Conversion rate is one of the most important aspects of every eCommerce business. With over 820,000 active Shopify stores, competition in this field is fierce. A benchmark for a good conversion rate is typically around 2-3% though, one should aim to continually improve their conversion rates.
1. Email Marketing to Follow Up on Abandoned Carts
Even though only 2% of new visitors convert into customers, it does not mean that the remaining 98% will never convert. Email marketing can help retarget potential customers and increase your conversion rate. In fact, successful abandoned cart emails account for 28.3% of all eCommerce revenue.
The Konigle Checkout Optimizer tool sends alerts to sellers for high value abandoned checkouts so that sellers can reach out and convert the checkout.
2. “Notify Me” Feature
An out-of-stock item doesn't mean you have to lose the customer. When one of your products is sold out, you can still attract shoppers by offering them the option to leave their contact information. This way, you can notify them when the product becomes available again. This also gives you an opportunity to stay in touch with potential customers and increase their customer lifetime value (LTV).
The Konigle Back in Stock Alerts tool gives sellers a picture of demand as well.
3. Use Coupon Codes
Creating a sense of FOMO and demand around your coupon code can help shorten the time it takes for a customer to make a purchase. You can also add a countdown to make the customer aware that their opportunity to take advantage of a great deal is limited.
The Customer Based Pricing tool enables sellers to reward selected customers with discounts
4. Content creation
Businesses can make use of blogging to educate, inform, and engage their target audience. When more value and information is provided, more trust is built between target audiences and the business.
The Konigle Blog shares various types of informative articles
5. Highlight Your Return/Refund Policy
Customers are concerned that if the product didn’t meet their expectations or if they received a faulty product, will they get their money back. Having a great return/refund policy reduces fears and last-minute hesitations. It also encourages customers to commit to a purchase.