CRO (Conversion Rate Optimisation) is becoming an increasingly growing necessity for eCommerce merchants. More and more online stores are competing for visitor retention so the importance of creating an optimal buying experience is paramount. As an online store merchant, you want to know your site is positioned to effectively convert visitors into buyers right?
Getting your conversion rate as high as possible is extremely important for maintaining revenue and overall ROI. If you don’t get this right, you are at risk of losing sales and ultimately your business.
The difference in monthly revenue from a drop of just 0.1% in conversion rate can mean thousands of dollars in lost revenue. On the flip side, if you can increase your conversion rate by 0.25% then you are going to see significant profit gains. As you stack these optimisations together over time, your wins add up meaning happy customers and exponential revenue rises, not to mention an edge on your competitors.
In collaboration with Paypal, Magento, and HiConversion, Online Visions has access to over 120+ optimisation experiments already tested on over 216 participating merchant sites.
The simple diagram below is your key to understanding visitor flow and which part of your online store needs to be optimised.
As you can see, the dashed green line represents the most common results for each stage of the ‘buyer funnel’. Your site metrics will likely be similar to the green line. If one or more sections fall too far inside or outside of that line, you know where you need to optimise.
Of course, the goal is to get the bottom data points as wide as possible, meaning more sales from less visitors.
In the graph above you can see there is a skew outwards at the ‘Window Shopper’ stage and then comes back in at the ‘Shopper’ stage. This means that visitors are browsing products, but aren’t ‘adding to cart’ as much as we would like. So, for this particular store we would recommend running specific ‘Cart Rate’ optimisations.
These optimisations could include:
Once these tests are setup and enabled for multivariate (MVT) testing, we monitor the results to identify which combination of tests outperforms the rest to determine the winning treatment which can then be made as a permanent change on your website.
You can also see from the graph above that the ‘Shopper’ metric of 11% is inside the dashed green line meaning it’s lower than what we would normally expect. In this particular instance, what we would do is measure the results from our ‘Cart Rate’ optimisation campaign and then run a subsequent campaign to optimise the ‘Checkout’ experience.
These optimisations could include:
Typically after analysing an eCommerce store, a number of custom designed tests will be hand picked for you, but the examples provided give you an idea of generic optimisations that can make quite a big difference.
The benefit of HiConversion analytics is that it includes eCommerce metrics that have been collected from over 7.7 million transactions and $675 million in revenue, which means we can effectively compare your site metrics against similar merchants around the globe to discover exactly where your site underperforms.
From the merchants already involved, average revenue per visitor has lifted by 8.12%.
Optimisation tests work with the many various shopping cart solutions such as Shopify, BigCommerce, Woocommerce, and of course Magento.
Head on over to https://www.onlinevisions.com.au/holiday-bundle/ and enter your details or simply email firstname.lastname@example.org to setup an introductory call.
You’ll get all the details you need to see if you qualify for site optimisation experiments under the new MOI initiative.
As your local partner agency, we can help you get started and on your way to higher conversions and more revenue.