Are you staring at that bright screen, pulling your hair out, and wondering why your Shopify sales plummet faster than a lead balloon? Are you starting to feel like you're running a charity instead of a business?
Don't worry; you're not alone. Every Shopify store owner goes through these tough times at some point.
The good news is that you can turn things around and start generating more sales. But fear not, for today, we're bringing you not one, not two, but FIVE ways to increase your Shopify conversion rate in 2023.
Let’s dive in.
What Is Shopify Conversion Rate And Conversion Rate Optimization?
A conversion rate is the percentage of visitors who take a desired action on your website. In your case, it will be making a purchase or signup for your cool newsletters.
This key metric tells you how many people are buying your products and signing up for your mailing lists. If you want to increase it, you’ll need to create an experience that makes it easier for visitors to act. Now, what's Shopify conversion rate optimization?
Here's the deal: as a Shopify store owner, your goal is to make sales, right? But just having a cool-looking website and many products won't necessarily guarantee those sales. You need to optimize your site to encourage visitors actually to buy something.
Think of it like this: imagine you're launching an amazing product with a deal breaker deal, but no one is showing up. Yes happens, and you need to figure out what's turning people away and make some changes to get them through the door.
That's where Shopify conversion rate optimization comes in. It's the process of tweaking your site to make it more attractive to potential customers and get them to complete a purchase. This can involve things like improving your website's design, streamlining the checkout process, and offering special deals or promotions.
Why is Shopify conversion rate important?
If you ask me to answer in one line, it helps you get more sales and grow your business. And who else refuses to gain some money bags?
But in all seriousness, it will give you more than better sales. Let me explain them one by one.
1. Boosts revenue
Think this way: you are pouring your blood and sweat into creating a marketing strategy that drives people indoors. But what if nobody buys?
You have to be smart about it; this is where the conversion rate comes in. A high conversion rate will help you determine what parts of your strategy are working and which need fine-tuning. It's also an indicator of how well you can convert visitors into customers.
2. Helps you improve your marketing strategy
If you want to make more sales, you need to understand why people aren't buying from you right now. Ask yourself,
- Is it the website?
- Is it the price?
- Is it the shipping cost?
- Or is it the reviews?
Whatever it can be, once you identify them, you can change them so your customers will be more likely to buy from you. For example, if your product has no reviews, your users will doubt the quality even if you offer that at a lower price. In this case, you can collect reviews from your existing users. This helps you build up your seller reputation and make more sales.
3. Helps Identify Issues
As they say, "perfection is a myth" you can't expect that everything will go according to plan. And this may stop people from buying your product.
You can identify where people are dropping off and losing interest by tracking your conversion rate at each stage of the sales funnel. This can help you pinpoint any issues with your website, product, or marketing messaging that may turn potential customers away.
Once you identify these issues, you can work on creating a better overall user experience that encourages people to complete the sales process.
How to calculate the Shopify conversion rate?
The Shopify conversion rate is calculated by dividing the number of customers who completed a sale by the number of visitors to your store. For example, if you had 100 visitors and five made a purchase, your conversion rate would be 5%.
Here's the formula to calculate the conversion rate,
Conversion rate = Conversions/Total visitors * 100.
Now you may wonder what is a good conversion rate for your Shopify store will be. A 4.7% conversion rate is considered good.
According to Little data, if your conversion rate is more than 3.2%, you'll be in the top 20% of Shopify stores we benchmark for conversion rates; if it's more than 4.7%, you'll be in the top 10%.
How to track Shopify conversion rate?
You can track your conversion rates in multiple ways, and doing all of them is impossible. So I have listed the most important ways to track your Shopify conversion rate.
1. Default report dashboard
It's one of the best ways to track your Shopify conversion rate, and this is a default report that comes with every store.
To access Shopify's "Reports" dashboard, simply navigate to Admin > Reports. The benefit of using the default Shopify Reports dashboard is that it provides more accurate sales data than third-party tracking platforms.
Within the Shopify dashboard, there are two types of reports:
- Default reports and
- Custom reports.
The default report is separated into three main sections: Sales, Acquisition, and Behavior. While it provides an overview of your online shop's performance, obtaining detailed insights for each section may be difficult.
On the other hand, Shopify allows you to create custom reports based on sales, payments, taxes, visitors, and customers. These reports enable you to delve deeper into statistics for a particular section of your online store. You can also use report filters and dimensions to select specific criteria for your custom report.
Just remember, while default Shopify Reports are great for an overview of your store's performance, they're like a one-size-fits-all t-shirt - not always the most flattering or detailed. Custom reports, on the other hand, are like tailored suits that fit your business goals like a glove.
2. Using Facebook Pixel
Facebook pixel is a small piece of code that you add to your website. It allows you to track user behavior on specific actions like signing up for newsletters or purchasing a product.
Here's how you can set up a Facebook pixel on your Shopify store:
- Install the Facebook Pixel: The first step is to install the Facebook Pixel on your website. You can create a pixel in the Facebook Ads Manager and copy the pixel code to your website's header section. This will enable Facebook to track user activity on your website.
- Set up conversion events: Conversion events are actions that users take on your website that you want to track, such as making a purchase, filling out a form, or subscribing to a newsletter. You can create these conversion events in your Facebook Ads Manager by selecting the "Events Manager" tab and clicking "Create Event."
- Choose a conversion event to track: Once you've set up your conversion events, choose the event you want to track as a conversion. For example, if you want to track purchases, select the "Purchase" event.
- Create a conversion tracking campaign: In the Facebook Ads Manager, create a new campaign and choose the "Conversions" objective. Then, select the conversion event you want to track.
