Is Your eCommerce Website Converting Below Average?
The average ecommerce conversion rates are 1% – 2%. This means that even if you are doing everything perfectly, you can still expect to win the sale around 2% of the time.
If you have 50,000 users per month landing on your site, you can expect a conversion (product purchases) of between 500 - 1,000 sales. Multiply this by your average sales purchase (note: this is not the average product price) and this will be your monthly ecommerce sales.
Website conversions is one of the most important KPIs (Key Performance Indicators). The other important KPIs have to do with where money is being left on the table (leaky funnel). One metric is your bounce rate. A bounce rate measures how quickly your audience leaves your site without clicking on any other page and therefore, not converting (purchasing any products).
It may be disappointing to know, but not everyone who happens upon your ecommerce site will be your optimal customers. It is very well expected to have a certain percentage of visitors who will not take interest in your site. However, it is a metric to pay attention to and inspect further, if it is too high.
So, what is an good bounce rate that you should be aiming for? There is no rule of thumb, however, you will generally want to pay attention to this rate if it is higher than 60%. This means that 2/3s of your audience are immediately leaving your page and not interested in learning more about your products. A "good" bounce rate measurement, however, will largely depend on the industry of the products you are selling.
What Are Some of the Causes of a High Bounce Rate?
A visitor landed on the website accidentally
The website offers few relevant pages
Visitors cannot locate or understand the site navigation
The look and feel of the website turns visitors away
The content of the website -- images, text, video -- is unappealing to the customer
The first page takes too long to load
Popups or other intrusive ads interfere with customer experience
The website does not render well on the device used to access it
There is no call to action
... And many other reasons that an expert can look into
To recap, it is important to note the most important KPIs and have a method for tracking them. In order to track them, you must build out the conversion funnel to see where there may be leaks in the process. Wherever there are leaks, you will want to reduce this as much as possible or your could be leaving a lot of money on the table.
Tamara Ashworth is an Award Winning Marketer, winning First Place in the Procter & Gamble Brand Strategy Competition. Featured in Entrepreneur.com and published in Thrive Global, Tamara comes with 12 years experience of high-level Business, Marketing and Strategy work globally. Tamara has an MBA from the University of Notre Dame and has previous experience in Finance. This unique combination allows Tamara to view Marketing as an integrated and Strategic investment that requires maximum return in order to scale a business successfully. After founding Ashworth Strategy, she focuses the business on helping companies who sell Consumer Products scale with the latest and most advanced ecommerce Marketing strategies.
Click here now if you are ready to increase your customer acquisition and scale into a successful ecommerce business.