Conversion rate optimization is easy to explain in theory, but it can be challenging, when you try to put it into practice. If you are a beginner at eCommerce, the following tips and recommendations might help you develop your online store and increase your revenues. But first, let’s start from explaining what conversion rate optimization means:
What is a CRO?
Conversion rate optimization is a term used for a group of strategies applied by retailers, who want to increase the number of converting customers. For online retailers, the most important conversion is turning visitors into customers, but this process might also include micro-conversions, such as turning visitors into newsletter subscribers or social media followers. Conversion rates for eCommerce are quite easy to measure: all you need is traffic data and the number of successful transactions in a given period of time. To calculate the conversion rate you need to divide the number of successful transactions by the number of visitors and multiply the result by 100. To illustrate how it works, let’s assume that your online store was visited by 10,000 unique visitors last month and 500 of them ordered something from your store. In the given example, your conversion rate is 5%.
How to apply CRO to eCommerce development?
Conversion rate can help you measure the effectiveness of your development strategies; you can also use it to test which sections of your website need to be improved the most. In order to do so, you should start by analyzing traffic to your online store. Let’s assume that 100% of visitors opened your home page, 95% of them searched for a specific product, but only 50% made it to the product page. Between the home page and the product page you have lost a half of your visitors. This can be an indication that your search solutions are not working properly or your offer does not include products your customers were hoping to find. Let’s continue with our example: 30% of visitors added products to their shopping carts and 20% made it to the checkout page, but only 5% finalized the transaction. It can mean that there are some problems with your checkout page – maybe you forgot to mention shipping costs and visitors were not satisfied with the final cost of the purchase? Maybe your checkout page includes too many empty fields to fill out and it annoyed some of your visitors? This is just an example and we are only guessing, but in real life you can analyze every detail and determine possible sources of all problems with converting visitors into customers.
Implementing new solutions
To upgrade your online store, you will have to run multiple tests and look for a Magento programmer in Australia, who will be able to smoothly implement changes. You should monitor your conversion rates at every step of the process, however, remember that it takes time before certain solutions start bringing expected results. Do not limit your efforts to eCommerce website development process only. Strategies, such as search engine optimization and social media advertising, can also help you optimize conversion rates.