potential.