How do I grow my ecommerce conversion rate?
“How can I increase my conversion if mine is too low?”
We have been asked this question many times but the reality is that your conversion rate is a barometer of the appeal of your proposition. It is too often judged as an isolated statistic rather than being considered as a composite measure of where you are on your brand and eCommerce evolution.
The average UK retail conversion rate is reported to be 2.98%.Source. Monetate Ecommerce Quarterly Q1 2015. Some reasons which you may see a high or low conversion are:
High converting brand indicators…
- Exclusive/High appeal products
- High seasonality
- Good internal testing capability
- Strong commercial eCommerce advocate/manager
- Strong omni-channel operation and strategy
- Strong site on multi device/multi platform
- Loyal customer base
- Great service offering
- Account or rolling credit based propositions
Low converting brand indicators…
- Commodity products
- New to market brands
- Difficult user journey on site
- Poorly developed digital marketing strategy
- Store based retailers with no ecommerce function
- eCommerce a separate internal business
- Poorly developed checkout
Conversion is never the same for two retailers because we are all on different journeys with our brands, our strategy, our technology, our people and processes.
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Growing eCommerce requires the right skills and mindset to see how your customers think now and in the future.