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What is the conversion rate?
Your conversion rate is essentially the percentage of your website’s visitors who actually complete a transaction on your store. It helps you understand how many of the people who visit your website end up making a purchase.
But purchases are not the only types of conversions you can define on your Shopify store.
Other kinds of conversions include:
Why does your conversion rate matter?
Your conversion rate helps you understand whether your marketing strategy is working right and whether you need to make any adjustments to your website.
Improving your conversion rate is also a very cost-effective way of increasing your revenue and sales. Rather than wasting time and money trying to get more visitors to your store (who won’t be too likely to purchase), you can focus on adjusting your website so that the people who do visit it are more likely to make a purchase.
Tracking your conversion rate also helps you understand whether your store is providing enough value to your customers. It helps you understand whether your products, prices, and the user experience on your site appeal to your customers.
Increasing your conversion rate will also create more remarketing opportunities for you.
How do you calculate your Shopify conversion rate?
In order to calculate your conversion rate, you need to divide the number of conversions your Shopify store made during a specific period by the total number of unique visitors you had on your store during that period. Now, just multiply that figure by 100 and you’ll have your conversion rate as a percentage.
The cool thing is that you don’t need to manually calculate your conversion rate if you have a Shopify store. Shopify will just calculate it automatically and let you see it in your analytics dashboard.
How to improve your conversion rate on Shopify?
Here are some of the steps that you can take to improve your conversion rate.
According to Forrester Research, 53% of online shoppers end up abandoning their carts because they had questions that they could not find immediate answers to on the eCommerce portal.
No matter how groundbreaking or useful your product is, potential customers aren’t going to spend too much time trying to find the information that they need.
Now, you could consider displaying all the information on the product page itself, but that would just look too heavy and could intimidate your customers. They might not want to take the effort to read so much.
Your best bet is to deploy an intelligent Shopify chatbot that can answer customer questions immediately without forcing them to read anything that isn’t highly relevant to their query. Simplify the experience
You want to make it easier for your customers to do business with you. And you definitely want to make it possible for new visitors to understand what your Shopify store is all about as soon as they visit it.
Don’t go overboard with the images and text. Make it visually appealing and simple enough for your visitors to know what they have to do. You also want to reduce the number of pages that they have to go through to find what they’re looking for.
Another thing you need to remember is that you should avoid deviating too far from conventions. If things aren’t where your users expect them to be, you’re reducing cognitive fluency by reducing familiarity and increasing the effort involved in processing information.
It helps to give browsers a slight nudge if you want to turn them into customers. Use your Engati chatbot to send promotional offers and discounts, triggered based on shopper behavior on your Shopify store.
Don’t give them the chance to move away. Hook your store visitors in with the right offer and guide them towards the purchase decision.
You want to make it as easy as possible for your customers to find the products they’re looking for. Don’t force them to hunt through your entire catalog like scavengers to find something that works for them. You want to customize and personalize your product recommendations based on their search and order history, ensuring that right off the bat, they find what they’re looking for.
These recommendations should be showing up on the home page as well as in the ‘Similar products’ or ‘People also bought’ sections of your individual product pages.
Your aim right here is to make product discovery as easy as possible for your customers.
New store visitors don’t know how good your products are and they might not be too keen on being guinea pigs. To help them lose their inhibitions, show them that other people have tried your offerings and loved them.
Display your ratings, reviews and testimonials proudly and let your customers know that they have nothing to worry about. Make it more real by allowing them to display their profile picture or even showing that they’re verified buyers.
Even negative reviews can be useful. That’s because when you reply to them and show that you’re solving their problems, it’s clear that you have your customers’ backs and that if by any chance something goes wrong, your customers won’t be left trying to fend for themselves.
This may make you worry about customers buying items, using them once, and returning them, but it’s actually the secret to Zappos’s success.
It works to eliminate the same anxiety that we just spoke about. Free returns make buying from a new store feel like a less risky experiment.
What ends up happening is that your store visitors end up purchasing more items thinking that they can easily return them if they don’t end up liking them. But, psychology plays its game and the Endowment Effect takes hold. Now that they own the item and have possession, your customers will assign more value to it than they did before they owned it. This makes them less likely to return it.
Essentially, a lenient return policy helps you earn more sales.
Why’d Apple pay Amazon a million dollars back in 2000 to license 1-Click ordering from them? They knew the value they’d gain by making the checkout process easier for their customers. 1-Click reduced the number of steps in the checkout process, lowering their customer effort but also reducing the chances for customers to rethink their purchase. Essentially, streamlining the checkout process improves your conversion rate by making purchasing easier for your customers and eliminating last-minute resistance to the purchase.
This one’s pretty obvious. Write a convincing, appealing product description with all the information that your buyers need and your chances of making the sale increase.
What I’m trying to say is that you need to (in true Ann Handley style) describe your brown cushions as ‘loveseats in a rich caramel hue’.
Boost your conversion rate with Shopify chatbots
Engati’s Shopify chatbots use artificial intelligence to help you answer around 80% of your customer queries instantly, without needing to pass them on to live agents. And if you’re wondering about what happens to the other 20%, your bot’s built-in live chat capability ensures that the conversation is transferred to the agent best equipped to deal with it so that your customers don’t have to hopelessly hop across agents.
Basically, it helps you ensure that your customers get all their questions answered instantly and don’t have any doubts about your products. They even go ahead and guide shoppers to make the purchase via conversion triggers.
It’s time for you to send your Shopify conversion rate through the roof. Get your Shopify chatbot now!