Simple ways to improve conversion rates — E-Commerce
Solving cart abandonment rates have been an everlasting discussion in the e-commerce space. Every online seller has this issue!
Abandoned carts in the physical mall is an issue for most retailers as it equates to hundreds if not thousands, maybe even millions, of dollars of lost revenue!
The e-commerce online abandoned cart problem is even worse… amounting to $18 Billion in lost revenue each year (1)! The average cart abandonment rate of an e-commerce store sits at approximately 70%. That means at one point 7/10 carts had the potential to convert into a sale, but instead they were abandoned! If you were a physical mall, this would be a HUGE problem.
Luckily online stores don’t have to worry about the fixed cost of running a physical space. However, this also means there are a lot of opportunities to improve your online shopping experience to increase online sales and in turn PROFIT!!!
Improve cart checkout conversion rate by exploring 1-click checkout
According to Baynard (2), 18% of US online shoppers leave their order as a direct result of long and complicated checkout processes… Listen to and notice your consumers’ behaviors! This stat is an indicator that improvement can be made!
Use instant check-out payment tools like GetInstant to improve cart conversion rate and increase the speed of your checkout. GetInstant is building the world’s most instantaneous 1-click checkout in the e-commerce space and is powered by Stripe. Currently, GetInstant is fully functional on the WooCommerce platform, so onboarding your WooCommerce site will only take a matter of minutes!
Check out the product demo video below! To speak with Instant — Book a time here https://calendly.com/getinstantco/30
Instant Checkout is a flagship product developed by Gaze.Ai.
Tips
Don’t force your customers to sign up to your site!!!
In research by Baymard, out of 4,329 responses they have found that 24% of cart abandonments were caused by forced account creation. By simply implementing a guest checkout, you can move the needle to increase your sales conversion!
Improve where you can, and in incremental steps! Always look for opportunities to optimize your website or any process that your online store is currently using. By using a combination of new plugins, conversion rate tactics, and a/b testing you can stay ahead of the competition!
A/B testing your e-commerce site
Always continuously split test new features and track the results by implementing analytics on every button/page of your store. If you are not familiar with what the term A/B testing is, then check out crazyegg’s blog post for an in-depth explanation. -> click here
“you don’t know what you don’t know”
You don’t know how YOUR customers will respond to certain changes in your site — Minor or big changes can lead to quicker/ slower checkout times or even increasing/decreasing conversion rate.
Take a look at these resources to learn more about A/B testing
- Learn more about A/B testing
- Use ALREADY BUILT plugins to improve your website
- Agency list for companies that specialize in this work!
Now… when it comes to plugins, you should not compromise your site’s reliability and load speed for a million plugins, so you better choose wisely which plugins you want to incorporate into your store! Ask yourself these questions before you install the plugin.
1. Does it save me time as a business owner?
2. What is the trade-off between speed, cost, and security
3. Does it help the customer save time or money?
4. Would it help me increase my conversion rate?
Credits: Articles cited as sources/reference
