In the world of online commerce, all your hard work boils down to one factor on your website – conversion. No matter how good your products, marketing, integrations and UI/UX, if your site isn’t converting customers, you can’t generate revenue.
To counteract this, you need a solid conversation rate optimisation (CRO) strategy.
Not focusing on CRO is like spending years training to run a marathon and giving up with the finish line in sight. It’s that extra bit of effort that’ll give you the biggest rewards.
Below we explore what CRO is, why it’s important, and how it can be supercharged with Magento 2.
What is CRO?
CRO is the process of systematically fine-tuning your site’s performance to boost the rate that customers convert or perform desired actions, such as downloading an offer or making a purchase.
The goal is to streamline your business’ sales funnel to eradicate friction and fast-track the customer journey. This is done through continuous testing and implementing changes.
For example, you may not realise that something as seemingly innocuous as the call-to-action (CTA) button colour is an obstacle for customers, but by running various A/B tests, you can eventually create the optimal conditions for conversion.
A larger problem could be your page loading speed. 40% of consumers abandon sites that take 3 seconds to load. This could cost your business millions in lost revenue, so it needs to be a focus of your CRO strategy.
Why CRO matters
CRO is important because it allows you to generate more sales from the traffic you already have, requiring no additional marketing expenditure. And when you consider that the average shopping cart abandonment rate sits at around 78%, there’s a lot that can be improved to get your visitors converting.
In the world of commerce, small changes make big differences. One business experienced a 21% increase in conversion after changing the CTA button from green to red, significantly reducing the cost of each acquisition. And this equated to a massive increase in revenue.
However, it should be noted that just because one action worked for a business, doesn’t mean it will work for another. Without a rigorous CRO process, you’re doing little more than guessing.
The most important point about CRO is that it’s specific, not only to particular businesses but the most minute components of each page. And this could be anything from an image on the homepage, page load time, or the design of the checkout – it’s all testable and can be improved to boost your conversion.
Using Magento’s CRO tools built for revenue growth
Magento 2 offers a wide range of tools to assist with CRO. Here are four of them.
- Elasticsearch – This powerful feature focuses product searches with laser sharp precision to ensure results are relevant and most likely to lead to sales.
- PayPal in-context checkout and saved credit cards – The simpler the checkout, the less likely carts will be abandoned. By giving merchants access to this feature, customers can checkout in one place with minimal effort without having to enter their details.
- Varnish caching – Based on the fact that a 1-second delay in page response results in 7% conversion rate reduction, Magento supercharged caching, allowing products to load 5x times faster
- Visual merchandiser – This tool lets you streamline the user journey by dragging and dropping products on your pages to ensure customers view products in the best layout to promote conversion.
- Customer segmentation – Personalisation matters for conversion. Utilise this tool to show specific customers the products that are relevant to them to encourage them to buy.
The highest performing businesses are at the forefront of their industries because they understand the importance of CRO and have used it to gain competitive advantage.
With over 250 certified team members, eWave is the world’s most accredited Magento 2 partner. Find out how we can help your business today, contact us.