What is Conversion Rate Optimization (CRO)?

Imagine that you own a shop and many customers come daily, but they move out without buying anything. Sounds dejecting right?

What if this happens on your eCommerce website?

Worry not. What you need to do is to convert those visitors into potential customers. We got a solution for you.

The path that leads to quality instead of just quantity, is Conversion Rate Optimization (CRO).

In recent times, most people have a low attention span. If something does not attract them in the first go, there is a high chance that they won’t be one of your conversions.

In short, you’ll have to be their love on the first visit.

In the following blog, we will discuss Conversion Rate optimization. Benefits. How to calculate conversion rate. Where your business stands among the eCommerce world.

So, let’s get started…

What Is Conversion Rate Optimization?

CRO is the process of increasing the percentage of conversions from the desired platform. Conversions as in doing a specific set of actions like purchasing, subscribing, etc.

You must be thinking that increasing visitors will increase conversions. But that’s not how CRO works. For instance, there are 100 visitors on a site & 5 of them purchase a product.

Now, making the rest 95 of the visitors interested in purchasing the product is the motive of CRO.

In other words, it focuses on improving conversions from the existing crowd.

“It’s much easier to double your business by doubling your conversion rate than by doubling your traffic.”
– Jeff Eisenberg, Bestselling Author

Now, before deciding whether you should go for CRO or not. Let’s see how to calculate Conversion Rate.

How to calculate Conversion Rate?

Conversion rate is the ratio of the number of conversions and number of visitors multiplied by 100.

Let’s take an example if you’re having 100 visitors. And getting 3 conversions. Then according to the formula, you’ll be having a 3% of Conversion Rate. You can also calculate different Conversion Rates for different goals. For instance subscribing, signing up, visiting blogs, feedback, etc.

It depends on your priorities while considering different rates for evaluation.

Conversion Rates Running in eCommerce Zone

See, different companies have different domains of clients. Hence, they will have conversion rates. For example, a business that primarily focuses on industrial tools will have a lower Conversion Rate as compared to a business that specializes in consumer goods like cosmetics.

Below are some major industries and their Average Conversion Rate (CVR).

If you find yourself below the concerned numbers, then you need to work on Market Research & Conversion Rate Optimization. Anyways, whatever your current Conversion Rate is you must strive to improve it because better leads mean better revenue.

What if businesses avoid CRO?

Cart dumping is one of the biggest problems for consumption-based businesses. Stats says that more than 60% of carts are dumped midway while checking out.

This happens because many online shopping platforms are annoying their customers by asking a ton of details while filling out forms or taking too much time loading the page or even browser crashes.

You don’t want this to happen with your clients, do you?

Such incidents can be avoided if you go for Conversion Rate Optimization. It will do proper market research and provide optimal solutions.

So, if you consider it, CRO plays a huge role in bringing out your potential conversions and revenue. Especially those businesses that belong to the eCommerce domain.

1. What are CRO tools?
   CRO tools collect data about a website and its visitors. It helps owners understand how people use their site and filter out potential changes for CRO.
   
   
2. Reasons why CRO is good for online businesses?
   – Increase speed of your website
   – Your clients will get a customized experience
   – More profit from existing visitors
   – Helps to reduce the annoyance of the website
   – Improve the overall website functionality
   – Increase website traffic indirectly
   
   
3. What is CRO testing?
   It is a method of bringing out the best possible options for improving your conversion rates while making changes to your website. It’s like a simulation that runs for a stipulated period and its outcomes are then evaluated for better CRO.
   
   
4. What strategies are used for Conversion Rate Optimization?
   Step 1: Introspection. Research and identify flaws
   Step 2: Analyze research outcomes and channel the thoughts to find a solution for better optimization
   Step 3: Sorting your priorities. It is essential because you don’t want to waste your resources on something trivial
   Step 4: Test out your findings and conclude the essential changes
   
   
5. What strategies are used for Conversion Rate Optimization?
   We are also preparing a blog series on Conversion Rate Optimization where you can get insights into topics like:
   
   • Product Page Optimization
   • Checkout Flow Optimization
   • Website Speed
   • Performance Optimization

CONCLUSION

To sum it up, CRO is not just website optimization, but it also helps improve site performance, bounce rate and boosts marketing efforts. It enables companies to understand how customers think. Also, we can’t ignore the fact that CRO enables industries to transmit the data to improve their future business strategies.

CRO is a blessing that can be bestowed by SetuBridge where we have a great team to fulfill your needs.

By now you must be having a decent idea of where your business stands in the Conversion World. Still, got queries? 

Hike Your Conversions Upto +12% with Our CRO service!