eCommerce Conversion Rate Optimization (CRO)
Conversion Rate Optimization (CRO)
Conversion Rate Optimization is the process of increasing the percentage of website visitors or users that convert into customers
Conversion Rate Optimization
eCommerce conversion rate optimization is a data-driven discipline to increase the percentage of users who perform any desired action on a site. A conversion is said to happen when a user or visitor browsing through your eCommerce site makes the “Desired Action.” The desired action could be anything from making a purchase to signing up for an email newsletter on your eCommerce website.
Increasing Conversion Rate (CR) without increasing the paid campaign budget is the objective of any CRO program. But, for any application, this KPI (Key Performance Indicator) is not enough for an eCommerce business to succeed. CRO-HD is the ultimate solution to this problem, it can increase revenue and profits while delivering memorable user experience.
If you are running an online store and require your users to complete any desired action in it you need it to be optimized for conversion. If your website is NOT optimized for conversions, you are wasting money regardless of how much money you are spending on marketing.
Holistic, Data-Driven Commerce Revenue Optimization, tailored for your eCommerce website
Redefining eCommerce Conversion Rate Optimization (CRO)
The goal of a typical eCommerce conversion rate optimization project is to improve only one Key Performance Indicator: Increase the number of desired actions (e.g. Check out) on a site by the visitors.
Most CRO Service providers target increasing checkout through user interface changes. Even though this can be somewhat effective, an eCommerce CRO process must adopt multiple strategies to increase revenue and profits while reducing the cost of customer acquisition.
With this goal in mind, Virtina set out to find the ultimate solution for this and came up with the most comprehensive, Data-Driven CRO approach tailored for eCommerce sites. We call this CRO-HD or Holistic, Data-Driven Commerce Revenue Optimization.
We have expanded the very definition of CRO to Commerce Revenue Optimization. A Holistic, Data-Driven Approach that achieves the Maximum Revenue & Profits while providing a memorable User Experience!
Regular CRO Programs Vs. Commerce Revenue Optimization (CRO-HD)
CRO - Single KPI
Due to being too conversion-driven, generic CRO programs are only able to address 1/10 of the revenue opportunities. Key metrics like Retention rate, Customer Lifetime Value, Customer satisfaction score, and more are ignored due to over-optimizing for conversion rate.
It may negatively affect the revenue of your eCommerce website!
CRO-HD - Multiple KPIs
Holistic Data-driven Commerce Revenue Optimization targets every possible revenue growth opportunity or KPIs without sacrificing the user experience. CRO-HD meticulously optimizes various KPIs in different phases of a buyer's eCommerce journey.
Smartly prioritize different KPIs to boost your revenue potential!
Top Benefits of Holistic Data-Driven CRO
Virtina’s Holistic Data-Driven CRO is the most comprehensive and elaborate CRO program in the industry. It targets the following objectives for your eCommerce site:
Increase Revenue Per New Visitor
Using usability heuristics to increase the first time purchases of visitors
Conversion = (First Time Orders/ New Visitors )* 100.
Increase Average Order Value
Implement tactics to increase the order value of each transaction by upselling or cross-selling
AOV = Total Order Value / Number of Orders
Increase Repeat Orders (RO)
Create a connected, memorable experience to increase the number of times a customer buys from the site over a 12 month time period
Repeat Orders = Number Of Orders/ Number of Unique Customers
Increase Retention Rate (RR)
Implement Tactics to create loyalty to the brand by marketing to the existing customer base
Retention Rate = ((#of Customers At the end of the Period - #of Customers during the period) / #of Customers At the start of the period) * 100
Increase Customer Lifetime Value
CLV is the average value in dollars that a customer provides to your business for the duration of his/her relationship with your business
CLV = AOV * RO* RR
Reduce Cost of Acquisition Cost(CAC)
Taking measures to reduce the cost of acquisition by fine-tuning the content strategy and organic reach
CAC = Cost of Sales & Marketing / Number of New Customers
Reduce Customer Service Costs
Present relevant information to the visitors to reduce confusion and improve the overall user experience.
Increase Ratings & Reviews
Increase Newsletter Subscriptions
It is important to grow your email list organically to nurture your future customers.
Increase Quality of Clients
Through right messaging and services the quality of clients can be improved.
Wondering how CRO-HD can Boost your Website Revenue?
Talk to Gigi, our eCommerce Architect
Various Stages in CRO-HD
CRO-HD works through various stages of a buyer's journey. Splitting the CRO-HD evaluation process into multiple stages helps us strategize and target each phase's KPIs more effectively. Our CRO-HD specialists will analyze every phase of the customer journey. Furthermore, this approach allows us to systematically optimize these KPIs by prioritizing them to keep the budget in check.
- Ad campaign strategy that maximise reach.
- Positioning strategy that influence consumer perception
- Messaging strategy that conveys what you offer and what the customer can gain.
- Communication strategy to ensure that your message is conveyed the way you want it.
- Email marketing strategy personalized for your target audience.
KPIs: Click-through rate (CTR), bounce rate
- UI and UX improvements
- Growth suggestions
- Increase subscriptions and signups
- Competitor Analysis
- Promotion and sales strategy
- Trust elements and social proof
- Abandoned cart recovery
- Funnel analysis to identify leaks and find growth opportunities
KPIs: Bounce rate, micro conversion rates, conversion rate, RPV, average order value (AoV), ARPU revenue, profit
- Registered, Existing and Inactive customer marketing strategy that targets all potential customers to enhance your revenue margin.