- Check conversion data: After running your conversion tracking campaign, you can check the conversion data in the Facebook Ads Manager. This will show you the number of conversions, conversion rate, and other relevant data.
3. Google analytics conversion rate tracking code
Google Analytics allows you to examine the performance of your entire marketing campaign by following a single click, no matter where it originated.
The Google Analytics conversion rate tracking code uses a single line of code to track conversions. You can add the code to your website or app and then view the conversion data in your Google Analytics account.
5 ways to increase your Shopify conversion rate
If you are worrying about your stagnant conversion rate and want to improve it further, here are five ways to do so:
1. Leverage pop-ups
Let me tell you what happens when you drive huge traffic to your website. Your website is optimized and everything else is set right.
And then it happens; they are browsing, adding to the cart, and abandoning without making a purchase! Even worse, they abandon without even adding products to their cart.
I know I know, it hurts. This can happen due to multiple reasons. But you have only one option: Find and optimize them.
One of the major reasons behind cart abandonment is the product price. Pop-ups are great when it comes to improving your customers' price sensitivity. You can offer them a discount to push them to make a purchase.
When you have a pop-up, it is essential to ensure the message is clear, the call to action is strong and the conversion goal is well-defined. You can also use pop up for product recommendations and cross-sells. When you want more conversion rate, you can even use gamification to make it more interesting.
Here's how Lavie does the same,
With BiteSpeed, you can create exit intent pop-ups that convey your user's intent and help you convert more sales. The best part is that it's super easy to use and has many features that make it a powerful tool for conversion optimization.
2. Recovering your abandoned cart
If you are like other Shopify owners, abandoned carts will hold a significant percentage of your lost sales. It's always great to recover these abandoned carts, which can be done by sending a WhatsApp message. But how do you even know what's the reason?
Well, there are many. How about asking your customer directly?
That's where BiteSpeed comes in. No need to do any manual work. It will start working when the user abandons their cart. It asks the reason for cart abandonment and then suggests a suitable solution. The user can then choose the solution and complete their purchase.
Isn't that something more than you could ask for?
We do have a separate guide too: How to recover your abandoned carts?
3. Collect more reviews
When was the last time you purchased something online by scanning the review section? If you do, your users will do the same. That's why you should collect more reviews. The more your product has reviews, the better it will look in the eyes of your potential customers. It's a win-win situation for both you and them.
But most of the time, collecting reviews is not easy, as customers see that as additional work. To convince them, you have to give them incentives. BiteSpeed does this automatically when the product is delivered.
As this is a WhatsApp chat, your customers will likely send you the review. Later, you can collect them and display them on your website.
4. Optimize your checkout process
Regarding the checkout process, you should ensure that your customers do not have to fill out any unnecessary information. This can reduce friction in the process and increase conversions. If you want to save your customers' time, use a single-page checkout instead of multiple pages.
According to the Baymard Institute (a website optimization company), 21% of US shoppers will abandon a purchase if they have trouble checking out.
Here is an example from Ineze about the checkout process:
The more simple your checkout process is, the more likely it is that customers will convert. If you want to improve your conversion rate, then make sure you optimize your checkout process as much as possible.
5. Provide limited-time offers
Offering a limited-time offer is a great way to increase your conversion rate. Using this strategy, you can offer customers a discount or other incentive if they buy your product within a certain time (usually 48 hours).
You can also use this method to incentivize them to subscribe to your email list. For example, if someone signs up for your newsletter, you might email them something special on your site (like 20% off their first purchase) if they purchase within 48 hours. This will encourage them to make a purchase right away.
Bonus method (I can guarantee results with this): WhatsApp marketing
Picture this: You are consistently driving revenue from your marketing efforts and they do love your products. But in the long run, your name starts fading from their memory as all your efforts are being poured only to email marketing and ads.
What about the existing customers who already loved your brand? What if they abandon their cart again? You can’t afford to lose another drop in revenue.
And here comes WhatsApp marketing, it helps you stay in touch with your customers and creates a sense of urgency for them to buy from you. Even when you launch new sales, WhatsApp marketing will help you drive a better conversion rate as the audience is already warmed up.
Here's what you can do with WhatsApp marketing,
- Recover most of your abandoned cart with personalized messages.
- Keep your customers updated with the latest news, offers, and discounts. Offer them a chance to win big by inviting them to participate in contests or giveaways.
- Create an engaging and relevant chatbot for your audience so that it can answer their queries about your brand in real-time.
- Keep them updated with the order confirmation and tracking messages.
- Upsell and cross-sell to your customers based on the purchase history.
- Collect reviews on autopilot and incentive them to leave a review.
But how can you do all these things manually with a heavy shoulder? The answer is simple. You need to automate the process of creating your WhatsApp assistant BiteSpeed. With BiteSpeed, the possible ways of automation are endless.
You can build your own chatbot, get real-time data from the market and create content that is more engaging. Not only this, but you can also automate all these tasks in a single platform without any coding experience required.
Optimizing your conversion rate with BiteSpeed
If you have made it to this point, you must be aware of the steps to optimize your conversion rate. Now, it's not just about knowing what needs to be done, it's about doing it right. And BiteSpeed is your go-to gal for all your conversion optimization needs. From catchy pop-ups that keep your users hooked to collecting reviews that will make your competitors jealous, BiteSpeed has your back.
And if that wasn't enough, we've got some seriously cool WhatsApp marketing techniques up our sleeves. With BiteSpeed, you can sit back, relax, and let the money bag gets fuller and fuller.
And we are dying to reveal them during our demo call; when are you free?