Running and managing a Shopify store is a challenging feat. It takes consistent effort and a constant thirst for knowledge on how to win sales over your competitors.
In short, you must know your conversion rates and how to calculate and increase them.
In this article, we will look at conversion rate optimization and how you can improve your conversion rate in just five steps.
We have included the formula below, how to calculate it, and the ideal rate you should work towards.
What is Conversion Rate Optimization (CRO)?
Conversion Rate Optimization (CRO) is the process of boosting the number of conversions on a website or Shopify store. When discussing E-commerce, CRO is optimizing conversions in digital sales.
Shopify’s primary goal is turning incoming viewers into buyers. Furthermore, improving the website and increasing the conversion rate will increase revenue and customer acquisition.
Shopify Conversion Rate Statistics
Each industry has a conversion rate benchmark, and e-commerce is no different.
The standard for Shopify stores reveals that 3.65% is the average conversion rate.
If your company can reach this percentage mark, you will become a part of the Shopify stores in the top 20% regarding conversion rates.
However, as a new store owner, aiming for a conversion rate between 2% and 3% is reasonable.
Furthermore, if you want to be in the top 10%, the rate you will need to aim towards will be 5.2% and above. With this percentage, you will see a significant rise in CRO and sales.
Consequently, if your Shopify store has a CR of 0.5%, it is unfortunately in the bottom 20% of the market.
If your conversion rate is lower than that and falls in the category of 0.1%, your store likely is one of the lowest-performing stores in the market.
However, there is no need to worry! Below are highly effective ways you can boost your CRO.
Calculating Shopify Conversion Rates
Conversion rate = (total number of conversions/number of visitors) x 100
For instance, we can see how this formula works. Suppose your Shopify store had 50 sales with 1500 visitors from the previous month.
In that case, your converting rate is 3.3%, calculated as follows: total conversions (50) divided by the number of visitors (1,500), then multiplied by 100.
The formula is easy to measure, considering you will likely have this information already.
You can find it in Google Analytics or your CRM tool if you do not have it.
Photo by Austin Distel on Unsplash
Optimize Your Shopify Conversion Rate in 5 Steps
1. Add conversion opportunities to a popular blog
Blogs are one of the most underutilized marketing tools.
Your blog helps drive a lot of newcomers toward your website and helps with visibility and reach for your business. When we have such a great asset, we should utilize its complete potential.
You can do this by adding a sign-up section to a blog. The first thing you will need to do is to see which blogs are bringing in the most viewers for your Shopify page.
After doing so, you can add a part at the end where your website visitors can register for your newsletters.
Another approach you can employ in your blog is CTAs (call to action).
For example, if you are discussing a specific product, include a purchase link that allows users to directly and easily make purchases for the product.
It will help you turn visitors into consumers and boost your Shopify sales. Speaking of CTAs, let's look at how we can implement them in other methods.
You can opt for the website redesign services for your current website if you are looking to revamp the design and functionality.
2. Use precise CTAs and elements
You can use CTA's with multiple techniques and reasons.
One of the most effective ways is in the form of shoppable videos.
Embed them on your Shopify page. These videos can be a navigation tool for newcomers and a great way to convert them into customers.
Since a landing page is the first page newcomers see, you can embed videos with appropriate elements to navigate them through your page providing a more personalized experience. It will keep your viewers on your page for even longer.
However, when it comes to converting, embed shoppable videos with CTAs like a shopping cart that can let viewers make purchases directly.
It is crucial as it eliminates the redirecting to the lengthy checkout process. Applying these two techniques will guarantee a boost in your CRO.
3. Create and design an easy form to fill
A critical process in optimizing your conversion rate is to make any survey or forms easy to fill out. Nowadays, businesses suffer from high bounce rates, which negatively affect your CRO.
Design and build short yet effective forms to counter this issue and boost your CRO.
It could be a form that only requires a little data from your customers, like asking for their emails to sign up for your newsletter.
It is an efficient way to transform your oncoming traffic with a simple one-step procedure.
The last thing your traffic would want is a long survey with numerous questions to fill out for what they are trying to achieve.
By including this, you are reaching your transforming levels, and your traffic is getting what they want.
4. Optimize your Shopify store loading time
Image by jcomp on Freepik
We've all encountered a website that takes too long to load. We initially believe it's our Wi-Fi, and as soon as we understand it's a malfunction from the site, we hit the browser’s back button or click away.
It is a regular occurrence nowadays. As a result, we often proceed to identify another website that offers a comparable service. Therefore, create a website that loads quickly to keep your bounce rate low!
Do it by compressing image sizes or even minimizing HTTP queries. I cannot emphasize the importance of having a site that loads quickly and runs well, as it will significantly improve the user experience.
Additionally, now that your traffic will not leave your website because it loads quickly, you will enhance your conversion optimization.
5. Include short videos on your website
We have all noticed the rapid rise of short videos. TikTok started flourishing during the pandemic, and it made perfect sense why. With people's attention span declining over the years,
TikTok, a social media platform with short yet highly engaging content, is a perfect recipe for success as it provides a solution that this audience needs.
Moreover, to provide an extra incentive, TikTok offers merchants the opportunity to test their ad campaigns with trial Shopify Tiktok ads credits before committing to a full investment.
Concurrently, we saw Shopify businesses implementing short videos to gain the attention of their viewers, and this strategy was working well.
Now is the time if you have not embedded short videos on your Shopify page. With the average number of clicks and visits on short videos increasing, these need to be brief and get directly to the point.
This form of content is very beneficial for you as it offers more depth and detail compared to pictures and is more captivating.
Therefore, this is a vital feature in your CRO strategy as it will bring guaranteed results.
Screenshot of Vidjet’s customer
Conclusion
You can increase your conversion rates on Shopify in multiple ways, as we have mentioned previously in the article.
Applying the five techniques listed above is crucial to the success of your e-commerce business.
Having shoppable videos with CTAs and user-friendly forms, optimizing loading time, and implementing short videos for more engagement are guaranteed to achieve better conversion rates.
With these strategies at your disposal, it’s time to take action and start implementing them on your website!
Frequently Asked Questions (FAQ)
What does CRO stand for?
CRO, or conversion rate optimization, is optimizing a website or online platform to increase the number of visitors who complete a desired action, such as purchasing or registering for a service.
What is an example of a CRO?
Apart from the few examples in this article, another provides customer support and FAQs. Shopify's brands should do this, as it requires a one-time effort to answer basic frequently asked questions.
It allows you to deal with any fundamental questions about your offer. Moreover, providing this will make your customers feel highly valued and cared for.
More importantly, it will positively impact your CRO as you consider customer insights.
Furthermore, your website viewers can get answers to any queries quickly and efficiently, whether it's a quick call or from the FAQ section on your website.
What are the best leads for optimizing your conversion path?
Qualified leads, segment-specific leads, warm leads, returning visitors, and those who have demonstrated interest in your eCommerce products or services are the ideal leads for optimizing your CRO.
You may boost your conversion chances and obtain more remarkable outcomes by focusing on customer behavior and adapting your conversion path accordingly.
