In today’s digital buying world, the competition is increasing each day and companies are constantly looking to improve their sales and conversion metrics. So, if you’re running an online business and looking for ways to boost your e-commerce conversion rate, you’ve come to the right place.
In this blog, we’re going to discuss everything you need to know about e-commerce conversion rates and how you can optimize yours in some amazing, interactive ways!
So, let’s start with understanding the meaning of e-commerce conversion rate.
What Is Ecommerce Conversion Rate
In simple terms, an ecommerce conversion rate is the ratio of the number of completed transactions to the total number of sessions on a website. It is generally expressed as a percentage. For example, a ratio of 5 transactions against every 100 transactions would make for a conversion rate of 5%.
How to Calculate Ecommerce Conversion Rate
The calculation of ecommerce conversion rate is quite simple. In order to calculate the quantity, you can simply divide the total number of conversions by the total number of visitors. To convert it into percentage terms, you can multiply the ratio obtained by 100.
Let’s take an example to understand this better.
If your website has a total of 1000 visits in a day, and you’re able to convert 250 of them. So, your conversion rate will be:
=(250/100)*100
=(¼)*100
=25%
What Is a Good Conversion Rate for Ecommerce
2.5-3% is considered to be the average conversion rate for ecommerce stores working online. With everything in place, you can easily expect to convert about 2-3% of your visitors. A conversion rate higher than 3% can be considered a good conversion rate. However, this can vary from industry to industry. So it’s best to find the average rate for your industry.
Types of Ecommerce Conversion You Can Achieve
Now that we’ve understood the basics of ecommerce conversion rate, let’s have a look at the different types of ecommerce conversions that you can achieve.
Online Sale
Online sale is one of the most important types of ecommerce conversions that you can achieve. This happens when your customer completes a transaction with your website by making a purchase and paying the amount that’s due.
Email Signups
Email signups could be for regular email updates or for your weekly or monthly newsletter. Whatever it is, this type of conversion helps boost your email list and improve your email marketing efforts.
Social Shares
When a user shares your content on their social media handle, they’re sharing with their friends and acquaintances about your product or service. You can perceive this as a form of digital word-of-mouth marketing.
Items Wishlisted
When a user scans through your website and adds some products to their wishlist, they’re showing interest in buying your product at a future date. So, you can take this as a cue to give them reminders about those products. You can always notify them if there’s a reduction in the prices of their wishlisted items.
Items Added to Cart
Sometimes users add items to their cart and drop-off before completing their purchase. In this case, you’ll still have their cart info and can use it to remind them about the products they loved that can get out of stock any time, either through app notifications or emails.
Account Creation
When a user creates an account with your website or app, they’d provide you with some important information like their email address, name, contact number, etc. This way, you can include them in your marketing list and reach out to them with some amazing content in order to get them to purchase from you.
Referral
By creating some interesting offers on referrals, you can get your users to refer your brand to their friends and acquaintances. This will help increase the number of signups and account creations and may even contribute to an increase in your online sales.
9 Interactive Ways to Boost Your Ecommerce Conversion Rate
Utilize an Ecommerce Recommendation Quiz
Using an ecommerce recommendation quiz, you can help your users choose the product most suited to their needs. You can simply ask some questions about their needs, preferences, and budget and then come up with some amazing products that they can buy. Moreover, a product quiz will help keep them engaged and provide them with an interactive experience with your website.
Let’s take a look at this makeup quiz by Aisling Organics.
As we’ve already discussed, this quiz asks some questions regarding your skin tone, your preferences, style, etc., and finally, gives you a discount code and shows some amazing personalized makeup routines that you can totally follow. The key idea here is to help customers make the right choice and provide them with a smooth buying experience.
Utilize an AI-powered Chatbot
In order to boost your ecommerce conversion rate, the best thing you can do is provide your customer with a smooth and hassle-free shopping experience on your website. But despite the best experience, there may be times when your users may have some queries regarding some of your products. In these cases, an AI-powered chatbot embedded on your website would come super handy for real-time replies.
AI chatbots, unlike traditional chatbots, are highly capable of addressing different types of queries and resolving user issues without human intervention. This addition will help keep your users satisfied and will encourage them to complete their purchases.
