Average Conversion Rates
The conversion rate is one of those tricky statistics that can change from one website to the next. It doesn’t seem to matter much to the buyers, but it does matter to the search engines. The higher the conversion rate, the better. This article will explain what a reasonable conversion rate is and why you should care.
The conversion rate is the total percentage of website visits and gets a hold of desirable action towards your site in the simplest way of definition. Those pleasing actions we are talking about converts your visitors from prospects to leads.
The steps that the prospects take may vary from downloading eBooks, finishing a purchase, signing up for a trial, subscribing, reserving a demo, and more.
According to a study in the previous year, 2.86% is the average conversion rate of e-commerce websites.
What is a Good Conversion Rate?
There are many benchmarking companies out there that determine the e-commerce conversion rates for various industries and niches. Many of these companies also have reports that provide information on the e-commerce rates across multiple niches. The problem with these benchmarking reports is that they are based on only a small number of industries. And even those industries that are the same may be very different from one another.
To get an accurate estimate of how your conversion rates could look like, you want to include the e-commerce conversion rates for various industries and niches. Still, you also want to have them for all places and all sizes of businesses.
You want to calculate your costs and expenses accurately and know exactly where you are coming from to make future decisions. One of the best ways to do this is to use a Key Performance Indicator (KPI). This is an excellent method to keep an eye on your progress over time.
Why Track Your Progress?
By tracking your progress over time, you can quickly see whether you’re on track to meet your revenue goals or if there’s room for growth. If you’re not happy with your conversion numbers, it’s essential to know that there are several reasons why your conversion rates aren’t where they should be.
You might have a big business, but if you only have sales in a few smaller industries, that doesn’t matter much. On the other hand, if you’re converting at a rate that is too high for your industry, there are specific issues that you need to address as well.
One of the most significant benefits of using this for your average e-commerce metrics is that they give you a holistic view of your optimization strategy. Not only do the keys allow you to measure your progress over time, but they also allow you to see your digital marketing efforts in a real-world example. This can help you understand what’s going on and how you’re performing.
Two Conversion Types
Macro Conversion is the direct conversion that takes place in a website. This conversion covers the actions taken by visitors aimed at task completion that is necessary for revenue. This includes:
- Contact-form filling
- Signing up for trials
- Requesting a quote or demo
Micro conversion mainly relates to small-scaled assignation. Although it does not directly result in revenue, micro conversions can lead to macro conversions. The most obvious examples are:
- Blog subscription
- eBook downloads
- Social Media follows
Unforeseen Factors that Affect Conversion Rates
The conversion rate of a website could be a tricky number. Why? There are many factors out there that can influence the conversions, which you cannot see. Factors that you cannot see yet affect your website conversion includes:
- Offline Traffic Sources
You may find this unbelievable, but some websites gain large traffic from printing catalogs and offline advertising. Many website holders use traffic from offline as a source of qualified and higher traffic conversion, while some also rely on email marketing to get prospects.
- Brand Awareness
We all know that the more the brand is known to the public, the bigger the chance of getting high conversion rates. Brand awareness allows large and more known websites receive higher chances of getting the desired results.
Components of A Good Conversion Rate
You cannot expect to get the conversion you want if you do not utilize different components to get a higher conversion rate. Let us learn the significant elements to get the rate of conversion you want.
A Call to Action
If your goal is to make every visit on your website a success, you need to tell your visitors to complete them. Is there anything more basic than asking them when it’s the right time to do so?
Call-to-action (CTA) is a psychologically involving way to get people’s attention. Ensure your CTAs are user-friendly and not frustrating to encourage your visitors, provide them with explicit instruction, and make the button and the whole page pleasing. Make people feel that they need to click that before it’s too late in a most admiring way.
Content strategies influence conversions. Knowing what your readers want to read will help you create contents that appeal. Find their interests and define your target audience.
Sharing useful content with your audience will also engage them most positively. For example, if you are selling foods, create food-related content or share some tips and recipes they can use. Write compelling stories that will not only attract their eyes but their minds as well.
Do you offer necessities? Are your products attractive enough to encourage conversions? Providing offers that are not valuable to your target market is a waste of time, money, and energy. Remember that you are not the only company offering your products or services.
Create unique and exceptional ways to market your goods and establish a valuable proposal to your audience to distinguish your goods and services from the competitors. When creating a reasonable offer, you need to include these:
- Your products or your services
- The benefits they provide.
- How unique your recommendations are.
The goal to get the ideal conversion rate is a road not easy to take. There are individual decisions you need to take, and failure is an inevitable phenomenon that can surprise us at any time.
Working in this digitally competitive world means to take risks and chances. With proper planning and a good backup plan, a reasonable conversion rate will come your way if you work hard for it.
The biggest risk is not taking any risk… In a world that’s changing really quickly, the only strategy that is guaranteed to fail is not taking risks.
– Mark Zuckerberg