How to Improve E-Commerce Payment Conversion Rates
Businesses online typically refer to actions that tangibly impact their business as “ecommerce conversions.” This often refers to sales (whether actual purchases were made) or activities where visitors provide contact details (like their email) so the brand can continue marketing to them.
Conversion rates are essential to an online business’s success; yet measuring and optimizing them can be challenging. This is mostly because conversion metrics vary greatly based on context; for instance, an electronics store will likely not have the same conversion rate as one selling $10 t-shirts. Furthermore, conversions depend heavily on how shoppers initially interact with your store – social media traffic and paid search channels typically have lower conversion rates than referral traffic for example.
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There are various ways of measuring and improving ecommerce conversion rates, with analytics platforms making this data easily available from your website. You can then use this information to assess whether digital marketing campaigns are yielding expected ROI or whether there is something amiss with product offerings.
Other factors can influence conversion rates, including price sensitivity, product features, localization and device use. A website offering free shipping tends to experience higher conversion rates than those without it; psychology suggests that people’s willingness to buy decreases as purchase prices increase; this might explain why subscription products with larger financial commitments tend to have lower conversion rates than single one-off purchases.
Other ways to increase ecommerce conversion rates include diversifying payment options, offering more detailed product descriptions, and eliminating friction from the checkout process. Digital wallets like Apple Pay and Samsung Pay make conversion easier for mobile shoppers, and providing customers with installment plans may help more consumers decide to make a purchase–for instance, an expensive dress may seem out of reach but can become more manageable over time when divided up over months. Finally, it’s essential that you gain a firm grasp on who the target audience is. Under GDPR, this should become increasingly relevant as you should be able to deliver more tailored experiences to shoppers who have demonstrated interest by signing up or downloading content from your brand. By providing customers with relevant, helpful content they are less likely to become frustrated and leave your site, abandoning their carts altogether or simply clicking away in frustration. Reveal by Omniconvert is an all-encompassing customer value optimization platform designed to help businesses analyze customer behavior across all channels and devices – including online store conversion rates – as part of improving conversions, and ultimately turning visitors into paying customers.
