A guest post from our Magento partner, InventCommerce.
How to increase conversion rate on your website is one of the golden questions that our clients ask us. I have been working in eCommerce for ten years and Conversion rate optimisation, or CRO, has been around for pretty much the whole of that time. Entire companies exist to help website owners with CRO. Entire books have been written about it. Yet retailers are still are looking for help to improve their conversion rate on their eCommerce site
At InventCommerce, as a team, we are passionate about delivering new online innovation to provide our clients with the ability to grow customer reach, market share and online revenues. We have worked on and taken over numerous Magento implementations, upgrades and consultancy from small manufacturers to large multi-brand, multi-region retailers, so we have seen the good, the bad and the ugly in terms of mistakes made around CRO on Magento. This experience has allowed us to build up a wealth of knowledge as to best practice for ensuring Magento and CRO work together.
One reoccurring theme that we have noticed is retailers assume that a common conversion rate is possible across different merchandise verticals, which is not the case, a Private Sales Site will always have a five times higher conversion rate then a electrical retailer. This is because a Private Sales Site will have targeted an audience with products that have a high discount against the RRP with limited available quantity. Whereas an electrical retailer normally sells the same products that hundreds of other retailers are selling at a similar price. In order to fully understand the conversion rate possibility of a site the retailer needs to understand what other retailers in the merchandise verticals are achieving (and this is hard as most retailers are secretive about their conversion rate).
An area that we understand well, with Magento and CRO, is the barrier to purchase that some retailers have on their eCommerce site. A good example of this is a retailer we worked with a couple years ago that forced all shoppers at checkout to enter their age. You may be thinking right now, that the products that they were selling were age restrictive like DVD’s? No, these products had no age restriction on them just someone in Marketing for this retailer thought it would be a good idea to collect the age of every shopper, in order to get a better understanding of their customers. Now, the plus for this marketing person is that it was very easy for them to implement this from the Magento admin, the major downside was the effect on conversion rate as shoppers did not want to provide this information. It led to shoppers leaving the site to find the product elsewhere. They found that when the age field was changed from required to optional, the conversion rate improved and guess what, no shopper entered their age. So be very careful which barrier to purchase you put on your site.