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Five Ways Companies can Increase Conversion

Five Ways Companies can Increase Conversion

In today’s digital landscape, simply attracting visitors to your website isn’t enough. The real challenge lies in turning these visitors into customers or leads. This is where Conversion Rate Optimisation, or CRO, comes into play.

What is conversion rate optimisation?

Conversion Rate Optimisation (CRO) is the process of increasing the percentage of website visitors who take a desired action. These actions can vary widely, from making a purchase to signing up for a newsletter, filling out a form, or any other goal you can measure. The aim of CRO is to enhance the effectiveness of your website or landing page, making it more successful at converting visitors into valuable customers or leads.

Why you should care about conversion rate

Imagine you own a physical store. You invest time and money to get people through the door and then greet and try to help them, but if leave without buying anything, your efforts go to waste. The same principle applies to your website but you don’t have the same options as in the physical world. You might be driving significant traffic, but if visitors aren’t taking the actions you want, you’re missing out on potential business. CRO helps bridge this gap by optimising your site to better meet your business goals.

Top Reasons why customers may abandon the cart & what you can do

Unexpected costs

Extra costs such as shipping, taxes, or fees can surprise customers, leading them to abandon their purchase. According to a Mollie report, 61% of customers abandon the cart due to high shipping costs.

Solution:

  • Display all costs upfront and provide a shipping cost calculator.
  • Offer free shipping when possible or clearly communicate shipping costs early in the checkout process.
  • Consider integrating all costs into the product price for transparency.

Complicated Checkout Process

Lengthy and complex checkout processes irritate customers. Often, unnecessary forms and accounts add to their confusion and discomfort. This results in a poor experience, causing 28% of shoppers to abandon their carts according to Barilliance.

Solution:

  • Simplify the checkout process by reducing the number of steps.
  • Implement a guest checkout option to avoid mandatory account creation.
  • Use progress indicators to show customers where they are in the checkout process.

Security Concerns

Customers often abandon their carts if they feel their personal and payment information is not secure, fearing the risks of identity theft and fraud. According to a Mollie report, 54% of customers have concerns about payment security or the credibility of the website which prevents finalising their purchase. E-commerce businesses must prioritise robust security measures and transparent communication to mitigate cart abandonment and build trust among customers.

Solution:

  • Use SSL certificates to secure your website.
  • Display security badges and reassure customers about the security of their data.
  • Offer multiple trusted payment options like PayPal, Apple Pay, or Google Wallet.

Lack of Payment Options

Limited payment options pose a barrier for some customers, as they may prefer specific methods or feel more comfortable using certain payment platforms. Offering a variety of payment options caters to diverse preferences, enhancing convenience and increasing the likelihood of completing transactions.

Solution:

  • Provide a variety of payment options, including credit/debit cards, digital wallets (e.g., PayPal, Apple Pay).
  • Add Buy Now, Pay Later options.
  • Use customer history & geographic data to locate and offer preferred payment option in the area.

Tools you can use to recover abandoned carts and understand better your customers

Abandoned Cart Recovery Tools

Shopify Abandoned Cart Recovery: If you’re using Shopify as your e-commerce platform, you can leverage its built-in abandoned cart recovery feature to automatically send follow-up emails to customers who have abandoned their carts.

Mailchimp: Mailchimp’s advanced, automated multichannel tools are designed to help you drive personalised marketing messages tailored to your audience. Additionally, these tools are capable of scaling alongside your business as it grows, ensuring that your marketing efforts remain effective and efficient.

Klaviyo: This email marketing platform offers advanced segmentation and automation capabilities, allowing you to create personalised email sequences tailored to customers who abandon their carts.

FERO: Checkout Companion can be used to supercharge the segmentation of shoppers so recovery emails are tailored to the specific consumer.

Exit-Intent Pop-Up Tools

OptinMonster: This tool enables you to create exit-intent pop-ups that appear when a user is about to leave the checkout page. You can offer discounts, incentives, or capture email addresses to re-engage customers before they abandon their carts.

