How to sustain in the highly competitive market? The only solution is to develop conversion rate optimization strategies. 

Why need to focus on conversion rate?

Conversion rate is the percentage of visitors to your website that complete your business goals or take desired actions such as adding to carts, making purchases, subscribing, downloading,...In e-commerce, this indicator shows the proportion of unique users during a particular timeframe that make a purchase. That means that the higher the conversion rate is, the higher sales you will receive. Therefore, by improving conversion rates, you can generate more revenue in the shortest amount of time without consuming huge amount of money on driving traffic, and with the least amount of effort.

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Magento has a lot of built-in features and tools to boost the conversion rate of e-commerce businesses. However, conversion funnel is entirely different in size and nature from stores to stores. For the sake of comprehensibility, in this blog, we have selected a list of 10 Tips To Optimize Conversion Rates For Magento 2 Websites - must-have tactics for your eCommerce online store.

Optimize The Home Page With Discount Deals

To stimulate customers to purchase and improve the customer relationship and loyalty, it is essential to provide them some incentives such as sales, discounts, or promotional codes. A study by Market Track shows that 83% of shoppers have made an unplanned purchase based on the availability of a coupon. Another survey conducted by Deal Neil indicates that 68% of respondents would leave a store that offers no coupon codes. It is proven that generating coupon codes and offering them to customers can greatly increase conversion rate and reduce abandonment rate for your Magento 2 stores. To utilize these coupons most effectively, the first thing is to make sure you send the right type of coupons to the right customer and in the right time. If you want to make customer purchase as soon as possible, you should offer coupons with a short-term expiration period. Also, you should take advantage of special occasions such as Christmas, Easter, Black Friday, offer those time-limited coupons when people are more inclined to spend money on shopping.

Offer A Fast Checkout Process

One of the headache of e-commerce business is the conversion rate at the checkout process. 70% of abandonment rate comes from the bad experience at the checkout phase. The most common reason why people leave even when they reach the final stage of purchasing is because they feel annoyed having to fill in too much information in too many steps which is time-consuming. To avoid losing potential clients, you need a fast, simple and reliable checkout process which can combine several steps in one. Undoubtedly, one of the most effective way to reduce abandon rate and increase sales revenue is to optimize user experience by simplifying the checkout process into one-step checkout. It is also essential that you optimize customer experience by offering an user-friendly and intuitive interface and applying coupon policies to encourage customers to make purchase decisions immediately. 

Set Up Loyalty Campaigns

The importance of customer loyalty is proven by a lot of data. According to Hubspot, 80% of online shopping revenue comes from repeat customers who make up only 8% of site visitors. An article from OutboundEngine points out that acquiring a new customer costs five times more than retaining an old one while the success rate of selling to a current customer is higher than that of selling to a new customer by 50%. No doubt that loyal customers are the most potential customer group that contributes to your sales sustainably. Therefore, an efficient loyalty campaigns is crucial for retention. The most common methodology of loyalty program is the point-based loyalty program. The thing is you don’t need a complicated rewards system. Keeping it simple and intuitive is the point.  

A point rewards program will enable frequent customers earn points from their activities such as purchasing specific items, reviewing and rating, special events, signing up or referring to a friend. Customers can later spend those points easily in many transactions. Given a fact that a site with reward point system is more likely to get high rank on Google Search Engine, this is a must-have marketing tool to attract new shoppers and retain current ones to purchase your products.

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Invest In A Quick Loading Magento Website

According to data from Akamai, if a website takes more than 3 seconds to load, it will lose nearly half of its visitors. It is a simple fact that the faster your site is, the more satisfied you customers will be. 79% online shoppers say that they will not come back to buy if there is any trouble with the site performance. Also, Google will not rank your website if there is a sign of poor user experience shown by slow page load time. Today’s online customers easily run of patience because they are overwhelmed by many other choices. They can abandon the checkout process if they have to wait even a second and move to another site. Thus, reducing site loading time for your Magento 2 stores is crucial to improve customer experience, conversion rates and sales revenue.

Provide High Secure Payment Options

Success in cross-border e-commerce requires a deep understanding of global customers’ behaviors including what they like, how they buy and how they pay. Although there are over 200 payment methods that can be implemented to handle online transactions, customers only have one or two preferred ones. That means that you don’t have to cover all methods to ensure your customers will make purchases. However, you should implement the methods that your customers are most commonly using like PayPal, Stripe Gateways, and credit cards. The reason is that your clients will easily switch to another store if they can’t find their favorite payment method. Research shows that having top three most used-by-customer payment options can increase your sales by 71%. Thus, by offering multiple payment options stripe payment as an example, and different cards support for your Magento 2 site, you can provide the convenience for customers and lower cart abandonment rate. 

