Taking Your Online Sales Conversion to the Next Level (2019)
An online sales conversion rate is a key metric showing whether an e-commerce business is effective at converting site visitors into leads or sales . That’s why it should become one of the most important areas of focus for every modern online retailer. The good news is that the number of online consumers is constantly growing worldwide. According to Statista, it is projected to grow from approximately 1.8 billion, in 2018, to 2.14 billion in the next two years. However, such phenomenal growth in the e-commerce industry brings some challenges to online merchants, too. One of the greatest of them is winning customers’ attention and persuading them to choose goods from your store rather than from a competitor’s website offering similar or alternative products. In this article, we will explain how you can optimize your online sales effectively and be a step ahead of your rivals in this race for customers’ hearts, minds, and “buy” button clicks.
How to calculate an online conversion rateBefore we dive into the practical tips for online sales conversion optimization, let’s take a brief look at some theory. In general, an online conversion rate is a figure showing the percentage of people who took the desired action out of all people who visited a website. What these desired actions are depends on your unique business. For instance, it could be completing a sale, adding a product or service to a shopping cart, subscribing to an email list, sharing video or other types of content on social media, etc. Most e-commerce stores define their conversion rates based on the number of successfully completed purchases. For this reason, e-retailers usually use the terms “conversion rate” and “online sales conversion rate” interchangeably. So let’s say your store received 50 visitors last month and 5 of these people made a purchase. This means that your online sales conversion rate is 10% (see the image below). However, in order for you to actually know how many people visited your site, you need an analytics tool (e.g. Google Analytics). An average conversion rate for the whole e-commerce industry amounts to 1.5-2%. So if you get 2 buyers out of 100 website visitors, you’re pretty much meeting industry standards. However, you should understand that this figure is quite generalized. In practice, an average online sales conversion rate would be different for every product category. But no matter what the exact statistics are for your particular market, to stand out from the competition, you should strive to surpass your competitors, not just meet the industry standards. In other words, the question becomes: How can you take your online sales conversion to the next level in 2019?
Video marketing: why it should be your starting pointConversion optimization is a complex process. It comprises many practices such as adding testimonials to a website, creating an appealing design for a landing pages, placements of high-quality images, etc. Of course, all these recommendations are important to consider. However, most online retailers already apply them to their e-commerce stores. This is why these aspects of conversion optimization strategy no longer create a competitive advantage. If you want to make your internet retail business really noticeable in 2019, you should particularly focus on taking advantage of video marketing. The reason why you should focus on videos becomes obvious once you look at some video marketing statistics:
- When there is a choice between explainer videos (or other types of videos) and text content, 72 percent of digital buyers would prefer to watch a video in order to get information about a product.
- 80 percent of millennials, who constitute the biggest buyer demographic nowadays, intentionally search for videos before making purchase decisions.
- Video conversion rate statistics show that watching videos increases the likelihood of buying a product for 64 percent of consumers.
- The overall impact of video content is exceptionally significant. Including a video in a web page may increase its conversion rate by up to 80 percent.
- 84 percent of digital shoppers say they have bought a product from an online store after watching a video.
Increasing a CR with transactional product videosIn short, transactional product videos (or shoppable videos) are the type of interactive video content that allows customers to make purchases without leaving a video player. A buyer just needs to click a “plus” or “shopping cart” icon that appears on a product featured in a video in order to initiate a transaction. Once it’s done, he or she is directed to a product page that contains detailed information about a product as well as a checkout button. Besides being a truly innovative shopping solution, transactional product videos are also a powerful marketing tool. Specifically, their performance is nearly 10 times higher as compared to an ordinary video ad. This not only means that you’ll get more video views, but the online sales conversion rate will also increase. Now, the key question is: how can online retailers add transactional product videos to their e-commerce stores? Luckily, DUZY tv’s patented solution makes it easy to add and create transactional videos.
How to get started with DUZY tv’s solutionDUZY tv’s patented solution is an innovative platform that allows you to create shoppable videos in just a few clicks. Another great aspect of the DUZY tv platform is that it requires no upfront investment. To get started, you basically need to register and connect your e-commerce store to the platform. Once your first transactional product video is live, you’ll be able to see how it improves your online sales conversion. The platform is extremely easy to use, even if you’re inexperienced with creating videos. To create an interactive product video, a user just needs to complete two simple steps:
- upload an ordinary video to DUZY tv, and
- choose the products featured in it from the list of items