Handling an e-commerce store, is tough so it is imperative that you make the right decisions for the platform to grow proportionately over time. According to a recent market study, 60% of store trends depend on the platform you choose, and if you have chosen Magento, using data to understand these trends is a doddle.
While having a good unique niche and a high quality product is essential, marketing the product to the right audience in the right manner is what brings sales, or what we call ‘conversions’. Conversion Rate Optimisation (CRO) is the process that helps you to convert your site visitors into customers. As a business, you would therefore want your conversion rate to be higher, as you want more people to buy the product you sell.
When you are using a Conversion Rate Optimiser your question should be WHO rather than WHAT, WHERE and WHY. This is because your main focus is your customers and how you can understand their interactions with your product, brand or site. Some foolproof Conversion Practices in Magento are:
One of the most common mistakes an online retailer makes is to consider his conversions as a whole, leading to low-quality traffic and less conversion. The solution is Segmentation. You need to break down your conversions into two contexts – ‘Site to Cart’ and ‘Cart to Sale’. Viewing this separately will help you find the hole which is draining out your potential customers. You should also segment your traffic sources, for example organic traffic and paid clicks.
UNDERSTANDING THE BEHAVIOUR PATTERN
Understanding the shopping behaviour of your customer is the key to success for most of the eCommerce stores. eCommerce stores grow on the concept of retargeting. If you have your data with Magento as a platform, there are many tools you can use to understand your buyers and optimise your conversion rate.
One such tool is Omniconvert. This tool simply generates a RFM (Recency, Frequency, Monetary) score and helps you find your VIP Customers for retargeting.
SMART PAYMENT OPTIONS
The biggest turnoff for your customers while shopping for their favourite items is having to fill in tedious information like shipping and billing details every time, and this can affect the conversion rate of your site by up to 30%. Convenient and quick payment methods like PayPal, Google Pay and Apple Pay replace the lengthly billing forms with a modern solution, which has shown to benefit conversion rates.
Another thing that you want to avoid is hidden prices. Be clear to your customers – that’s all they want. If you hide costs during the checkout process, this is likely to irritate your customers to the point where they will not return, or even consider your brand again in the future!
The trend of Voice Shopping has taken a huge leap in the past year. It is estimated that 50% of all the searches will be voice based by the year 2020. Not only this, there is an estimated increase of voice-enabled digital assistants from 69.0 Million to 75.5 Million in 2019.
Therefore targeting voice commerce within your platform is a cutting edge way to take one step ahead of the game and offer your customers a futuristic and personalised shopping experience.
IN-BUDGET CRO TOOLS
Tight on budget? You can use some of these inexpensive or free CRO tools to boost your conversion rate:
- Inspectlet: allows you to monitor your customers to see exactly where they having problems while shopping on your platform.
- MageMail: allows shoppers to recover abandoned carts with one-click. This goes beyond the abandoned cart tools included in Magento, with other re-engagement emails, such as smart recommendations.
- Google PageSpeed Insights: allows you to quickly test the speed of your site on all devices, as well as test some basic UX rules.
To summarise, optimisation is achievable but you need to understand your market and select what works the best for your brand. Converting your visitors to your actual customers is the goal, and how you do it is not the question, but how well you do it is what matters.