Offer Efficient Shipping Methods

After orders are completed, shipping is a momentous process you can’t underestimate. Make sure that your shipping process is fast, accurate and convenient. Shipping smoothly will lead to next profitable transactions. At the same time, you should offer your shopper unlimited shipping methods so they can select the most suitable one for them. Currently, there are many available shipping ways integrated in Magento stores that can meet the demand of both sellers and customers such as flat-rate shipping, table rate shipping and shipping per product. 

Multiple flat rate shipping means you can offer multiple flat-rate methods at different prices and many conditions such as country of delivery, handling fees, product type, etc. You can also enable specific flat rate shipping method with fixed or percent amount for particular or all countries. 

However, flat-rate shipping method is not suitable for stores which sell products at different sizes and weights. In this case, multiple table rate shipping method is the best choice where sellers can set rules to calculate advanced shipping cost. Table shipping method is the method that uses a table to set up such rules. It is very efficient especially when you have a lot of rules and conditions. 

For products that are light, heavy or fragile, shipping per product is the most suitable method that help set individual flat shipping rate for each product. In this way, you will not have to worry about the incorrect shipping rate for each product in your store. 

Create A Social Media Impact Of the Magento Webstore

Just imagine you have to create a new account every time you visit a new e-commerce store, you won’t say that is a good experience. The reason why a long registration form in online shopping stores should be abandoned is that it ruins visitors’ first impression on the site. No one is willing to spend their precious time to fill in those forms and then get more problem with those passwords. They want a fast, simple and convenient sign up process in just one click called social login. With just one click, your customer can sign in your system easily. Nowadays, every online shopper has at least one social media account. The most common ones are Facebook, Twitter, Instagram, Linkedin, Snapchat Many customers say they will quit the checkout process immediately if they are required to fill in any kinds of form. No doubt social login reduces abandonment rate and boosts greatly sales revenue for online stores. Moreover, with social login, you can collect customer data from their social media accounts which is significant for your targeted marketing campaigns later. 

Answer All Questions In Advance

Customer service involves much more than just personally interacting or catching customer phone calls. Especially, when you are doing an online business, your customers will mostly look for communication through online channels like email, live chat, and social media. Thus, it is important that you be available on those channels to clear up their queries in time. Make sure your contact information from email, phone number, to live chat are conspicious on every web page. To avoid wasting time answering all the same questions all the time, you should create a FAQ system to resolve all customers’ common issues. You should only include proper, accurate and necessary information. Too much irrelevant information can overwhelm customers and deter their purchase decision. However, when it comes to social media, you should always respond, especially when they call for your support. Even if you can’t answer right away, at least leave a message to inform when you will reply. Real-time support in omni channel will deliver customers superior experiences, boost your customer satisfaction and in turn the revenues.

Equip The Advanced Search Engine 

Some customers use the navigation menu to find out products while others want to search their desired ones. Optimizing search engine is very important as people who use search are looking for specific products that they are ready to buy. Customers need an advanced search engine with suggested search and auto-completion features which can help them find the best products related to their keyword. Smart search engines will recommend products and keywords for user when they type in the search box. It also predicts users’ next search term and easily refine their search intent. An advanced search engine also lets users filter search results based on product categories. This tool can facilitate customer in finding the products that are most suitable with their needs. Thus, it will make them feel satisfied, enhance their experience and encourage them to buy more and more. 

Invite Multi Vendors To Sell On Your Marketplace

To increase sales, you should diversify your marketplace by inviting different vendors to sell their products on your marketplace. This will help boost traffic to your site and provide customers with much more selections. Given that Magento marketplaces usually attracts more traffic than traditional e-commerce websites, it will accumulate a huge amount of customer database which is beneficial for better segmentation of target customers for future marketing campaigns. Small stores and vendors also benefit from this leveraging traffic to convert more customers. You can also increase your revenue through commissions from those sellers. The more vendors and products your site has, the more profit you will receive. Cooperating with other vendors to get a diversified Magento 2 marketplace with more products, thus, can help you attract more customers and improve the conversion rate.

Final Words

There are a lot of conversion rate optimization strategies for your Magento website; however, choosing the most appropriate strategy is depending on status and demand of your online store. No matter what your choice, hope that the list of 10 Tips To Optimize Conversion Rates For Magento 2 Websites will be useful for you.