- Reviews and ratings that allow your customer to make a well-informed decision.
- Customer service improvement to serve your customers better and contribute to boosting Customer Lifetime Value (CLV)
KPIs: Repeat purchase rate, retention rate, customer lifetime value (CLTV), customer service costs
Why choose Virtina as your CRO Partner?
Virtina has gained the in-depth knowledge & practical expertise necessary to win eCommerce businesses & their technical challenges.
Virtina gained this by serving 750+ eCommerce Clients across B2B, B2C, B2B2C in a wide variety of industries worldwide. The certified expertise on 10+ of the most popular eCommerce platforms in the SMB (Small, Mid-size Business) market also contributed to this in-depth knowledge.
Virtina’s team of experts combined this institutional knowledge with the industry’s best CRO practices. Further, from this, the team added Artificial Intelligence tools to create the most comprehensive CRO plans tailored for eCommerce.
Our 7 Step CRO-HD Framework
Virtina’s CRO team believes in performing a holistic diagnosis – a 360° review to detect & fix the issues on your eCommerce store.
That’s right! Virtina will Audit your eCommerce Site to unravel all the flaws in the conversion funnel. It detects all the friction elements that visitors encounter while browsing your site that “dampen the Conversion process”.
Following this, Virtina applies the necessary fixes at the center of a good UI. As a result, the User Experience goes up which then plays a vital role in boosting your conversions.
Wondering how Efficient is CRO-HD?
Calculate the ROI of Your Website After CRO-HD
The Ultimate Solution to Increase Your Revenue & Profit
Uncover Your Maximum eCommerce Revenue!
Start With Our CRO-HD Packages!
How To Increase eCommerce Conversion Rates
You may want to know the secrets for scaling eCommerce conversion rates? Testing a combination of industry surveys, psychological studies and data science have confirmed on how small changes can have a significant effect on your sales to customer ratio. The highlighted common features for the majority of high-converting eCommerce website are:
- A strong value proposition
- Quick and easy navigation to product pages
- Fast page-loading
- Consistent trust signals
Follow the steps to systematically shoot your conversions, assess your progress at regular intervals.
Get An Insight on How To Improve eCommerce Conversion Rates
In the eCommerce space, sales is the prime factor. You are free to shoot traffic to your website through advertising, SEOcampaigns, or crowd-puller posts on social media and flow audience to your site. But if the traffic does not plan purchase or increase sales, then the result is null.
Sales is pivotal for eCommerce sites and it brings in conversion. Conversion of general traffic to customers is of good significance. Tracking how many site visitors commit a transaction and testing out changes to your website will help you build a revenue-generating store. If you are smart then, you can boost the conversion rates for your online stores.
Guide To Good Ecommerce Conversion Rate
It is assessed that the average ecommerce conversion rates are 1% – 2%. So, your focus should be to win 2% conversion. A 2%+ conversion rate should be basic target for your online store.
Stop Marketing, Start Selling
Websites are lacking conversions for many individual reasons.Sometimes, even hard-selling doesn't work. We identify the reasons affecting the conversion rate for your website and plan our services for shooting the rates.
We offer timely assistance for clients for the following scenario:
- Distraught with low online sales
- Struggling with low conversion rates
- No conversions though paid for traffic
- Issues of shopping cart abandonment
- Unsatisfactory web design
Frequently Asked Questions (FAQs)
How different is CRO-HD from the regular CRO programs available in the industry?
Our CRO-HD (Holistic Data-Driven) process focuses not just on increasing the number of orders per visit (conversion) and maximizing Revenue & Profits while providing a memorable user experience. Our process goes beyond the conventional CRO and expands the definition of CRO to Commerce Revenue Optimization. Our practices, methodologies, and overall approach will optimize a CRO process to boost your eCommerce Revenue.
Can every eCommerce business avail CRO-HD?
Yes, every eCommerce business, irrespective of the business type and regardless of the industry, inventory, customers can apply for CRO-HD. In essence, CRO-HD is business agnostic. Thus your business size and other variables will not disqualify you. Virtina would like to assure you that every business is eligible for CRO-HD.
Does Virtina's CRO-HD focus only on a single KPI?
No. Holistic Data-driven Commerce Revenue Optimization (CRO-HD) takes a multi-KPI approach. Unlike the generic CRO programs available in the eCommerce industry that focus only on conversions, CRO-HD focuses on numerous KPIs to evaluate your store and formulate strategies. Focusing only on conversions leads to many eCommerce businesses falling short of their desired revenue growth.
What tools and resources do you use to conduct the CRO-HD Analysis?
The CRO-HD specialists in Virtina use various applications and software to extract impactful and favorable results from our CRO-HD Audit on your eCommerce website. We don't compromise on the quality of resources. Hence we use the very best and most effective industry tools through each phase. Some of which are Google Analytics, Feng-GUI, Hotjar, Crazy Egg, Clicky, Mouseflow, and many more.
How often do you communicate, and what mode of communication do you use?
Our project manager and CRO-HD specialists take a proactive approach when it comes to communicating with our clients. Virtina will always update you about the progress, and as such, you'll always be in the loop about the milestones and other deliverables. We communicate through email, phone, and various web conferencing tools. You could even reach out to us at any time, and we'll get back to you at the earliest.