9 de May de 2024
escrito por Paylands2 Cargo
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Conversion rate is an essential metric for online businesses. In this article we explore what an ecommerce conversion rate is, how it is calculated and how relevant this metric is for any online business. In addition, we will introduce you to some of the most practical and successful strategies to improve the conversion rate of your business. Let’s get started!
If you have an online store you probably already know that conversion rate is a fundamental metric for your business. Conversion Rate (CR) shows the percentage of visitors to a website who take a desired action. This could be making a purchase, subscribing to a newsletter, downloading a resource or completing a form. It all depends on the website and the marketing objectives you have set. The conversion rate reflects the effectiveness of the website in converting traffic into concrete actions.
This is how the conversion rate is calculated:
Let’s go with a practical example. Suppose you have an online store and you want to calculate the conversion rate for a certain period of time, let’s say a month. During that month, your website registered 10,000 visitors and out of them, 500 made a purchase. The conversion rate for that particular period is 5%. That means that 5% of the visitors to your website made a purchase.
Conversion rate has become a crucial metric among the key performance indicators (KPIs) in any website or ecommerce. It has often been taken as the main benchmark of the health of our online business, highlighting the importance of its constant monitoring and evaluation. By actively tracking the ecommerce conversion rate, we can identify the different variations and take the appropriate measures to improve the data. This provides us with a very reliable source of information to strategically adjust our approaches and ensure compliance with the established objectives.
The truth is that several factors play a role in determining whether our conversion rate is correct. From the sector of your business, the type of products or services you offer, and the behavior of your customers.
However, in general terms, a conversion rate considered as “good” can vary between 2% and 5%. Some very efficient businesses may achieve even higher conversion rates, while others may fall below that range due to a multitude of factors.
It is important to remember that what is considered an ideal conversion rate can vary significantly depending on your specific business context, industry or lead source. Therefore, instead of looking for an “ideal” conversion rate, it is better to focus on continuously improving your conversion rate over time and compare it to your own previous results, as well as to the metrics of your industry or direct competitors.
With the continued growth of the ecommerce sector, it is more important than ever to make the most of every visit to your website. According to recent data from the National Commission of Markets and Competition, ecommerce in Spain exceeded 19 billion euros in the first quarter of 2023. This represents an increase of 22.7% over the previous year. This phenomenon is not unique in Spain. Over the last decade, we have witnessed a remarkable increase in the adoption of ecommerce as a regular shopping option across the European Union. Countries such as Bulgaria, Estonia and Romania have tripled and even quadrupled the percentage of online shoppers between 2013 and 2023.
How to convert more visitors into satisfied customers? Here are some strategies you can implement to improve your ecommerce conversion rate.
Ensuring a smooth and satisfying user experience is crucial to boost conversions in your ecommerce. Ease of navigation and clear product presentation are fundamental. An intuitive, clutter-free website is essential to prevent users from getting frustrated and abandoning the checkout process. In addition, the implementation of a virtual ecommerce POS can further simplify this process, allowing secure and fast transactions.
To have a good conversion rate, publishing engaging content is paramount. Use detailed and attractive descriptions for your products, accompanied by high-quality images that clearly show their features and benefits. In addition, you can incorporate testimonials from satisfied customers and positive reviews that build trust in your brand and the quality of your products.
With an increasing number of users making purchases from their mobile devices, optimizing your website for a smooth and responsive mobile experience is a must. Make sure your ecommerce is fully adapted to mobile devices, with a responsive design that ensures easy navigation and optimal viewing on different screen sizes. This includes optimizing the ecommerce virtual POS checkout process for mobile devices.
Simplifying the checkout process is essential to reduce friction and increase conversions. Having an optimized checkout, which requests only the necessary data from the customer and is optimized for all types of devices, is essential to improve the conversion rate of your business.
Offering different payment method options to your customers is essential to improve conversion. The main thing is to know your target audience very well and know what their preferred payment options are. This sounds very simple when we talk about an ecommerce that sells in the national market, but when we talk about international level, it is more complicated.
In addition to accepting card payments, consider including options such as PayPal, Bizum, bank transfers and other systems such as deferred payments. This offers your customers flexibility and convenience when making purchases, which can increase conversions and customer satisfaction. For these cases, integrating a virtual POS like Paylands, which supports a wide range of payment methods, can be essential.
Conversion rate is crucial for online businesses, as it shows what percentage of visitors perform a desired action, such as a purchase. It is important to monitor it closely and implement actions to continuously improve it. To improve it, it is key to optimize the user experience, publish attractive content, ensure accessibility on mobile devices and offer multiple payment methods. From PaynoPain we can help you to improve the profitability of your business, do not hesitate to contact us!
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