The Power of Conversion Rate Optimization
Cloud IQ is the conversion optimization specialists.
All e-commerce site owners want to be able to increase their conversion rates. High visitor rates are good, of course, as they indicate that your brand message and acquisition efforts are paying off. But, it is the conversion rates that really bring in the profits. Though most site owners know that conversion rates are important for profits, not many of them realize just how much conversion rate optimization can increase their revenue. In fact, at the moment, e-commerce sites only spend around 1% as much on converting visitors into paying customers as they do on actually attracting those visitors in the first place. But, should they be spending more on optimizing their conversion rates? A recent analysis by Forrester is very illuminating on this topic, however, revealing that a mere 0.2% conversion rate improvement can boost your revenue by 10%. The average site converting just 2-3% of site visits, so a focus on conversion rate optimization will lead to a dramatic increase in revenue.
Using machines to improve your conversion rates
In the past, conversion rate optimization required a lot of manual work. From adjusting content to make it more eye catching, to running carefully targeted ad campaigns and creating communications that spoke to a specific user at a specific time, conversion rate optimization took so much effort that many e-commerce site owners felt – understandably – that it took up too much of their time. That situation has changed now, however, as automated tools can be deployed to boost your conversion rates. From conducting the A/B analysis that is the foundation of any conversion rate optimization strategy to automated marketing platforms, online tools can do all of the legwork for you on your conversion rates.
For example, it’s now possible to use a platform that manages A/B testing, analytics and conversion optimization for your ecommerce site to deliver the optimum marketing content to the ideal customer base at the ideal time, autonomously and in real-time. Of course, you can intervene manually in this process at any time that you like, but equally if you prefer you can simply let the automated software do all the work for you – and watch those conversion rates rise.
Is conversion rate optimization your most profitable upgrade?
The short answer is, ‘yes’: more people should be spending more money on conversion rate optimization software if they want to really increase their revenue. Upgrading your e-commerce site so that it incorporates a conversion rate optimization platform will, as the data from Forrester suggests, deliver a huge positive impact on your revenue. As Forrester also endorse, when it comes to incorporating conversion rate optimization techniques into your site to nurture visits through to conversion, it’s essential that the site experience remains positive and offers value to the customers, so by all means boost your time and spending on conversion rate optimization software. But, remember to keep ensure it adds benefit to the overall shopping experience on your site.