Use Interactive Videos
Interactive videos are one of the newest and most trending types of interactive content. It is basically a video that lets the users directly engage with it by allowing them to click or take actions within the video which leads to certain conversions.
Let’s see how MANGO utilized interactive videos to display its products in a fun and unique way.
Mango has cataloged its products in this video by showing real people going about their day wearing their clothing. The usage of models and scenery makes their clothing range look appealing to the eyes. The best part is the interactive CTA buttons that allow users to take some action directly from the video.
Conduct Interactive Giveaways & Contests
You can increase your chances of conversion by conducting interactive giveaways and contests. Make some enticing offers to your audience with the help of a fun giveaway or contest and wait for them to sign up. You will surely see a great number of people taking the desired action.
An added benefit is that users will be redirected to your website which will make them notice the products you’re offering. Some of them may even decide to purchase from you. This will ultimately help you boost your e-commerce conversion rate by getting you signups, an increased number of visitors, and some sales if you’re lucky!
If you’re selling a service or digital product and do not hold an inventory of tangible items, consider print-on-demand (POD) services for your giveaways and contests. With POD, the printing provider takes care of inventory, fulfillment, and delivery, freeing you from these worries. Additionally, POD offers a wide range of customizable products such as t-shirts, mugs, hats, and more.
Let’s take a look at an online giveaway template.
Domino’s Pizza conducted the Free Pizza for a Year giveaway which helped them gain a lot of traction. After all, who wouldn’t want free pizza, right?
This giveaway conducted on Facebook helped them drive traffic to their website and of course increased their lead generation as well as sales!
Offer Limited-time Coupons
Everyone loves buying stuff at a discount. Even if a user, who is randomly surfing online and isn’t really looking to shop, comes across some offers and coupons, chances are they are still going to click to check it out. And when they see that the offer will last for a limited time, they might want to utilize the opportunity and decide to buy the product impulsively.
Therefore, offering limited-time coupons can be an effective way to boost your ecommerce conversion rate.
Create an Easy yet Interactive Checkout Form
The key to increasing your ecommerce sales is providing users with an easy and hassle-free experience. And to ensure that the users are engaged till the very end of the sales cycle, you should create an easy checkout form.
In your checkout form, make sure that you ask for the details that are extremely important and do not consume a lot of their time with unnecessary questions. You can always collect more information through an interactive feedback form which we’re going to discuss in a while!
Share Fun Quizzes and Polls on Social Media
Social media marketing plays a major role in this era of digital marketing. With a huge number of social network users worldwide, brands and companies are realizing its importance and focusing more on social media marketing. But how can you ensure that your social media marketing efforts become fruitful?
The answer is simple! Try posting some fun, interactive quizzes and polls on your social media channels and wait for the response. For example, if you’re running a travel company, you can create a quiz like this one and promote it on your social media.
This quiz will ask you some questions about your preferences, likes and dislikes, and tell you where you should go for your summer vacation. Sounds fun, right?
Moreover, interactive content like quizzes is said to bring about 2x more conversion than passive content. So, don’t wait up. Try your hand at creating interactive content with a no-code tool like Outgrow.
Display User-generated Content to Gain Trust
A very smart way of getting more people to sign up with you or buy from you is by displaying user testimonials on your website or application. User-generated content could be in the form of testimonials, product reviews, live streams, images, videos, etc.
By showing reviews from your existing users, you can prove that your product or offering is exactly what you’re claiming. This will encourage more users to buy your product and share their experiences with their friends and acquaintances.
Let’s look at Outgrow’s homepage to see how they’ve utilized UGC:
Collect Consumer Feedback Through Forms & Surveys
Collecting feedback is extremely important for all businesses. You should make sure that you collect feedback from your customers through a survey form once they’ve gone through the purchase cycle. This will help you understand how their experience was with you and what things you can work on in order to improve your customer experience going forward.
Let’s take a look at this Patient/Customer Satisfaction Survey to understand this better.
Are You Ready to Boost Your Ecommerce Conversions?
We hope that we’ve been able to help you understand the basics of ecommerce conversion rate and how you can go about boosting yours in some amazing, interactive ways. So, what’re you waiting for?
Immerse yourself in the world of interactive marketing and reap its benefits as much as you can!
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