Conversion Rate Optimization
5 months ago
The oversaturation of digital marketing channels is a well-documented facet in modern eCommerce trends. Ad fatigue can add friction or even paralyze the buyer’s journey, and as a result, brands need to get smarter about gaining value from their traffic. In order to drive the most value from your web, device, or screen traffic, it is crucial to consider conversion rate optimization (CRO). CRO can be used to increase conversion actions such as clicking a link, viewing a video, subscribing to an email, or making a purchase.
As a whole, one of the biggest reasons for effective CRO is combatting potential pitfalls that induce friction in eCommerce. Anything that would prevent or disincentivize a user from converting a sale would make said list, and a few examples may include high page load time, ambiguous copy, confusing design, inflated pricing, and poor shipping and return policies.
As a whole, we’ve assembled a graph below that helps illustrate many of the potential variables that impact the revenue of an eCommerce site.
To reach the ideal conversion rate optimization, a mastery of all above variables goes leagues in minimizing friction between buyer and checkout. That said, it isn’t as easy as just reviewing all the potential criteria. Effective data analytics, copywriting, growth hacking, UX & persuasive design, and A/B Testing all help funnel those criteria into actionable steps to help improve CRO and guide users through the sales funnel.
It is that technique which we would refer to as a solutions approach, which involves hypothesizing, performing multivariate testing, and deploying solutions to improve conversion rates and maximize revenue. A solutions approach ensures that the broad criteria and spectrum of CRO-affecting variables are all targeted in a way that has tangible metrics to track, as it can be easy to fall into the trap of favoring flash over substance and failing to meaningfully adjust from failed attempts at improving conversion rates.
However, some ready rules can be applicable to all CRO efforts. They include…
1. Making your copy action-oriented
A call to action is key to any successful copywriting by influencing your consumer to pull the trigger on a purchase or actualize their demand. It’s one thing to appreciate a product, but what drives revenue is taking the plunge and purchasing.
2. Relevant and informative content
However, a consumer will only make a purchase if they understand how a product or service solves an issue in their life or enhances it quality. Effective content can demonstrate the utility of a product or service and drive sales regardless of vertical.
3. Experimenting with your value proposition
A value proposition is effectively the statement a brand makes towards its consumers. Ensuring that your mission is as sharp and focused as can be will set you apart from the pack and carve a commerce moat that other competitors can not tread over.
4. Integrate Product Reviews
Product reviews are a sure-fire way to have honest testament on the quality of your goods and services. In a way, it overlaps with rule 2 in that it is user-generated content that is both relevant and informative. While some business owners may fear the sting of bad reviews, most product review technologies allow a company to negotiate and work with the author of a bad review to improve it, enabling you to not only address poor reviews effectively and possess another outlet of customer service, but understand and revise flaws in your product design.
5. Add, integrate, and promote social across your site.
Social media serves to enhance your value proposition and flesh out a strong brand identity with little to no cost. Building customer loyalty and staying top of mind in consumer minds’ relies heavily on the sort of content and interconnectivity that only social media can provide.
There are a myriad of technologies that can also help optimize the customer experience, lower abandonment rates, and improve conversion rates. Analytics solutions and AI play a key role in enhancing your CRO, and hopefully by combining those technologies with the aforementioned key principles, you can see a vast improvement to your CRO and, as a result, the health and prosperity of your commerce solution.