What is Conversion Rate Optimization (CRO)?
Conversion rate optimization offers one of the fastest, most effective methodologies for turning your existing web traffic into paying customers. Also known as CRO, conversion rate optimization can involve numerous tools and strategies, but they’re all geared toward the same thing: Converting visitors into leads and leads into customers.
In its simplest form, conversion rate optimization is the process by which a business increases the percentage of website visitors who convert on available offers. For instance, if you have a 25 percent conversion rate, that means 25 percent of people who visit your website actually convert. It’s kind of like running a retail store. Lots of people might enter and browse, but some leave without actually spending money. Often, the process of CRO results in giving your website visitors more opportunities and reasons to say “yes.”
Why Focus on Increasing CRO?
It’s all about the numbers, right? More sales equal more revenue, which means a more profitable business. Let’s look at the calculations we performed above. For our fictional business, we’ll say that the company is selling just one product worth $300.In our first calculation, we came up with a conversion rate of just 3 percent. Three thousand people bought the product, which produced gross revenue of $900,000. That sounds great. But what if we boosted that conversion rate to our second equation, which quantified conversions at 10 percent? In this case, revenue jumps to $3 million (10,000 people bought a product worth $300).
Conversion rate optimization only works if you’re tracking key metrics. As you make changes to your website and funnel, you’ll want to know what specific impact those changes have on consumer behavior, sales, lead generation, and more.
That’s why conversion rate optimization has become essential if businesses want to thrive. You can always get more traffic, but you’re better off capitalizing on existing traffic when you can.
What are Some of the Ways We Increase Your Conversion Rate?
Conversion rate optimization best practices can help you improve your results from the very beginning. In other words, you won’t have to start from scratch. Following are some of the tried-and-true best practices I’ve used to accelerate my websites’ growth.
Optimizing your Store for Mobile
Your checkout process should also be optimized for mobile users who will use a much smaller screen and keyboard to enter data.
Features should include autofill, large buttons and zoom. The entire process should be simple to navigate using just your thumbs. Load time also plays a crucial role here: 53% of mobile visits are abandoned when a page takes longer than three seconds to load, according to Google’s DoubleClick.
The same study found that mobile sites that load in five seconds earn up to twice as much mobile ad revenue than sites that load in 19 seconds. Bottom line? If your mobile site is too slow, you are losing potential revenue.
Optimizing your Cart for Conversions
According to a 2016 Baymard Institute study, the average shopping cart abandonment rate is 69.23%. There are many reasons for abandonment, including unexpected shipping costs, price comparisons and customers simply changing their minds. But the length and complexity of the checkout process is one key factor you can control. Streamlining your checkout process, particularly for mobile users, can have a big impact on your conversion rate.
Every additional second your site takes to load lowers your conversion rate, according to Kissmetrics. You may lose customers before they’ve even had a chance to look at your product offerings or pricing.
Many retailers make the mistake of sacrificing the performance of their website for the look. While aesthetic appeal is important, don’t overlook functionality. We get rid of unnecessary files. Use efficient caching. And delete superfluous metadata.
If that’s not possible, include shipping costs up front – on the product page itself, ideally – and not at checkout. Otherwise, it will feel like a “surprise” cost and discourage consumers from completing the purchase.
We make sure your return policy is as simple as possible. Include the bare bones information, such as “30-day return policy” on the product page, and then link to the more complete information. Use clear subheadings in the longer policy so people can easily find the information they need.
Want to take your online sales to the next level? Use these eCommerce metrics, KPIs, and examples to track and improve your sales strategy. Discover how to calculate, visualize on an eCommerce dashboard, and set benchmarks for the most common KPIs and metrics, with our consulting and strategy services. Ensuring your business hits your goals and targets.
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