Ecommerce conversion rate is a crucial metric for online store owners. While every B2C marketer worries about bringing in more site visits and prospective buyers, it is important to have the right strategies in place to help them convert. In fact, having a good conversion rate could mean that a B2C business brings in more revenue, even without an increase in website visits. In this blog post, we shall explore some of the tried and tested ways in which Magento Commerce Cloud users can improve conversion rates.
- Creating buyer personas and segmenting audience
Market research using survey forms is a tried and tested method to unveil customer profiles, such as gender, age, preferences, geography, and so on. Here, Magento has a crucial role to play. It helps retailers to learn more about their potential customers by capturing some of their vital digital footprints. This allows marketers to create more accurate buyer personas and target their audience with the right offerings at the right time, allowing them to achieve personalization at scale.
- Encouraging impulse buys using promo codes or flash sales
Retailers leave no stone unturned to appease their customers with discounts or promotional offers. While it might be relatively easier to enjoy higher conversion rates during peak holiday season and while offering other promotions in place, this might not be the case during the rest of the year. One strategy to be able to get a visitor to make an impulse buy, would be to offer targeted discounts or create flash sales even during other times of the year. Magento e-commerce users get to enjoy the multiple methods for discounts and promotions this platform offers. It could be a flash sale, user-specific coupon code, goodies based on the total purchase amount, or promotions based on payment modes that could help with increasing the conversion rate, based on your business model and current goals.
- Upselling or Cross-selling leveraging an Empty Cart or Page
A consumer dearly wants a pair of false eye lashes to add to that dreamy look this season. They search for it on your digital commerce site, but end up getting ‘no products found.’ The odds are, they immediately look for the same product on a competitor’s site. But what if, instead of flashing a sign that says “no products found” your eCommerce site shows them other related options such as mascara and eye liner despite not having false eye lashes in stock? Odds are, you won’t lose your favorite consumer (or even a first-time visitor) and might help convert them into a buyer.
- Implement Subscription-based Shopping
Subscription-based shopping is not just applicable for grocery. Today multitudes of B2C brands, starting from books to makeup to specialty teas offer subscription-based business models. When a customer buys a product, retailers suggest subscription policies. Offering incentives while consumers make these purchases would aid the decision-making process. The subscription process, and the shopping journey, should be made hassle-free to improve conversion rates. Retailers also get a whole wealth of information about consumer preferences and buying behavior from their subscribers making it easier on them to make business decisions based of it.
- Personalized Promotions
Making customers feel special never falls out of fashion in the world of retail. Hence, unlike the regular offers or promotions, retailers can use personalized promotions. Such promotions could be for customers who haven’t visited the site for long, or for the ones who have spent considerable hours on a particular site. Also, retailers can delight customers on their special days like birthdays, or anniversaries with personalized messages like, ‘Claim your surprise now, to make your special day a memorable one. Use code bdy21’. It makes the customer feel cared for and soon they develop a sense of fondness for the brand, leading to repeat customers and higher conversion rates.
- Making Wishlist come true with Discounts
Despite being uncommon, offering discounts on wish-listed items is effective to improve conversions. Usually, customers add an item to a wish list due to its high price. Retailers can leverage the situation to their favor and offer discounts on wish listed items for higher conversions.
- Tweak the Checkout Process
Did you know that making small changes to your checkout process could do wonders and can help bring down cart abandonment? For example, you could remove all the unnecessary fields from the checkout process so that the buyer can get to the part where they make the payment quickly. Ask yourself whether the information that is required of them is truly necessary.
Besides, ensure that you have an option for guest checkout. If a new website visitor is burdened with creating an account or having to fill out multiple lines to make their first purchase, they might lose interest in the process and abandon their cart, making all the effort put into impulse buying naught. Mandatory account creation at the checkout page is in fact the second biggest reason why people abandon carts. Hence, retailers must focus on making the checkout process as simple as possible and customers will eventually enter their information once they start trusting the brand.
- Price Match
Customers are always keen to get the best price for their product and are quickly enticed by the availability of a price match. If marketers can succeed in getting consumers to stay on their e-commerce page without having to go to other sites to check for better prices, the odds of conversion go up. Therefore, to offer customers the best price, retailers can embed a price comparison tool and update the price accordingly.
- Improvement in the Page Loading Speed
Optimizing eCommerce site speed is possible with the Magento commerce cloud since it has a faster page loading speed compared to its peers. The aim is to deliver seamless shopping experiences to customers.
Similarly, it’s a great idea to avoid unnecessary notifications and pop-ups because those could lead to redundant intrusions on the customer’s browsing journey. Allowing customers to shop from an e-commerce site that loads quickly and comes with minimal distractions leads to improved conversions.
- Multiple Payment Options
Often, customers feel uncomfortable if their preferred payment option is unavailable on an eCommerce site. Therefore, retailers should offer customers payment flexibility if they are keen to improve conversions.
- Build Customer Trust with Reviews and Feedbacks
While buying a product, if consumers have access to adequate product reviews, they feel confident to make the purchase. Thus, retailers should feed into the phenomenon of social selling by encouraging and incentivizing customers to leave product reviews after a purchase has been made. In Magento commerce cloud, it is possible to transport product reviews from the brand’s social handles to the eCommerce site as well.
- Convenient Return Policy
Shopping flexibility is the new buzzword in the world of digital commerce and it is applicable even for the return policy. Using Magento ecommerce, retailers can configure convenient return policies for customers. Customers shouldn’t feel overwhelmed with return policies that are too short or ones that insist on customers having to pay for back-shipping. Rather, customers must feel that the brands trust them. That’s a great way to establish connections with potential customers and improve conversion.
- Creating a Sense of Urgency
When there is the fear of losing out, customers engage in impulse buying. Retailers may tap into this psychology and create a sense of urgency. For instance, some eCommerce sites say that if customers buy a product within a particular timeline, they shall enjoy free shipping or some additional discount. Most customers do not want to miss out on these special offers and complete the purchase. Indeed, an intelligent way to improve conversions.
What more should you focus on apart from improving conversions?
Increasing conversion rates is an ongoing process of optimizing your store and trying out new ideas. While we have explored some of the best practices when it comes to conversion rate optimization, retailers ought to find out to what their customers respond to and keep trying out new methods to keep the process going.
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