Omniconvert: Omniconvert is a conversion rate optimisation (CRO) tool with exit pop-up software that lets you create dynamic content and perform precise targeting. Aiming to attract high-quality leads, it ensures your message reaches the right users at the perfect moment, and it features A/B testing to compare different pop-up styles and choose the most effective variant.

Understanding Your Customers Better Tools

Hotjar: Hotjar allows you to track user behavior on your checkout page through session recordings, and feedback polls. By identifying usability issues and friction points, you can optimise the checkout process to improve conversion rates.

Google Analytics: Utilise Google Analytics to analyse user flow, drop-off points, and conversion funnels in the checkout process. This data-driven approach helps you identify areas for improvement and implement strategies to prevent customers from leaving the checkout.

FERO: Conversion IQ from FERO provides detailed insights into customer behaviour during the checkout process. It analyses metrics such as conversion rates and cart abandonment to identify issues and suggest improvements. The tool offers actionable data and predictive analytics, helping businesses optimise the checkout experience, reduce transaction costs, and increase customer retention and conversions.

Examples of people that did it well

HEYMAEVE – Exit intent pop-ups

Examples like this are effective because they use language that resonates with fashion interested readers, allowing HEYMAEVE to offer subscribers the styles they desire while highlighting their jewelry selection. These personalised experiences leave a positive impression on leads, even if no purchase is made, potentially encouraging future visits or word-of-mouth promotion.

Amazon – One click ordering

Amazon’s one-click ordering gains customers by offering unparalleled convenience and speed in the purchasing process. By allowing users to complete a purchase with a single click, it eliminates the need for repeatedly entering shipping and payment information, making the shopping experience quick and effortless. This ease of use enhances customer satisfaction, encouraging repeat business and fostering loyalty.

Airbnb – Social proof and trust badges

Airbnb’s use of social proof and trust badges boosts conversion rates by building trust and confidence among potential customers. Displaying reviews, ratings, user photos, and experiences provides authentic endorsements, while trust badges such as verified identity, Superhost status, and secure payment methods reassure users about the reliability and safety of their bookings. This combination of social proof and trust signals reduces perceived risks and encourages users to proceed with their reservations, leading to higher conversion rates.

Sephora – personalised recommendations

Sephora’s personalised recommendations increase conversion rates by offering a tailored shopping experience that meets individual customer needs and preferences. By utilising data from previous purchases, browsing history, and customer profiles, Sephora can suggest products that are more likely to interest each shopper. This personalisation makes the shopping experience more relevant and engaging, reducing the effort required for customers to find suitable products.

Moment – abandonment email

Moments abandonment emails increase conversion rates by re-engaging customers who have left the site without completing their purchase. These emails are strategically timed and personalised to remind potential buyers of the items they showed interest in, often including images, descriptions, and direct links to their abandoned carts. By prompting customers to return and complete their transactions, moments abandonment emails address common barriers to purchase, such as distraction or indecision.

How personalisation strengthens this even more?

In the realm of e-commerce, personalisation emerges as a pivotal tool in enhancing conversion rates, complementing strategies such as streamlined checkout processes and diverse payment options. The companies mentioned above exemplify the power of standard personalisation and its impact on customer engagement. However, taking personalisation a step further can significantly enhance the customer experience, boosting conversion rates by an additional 14%. This level of personalisation, known as hyper personalisation, involves a deeper understanding of the individual customer’s demographic, psychographic, geographic, and behavioural traits. By leveraging this comprehensive consumer insight, businesses can make tailored decisions, such as offering free shipping or suggesting a gift voucher, based on each customers unique profile. This approach mimics the personalised attention a customer would receive in a physical store, thereby facilitating a smoother and more satisfying purchasing journey.

Sources: Mollie, Barilliance, Optimizely, Hotjar, Baymard

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