Your e-commerce store is up, and you’re trying your best to increase and boost your sales. What should you do then?
Turn your generated leads into converted leads. Your generated leads must result to conversions to fulfill their purpose. Lead conversions are essential especially in e-commerce businesses who solely rely on their website’s performance. Running an online shop’s main motive is to generate sales and income; that’s why a high conversion rate is highly essential.
Generated leads won’t matter if they won’t convert to customers. They’ll just stay as prospects. Lead conversion is the process in which generated leads are converted into successful customers or shoppers. In addition, the percentage of generated leads that subsequently were converted into customers and shoppers is called as e-commerce conversion rate.
Businesses often generate leads well but are failing to convert them. You can’t let your generated leads go down the drain. To increase and improve your e-commerce conversion rate, and give your sales a boost, here are lead conversion strategies you can employ:
Conduct different kinds of research
Before mapping out your e-commerce plan, you have to conduct different kinds of research. You need to have a good vantage point of what you’re going into. There are two types of research you can conduct once in a while to get an in-depth knowledge about the efficiency of your e-commerce site and your consumers’ purchasing behavior.
Behavioral research. Basically, this type of research aims to examine a human being’s decision-making behaviors. In e-commerce, it aims to figure out the behaviors that affect a consumer’s buying decisions, including consumer psychology.
To conduct this, you can use heat maps, analytics, and other similar tools. Through heat mapping, you can get an overview of your online visitors’ activities when they are on your website. Heat maps help to identify the specific links, buttons, and pages that appeal the most to the users visiting and using your e-commerce website.
Emotional research. The majority of shopping behaviors are affected by emotions. Shoppers browse and buy either to keep up with the latest trends (expertise browsing), to address their boredom (boredom browsing), or to reward themselves through shopping (dopamine browsing). Understand your consumer’s purchasing habits.
With emotional research, you can figure out how to target your consumers emotionally. Give them the emotional fulfillment and experience they are looking for. The more emotionally fulfilled customers you have, the higher your chances of increasing your e-commerce leads, conversion, and return on investment (ROI).
Create powerful and compelling offers
In the e-commerce industry where the consumers are bombarded with a multitude of choices, you have to do everything to make your business stand out. You have to make your products or services irresistible. You need your prospects more than they need you. So, to make sure they take action, you have to make them feel they need you and your business.
How? Provide consumers with reasons why they should not miss out on your product or service. Help them understand the benefits they can get from what you offer. The more they see your value in their lives, the more comfortable they’ll get in doing business with you. You can create a sense of urgency through loss aversion and limited duration, and get a “yes.”
Provide free shipping than discounts
According to statistics, unconditional free shipping ranks first among the different criteria in making online purchases. It is a critical feature in persuading consumers to make a purchase. On the contrary, high shipping fees rank first in the reasons why customers abandon their shopping carts. People want free shipping. This offer appeals to them more than discounts.
If you want to increase your conversions using this strategy without risking your profit, you can offer free shipping for orders that will reach a specific amount. For example, provide free shipping for orders above $50. However, if you want to charge for shipping, specify the shipping costs up front. Or, charge a flat shipping fee for all purchases instead of per item.
Personalize follow-up communication.
Besides e-commerce conversion, personalized follow-up communication positively affects lead generation. With personalized and continuous follow-ups, you can effectively build your relationships with your customers and prospects and establish trust. Keep nurturing and pursuing your prospects and gently lead them to make their purchase decision.
According to Marketing Wizdom, “80% of all significant sales occur only after a minimum of five continuous follow ups … yet only 8% of sales people ever ask for the order a fifth time. Try and try until you make a sale, but never spam your prospects. Review their demographics and provide them with personalized offers that have value and will greatly bring them benefit.
Evaluate and measure your conversions
After trying different lead conversion strategies, you need to determine whether they are effective or not. When talking about lead conversion, there are other metrics to look at for more insight in improving your overall e-commerce user experience and lead conversion rate:
- Bounce rate. This metric is the percentage of people who left after viewing a single web page. A high bounce rate may mean online visitors weren’t able to find what they’re looking for on your e-commerce website, so they leave immediately.
- Exit rate. The exit rate, often mistaken as bounce rate, provides the information about the last page your online visitor has visited. A high exit rate on a certain page can be a signal that something’s wrong with that specific page.
- Average session duration. This metric measures how long your online visitors are sticking around your e-commerce site. This metric goes along with your site’s bounce rate. A high bounce rate equals a low average session duration.
- Average page depth. In Google Analytics, this metric is also referred to as “Pages per Session.” It provides the number of pages a potential customer visited before leaving your online store. In other words, it’s the total page views per session.
These metrics can be found in your Google Analytics account, specifically under the overview of the Audience and Behavior categories.
Set little goals. After achieving your initial goal, increase it. For example, after you reach your initial 1% lead conversion rate, increase it to 1.5%, and so on. Although the average conversation rate for online stores typically revolves around 2-3%, you should not let the other online stores’ average conversion rate limit or hold you back.
Your only basis for comparison should be the conversion rate you have now. Make sure the next one is better than what you have at present. Follow the tips and guidelines above to get started in increasing and improving your e-commerce conversion rate. Never stop improving!
Disclaimer: All images are provided by author.