The Top 100 eCommerce companies were recently surveyed on their conversion ratios and the results were nothing short of discouraging - 22% reported conversion rates between 1% and 1.9%, 20% reported conversion rates between 2% and 2.9%.
This is probably exactly what your online business is generating, in terms of visitor to buyer ratio. So where are the other 99% of your visitors running away to?
If we are to imagine 500 shoppers visiting your website and only 5 of them placing an order, your conversion ratio is only 1%. And of the 100 companies that are already at the TOP, only 20 have surpassed the 5% conversion ratio.
The highly competitive nature of electronic commerce is very apparent with the hundreds of other companies that offer the same products. Customers have a lot to choose from, and can easily defect to cheaper merchandise. But lowering you own price isn't the answer. Success in selling online comes from knowing the three B's of improving your entrepreneurial pursuits - website branding, browsing, and buying.
Branding
Branding is anything that relates your company and products to the consumer. In the world of ecommerce, this specifically means your website. Designing the logo is just the beginning. Content must also be compelling to put your company on the map and drive customers to bring out their credit or debit cards. Putting certain keywords for search engine optimizations and knowing what keywords to write for can go a long way in dealings. Trust is also important. Having a website security seal tells buyers the website they are looking at was certified as a secured and legal site by a third party. A good example of this service can be seen at eBuyershield.com. These seals are incredibly cheap for the easy 10% minimum conversion rate boost they provide.
Browsing
The next deciding element in producing better sales, after the visitor is impressed with your content and softened up for some purchasing, is to guide them to the eCommerce section of your website as quickly as possible. This prevents them from losing any of that short-lived interest before being compelled to buy. Complementary products are also a good idea to offer along the pages they visit to increase dollar earnings.
If we are to imagine 500 shoppers visiting your website and only 5 of them placing an order, your conversion ratio is only 1%. And of the 100 companies that are already at the TOP, only 20 have surpassed the 5% conversion ratio.
The highly competitive nature of electronic commerce is very apparent with the hundreds of other companies that offer the same products. Customers have a lot to choose from, and can easily defect to cheaper merchandise. But lowering you own price isn't the answer. Success in selling online comes from knowing the three B's of improving your entrepreneurial pursuits - website branding, browsing, and buying.
Branding
Branding is anything that relates your company and products to the consumer. In the world of ecommerce, this specifically means your website. Designing the logo is just the beginning. Content must also be compelling to put your company on the map and drive customers to bring out their credit or debit cards. Putting certain keywords for search engine optimizations and knowing what keywords to write for can go a long way in dealings. Trust is also important. Having a website security seal tells buyers the website they are looking at was certified as a secured and legal site by a third party. A good example of this service can be seen at eBuyershield.com. These seals are incredibly cheap for the easy 10% minimum conversion rate boost they provide.
Browsing
The next deciding element in producing better sales, after the visitor is impressed with your content and softened up for some purchasing, is to guide them to the eCommerce section of your website as quickly as possible. This prevents them from losing any of that short-lived interest before being compelled to buy. Complementary products are also a good idea to offer along the pages they visit to increase dollar earnings.
No comments:
Post a Comment