If more of us are shopping online why is the average conversion rate dropping?
Are we now buying less online? Or are we just getting fussy? In just 7 years online sales have doubled but the number who convert into a sale per site had dropped dramatically. Redeye report reveals latest online buying challenges.
The study looks at the types of conversion and measurement used, as well as the tools, strategies and processes employed for improving conversion rates. The report also examines different areas of best practice and identifies which techniques and methods are most valuable for improving conversion rates.
The research revealed that there are seven main areas organisations need to concentrate on if they want to improve website conversion and sales:
- A/B and multivariate testing – testing is one of the best ways to keep improving website performance.
- Having a structured approach – conversion rate optimization needs to be a systematic process, not a one-off project. Implementing a process and plan is shown to have a positive effect on conversion.
- Using multiple methods to improve conversion – using a number of different and complementary methods to aid conversion is highly correlated with increases in conversion/sales.
- Usability testing – was highlighted by survey respondents as the most valuable method after A/B and multivariate testing
- Responsibility – making people responsible for website conversion, giving them the authority and accountability, plus ideally a financial incentive.
- Customer journey analysis – although only 49% of companies use customer journey analysis, it has become one of the most valuable methods for improving conversion rates.
- Cart abandonment analysis – of all the methods used to help increase conversion, cart abandonment analysis shows one of the highest correlations to increases in sales.