You may have the best/least expensive/coolest products in the world. You may even have a really awesome-looking website with (what you perceive as) a great online store; but what is your conversion rate? More importantly, how can it be improved?
While most online store owners concentrate their funds on increasing the amount of visitors I encourage my clients to increase their conversion rate. Not only is it less expensive with better results; but it increases customer happiness and loyalty.
Put it this way –
If you have 1 million monthly visitors and it costs you $100,000.00 to double that number then you have 2 million visitors. But if only 20% of them are buying and 30% of the buyers are completing the checkout process; you just spent $100,000.00 to gain 60,000 buyers.
Now try this –
You have 1 million monthly visitors. Only 20% of them are buying and 30% of the buyers are completing the checkout process. Spend $60,000.00 to gain to increase the VSR (Visitor to Shopper Ratio) to 30%; and increase the percentage of buyers that finish the checkout process to 70%. You’ve just spent $60,000.00 to gain 150,000 buyers.
ABOUT THE AUTHOR: Chris Feix is a usability specialist and lead creative for Habañero in St. Louis, MO.
