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“8 Tips To Increase Magento Conversion Rate In 2014” is our quick 10 minute read which will help you understand the key elements where you should focus to boost sales and conversion. By merely looking into Google Analytics data you can easily understand that more and more customers are turning to smart devices, sophisticated online options. Fact is if they see any friction they simply leave and look for another vendor they find convenient & trustworthy.
Typically you can expect an average bounce rate of 33%, and maximum bounce rate should not be more than 65%. If you notice more than 65% customers abandoning your store then there is a definite problem. Keep in mind that once you tackle bounce rate well, you can straightaway see a slight increase in conversion rate. Reducing bounce rate should be one of your top priority in 2014.
How To Improve Conversion Rate of Your Magento Store
The goal for the year 2014 should be to focus on two major things, first to Bring in more customers and Convert them into paying customers. The later require clear strategy which needs to implemented, A-B tested and carefully monitored for the months to come. Here is how you can track & measure your conversion rate.
Convenient Checkout Process
Checkout process is the very core of the entire shopping experience. Google Analytics can show you the exit pages of your store. Do you see your checkout cart page there in big numbers? Well, this is the first thing you should focus and simplify. Extensions like Checkout Pro can drastically reduce the steps involved for ordering through your store.
Study suggest that having bright “Green” color Checkout buttons are clicked more than having the button in “Red”. Human mentality prohibits people clicking on “Red” buttons more often. It’s time to realize the human science, color effects on human mind to make the checkout flow more appealing and clutter free. Also drastically reduce the fields required to fill the lengthy form.
If you are selling something which doesn’t require shipping just avoid the shipping address fields. Every business needs some form fields or another but fine tuning, carefully thinking about having or removing fields take you few steps closer towards better conversion rate.
Competitive Pricing Model
Various comparison pricing sites have presented a nifty way to customers to keep an eye on product prices across their preferred shopping stores. It’s time for you to keep an eye on your major competitor’s pricing model. If you can display competitor’s prices on your page to feature that same product is little cheaper on your store that would instill trust with shoppers and improve conversion rates.
Rewarding Loyalty Bonus To Returning Customers
It’s time to introduce loyalty bonus (some discount) to all returning customers. Since retention is one of the biggest factor these days. We were fortunate to witness a customer who gets more than 60% of her sales from returning customers. Eventually she needs to put more customers into the top funnel but just by having high volume of loyal customers her store is doing pretty well. Repeat sales not only increases your conversion rate but also help you get viral word-of-mouth publicity. In times when you are competing with hundreds if not thousands of online stores, such loyal customers can be your primary source of revenue.
You can create gift cards which can be sent to all customers inviting them to buy again and get certain percentage discount. This mixed with little sense of urgency can do wonders for your store’s conversion rate.
Accurate Shipping Time, Estimates
It’s important to let your customers know about out of stock inventory and accurate shipping time just to avoid cancellations. Since, customers can sometimes be erratic about the deliverability it’s better to set the expectations straight. Displaying accurate shipping time, inventory status can help you avoid cancellations thus helps in overall conversion rate.
First time visitors or even repeat customers often abandon their shopping carts to Google coupon codes. While doing so, they sometimes get better deal somewhere else. This is a huge loss since the perspective sale is gone forever. If it’s possible for you to bear little reduction in profit you can display trending coupon codes on product detail page itself to dramatically reduce cart abandonment. You can smartly display coupon finder option that doesn’t catch every shoppers attention other than the one’s really looking for that.
In theory, if customers find your coupon code on third party coupon sites such coupon serve the very same purpose of giving certain discount. Why not give them coupon code on your store so they don’t Google and land on your competitor’s store? Food for thought isn’t it?
Simpler Yet Powerful Navigation
Get a third person opinion or ask them to find certain product on your store without you telling them where it is. If they find your desired product in few seconds your are good otherwise rethink the navigation component. If someone without your help wasn’t able to find the product, think how visitors will find those deeply buried products anyways?
We have noticed that stores having live chat modules tend to get better conversion and lesser cancellations since pre-sales questions are carefully answered. This also helps the customers to know more about your brand, set right expectations, delivery time and other important questions they have in mind. Sometimes your sales representative can recommend additional products which can also increase conversion rate.
Experiences shoppers are very much aware of Credit Card frauds, information leaks, hacks and so on. It’s better show them that you give utmost importance to their sensitive data. Let them know that you don’t sell or use their email address. You use SSL for safer payment processing. Things like this are pretty trivial in converting and unknown visitor into a paying customer.
I hope these tips will help you increase your conversion rate. Please leave us a comment and let us know what other measures you have taken to boost sales & conversion.