eCommerce has become one of the most favored methods of selling products, and even services, for many brands almost ubiquitously with the inclusion of the World Wide Web in our lives. From companies like Amazon, eBay, and Shopify to SMEs and startups, there’s nearly no business that doesn’t try to facilitate eCommerce. While some SMEs use larger companies’’ platforms, some build their own websites and create their own funnels for conversion—the eCommerce conversion funnel. A conversion funnel helps you increase sales via producing content for your target audience and motivating them to recommend you. But first, what is an eCommerce conversion funnel?
What Is an eCommerce Conversion Funnel?
Many companies or startups align their marketing strategies with eCommerce sites with their target audience’s demands. The target audience is the ones who will buy your product, and these people need the motivation to buy it. An eCommerce conversion funnel is a metaphor that describes the entire process from the first engagement to purchasing. You can prepare the ground for purchasing behavior on your site with this method. At this point, you need to pay attention to how many clicks you get versus how many sales you make. The conversion rate concept explains this.
What Is the Average Conversion Rate for eCommerce?
Your website receives clicks on a daily, weekly, and monthly basis. It is possible to see them in graphs using various tools, and your main goal should be to convert those clicks into sales. You can shape your strategies by analyzing the conversion rate, which is simply equal to your total sales over your visitors.
Conversion Rate = Total Sales/Website Visitors
Regarding this formula, it is possible to say that your strategy works well as the rate increases. However, if the rate is low and you cannot gain momentum monthly, it would be better to apply different methods. When it comes to Conversion Rate Optimization (CRO), it is valuable to set the redirects to your site well and make good use of the tools.
What Are the Ratios on Your Website You Should Pay Attention to?
To develop a good strategy, you may need to pay more attention to some points in the analysis. That way, you can create strategies to increase efficiency. The data you should look at include:
- Monthly visitor rates
- Click-through rates to your product/service page
- Your customer’s cart abandonment rates
- The ratio between the budget you spend to attract customers to your eCommerce site and the incoming customer
What are the stages of the eCommerce Conversion Funnel?
A potential buyer entering your site and making a purchase involves five steps. By paying attention to the operation of these stages, you can strategically plan the path through your eCommerce site or application.
1. First Click
Your website may appear after a person from your target audience searches for your product or service on Google. To accomplish this, you need to pay attention to where your traffic is coming from, the most effective keyword usage, and SEM (Search Engine Marketing). Through Google Analytics, you can check the performance of your website and choose keywords with high interaction. As a result, you’ll appear at the top of the search results, allowing you to get the first click. Also, with careful planning, you can use Google Ads to get visitors and convert them to buying customers. Adsbot can particularly help you with your Google Ads optimizations and get the results you want with less effort.
2. Recognizing Your Product
First clicks to your site can also happen through blog posts. You should prepare these articles so that they can attract the attention and interest of your potential customers and include directions by promoting the products and services. You can also send these articles via email. This will allow you to stay in constant touch with your target audience.
3. Creating a Demand
Another strategy you must create for your target audience is to emphasize that buying your product and service equals meeting their needs. To create a desire for your product, you must market it from various angles and demonstrate its functionality. This may differ depending on what you are marketing. You can focus on describing the following points:
- Why should they buy it?
- How will they benefit from the product or service once they buy it?
- What features of your product or service stand out among your competitors?
- Satisfaction with the product or service?
- What will they miss if they don’t buy the product or service?
Especially the last point on our list is an effective marketing strategy, simply built upon the FOMO effect. FOMO stands for “fear of missing out,” and according to research by TrustPulse, almost 60% of millennials purchase goods or services because of FOMO. So considering millennials constitute almost two-thirds of online shoppers, it would be a clever idea to express what will your customers miss if they don’t consume your products or services.
4. Purchasing Behaviour
Having retained your potential customer from their first click, you can now move on to purchasing. You should offer your customer a clear-cut purchasing tool and make it easy to complete their transactions. You also need a functional system for tracking shipments if you are marketing a product. If you are offering a service, you should share all related steps with your customer so that they can take advantage of it. This will increase customer trust and satisfaction.
To reveal your customer’s repurchasing behavior, you must complete the first four stages. These stages will help you increase customer satisfaction and enable them to repurchase service or product. Customers who prefer to do business with you again will likely recommend you to those around them. During this conversion funnel stage, your customers will recommend your product or service to others via social media or word of mouth.
For a seamless eCommerce success, it is necessary to consider the steps we mentioned in this article. Attracting the customer, creating space by letting them get to know you, and eventually making them buy and spread the word results from a well-working eCommerce conversion funnel.