How to increase eCommerce store conversion rate with personalization
When it comes to increasing the eCommerce store conversion rate, personalization is key. But how do you go about implementing it? There are a few different ways to get started. Yet, the one that works best for you depends on your business and eCommerce platform.
Unlike a physical store, understanding your customers and enhancing their shopping experience in your online store can be tricky.
In a brick-and-mortar store, you can communicate with customers closely. You can understand their interests, gauge their responses, and gather more information to ease their shopping.
But in an online store, you never know what might turn them off. Customers may leave your website, resulting in another cart abandonment. That is one of the main reasons why eCommerce website conversion rates are lower than physical store conversions.
Now, what is the eCommerce conversion rate?
eCommerce conversion rate is the percentage of users of an eCommerce website who take or complete the desired action like purchasing from your eCommerce store at a specific period.
What is a good eCommerce conversion rate?
No specific benchmark is set for a “good” conversion rate as it varies with many factors like industry, target audience, price point, and more. But, anything more than 3 or 5% can be considered a good conversion rate.
Now, how to increase store conversion rate?
There are many tricks and hacks by which you can improve your eCommerce conversion rate.
Offering exceptional products and services
By reducing the number of steps or fields in the checkout process
Employing a simple design
Use social proof on your website
Optimizing your site speed
Offering offers and running promotions
Reverse engineering customer’s journey
Running experiments
Adding live chat support to your website
Create FOMO or a sense of urgency
Setting up A/B tests
Recovering abandoned carts
Adding pop-ups to your website
Including eye-catching product images
Adding videos
Creating customer-specific landing pages
Including product guarantees
Segmentation and analysis
Educating your customers and more.
But, above all these, there is one more hack to create a long-lasting impression with your customers. This hack makes customers fall in love with your brand.
Customers love it when they receive attention and feel special. And the only way you can make them feel special online is by personalization.
What is eCommerce Personalization?
eCommerce personalization is the practice used to impress customers with experiences and content that are highly relevant and contextual to them. It uses data to understand, guide responsibly, and impress customers, creating measurable customer journeys that lead customers from awareness to repeat purchases.
eCommerce personalization spans across channels, onsite and in-app, offering engaging and valuable shopping experiences to customers.
As the eCommerce business adopts new technologies, personalization is a winning technique to wow new customers and retain existing ones.
Not convinced?
Our confirmations backed up by facts and stats show that 73% of customers prefer personalized shopping experiences, and 86% admit that personalization plays a key role in influencing their purchase decision.
Source: Conversionxl
How to increase eCommerce store conversion rate with personalization
When it comes to increasing eCommerce store conversion rate, personalization is key. But how do you go about implementing it? There are a few different ways to get started. Yet, the one that works best for you depends on your business and eCommerce platform.
Unlike a physical store, understanding your customers and enhancing their shopping experience in your online store can be tricky.
In a brick-and-mortar store, you can communicate with customers closely. You can understand their interests, gauge their responses, and gather more information to ease their shopping.
But in an online store, you never know what might turn them off. Customers may leave your website, resulting in another cart abandonment. That is one of the main reasons why eCommerce website conversion rates are lower than physical store conversions.
Now, what is the eCommerce conversion rate?
eCommerce conversion rate is the percentage of users of an eCommerce website who take or complete the desired action like purchasing from your eCommerce store at a specific period.
What is a good eCommerce conversion rate?
No specific benchmark is set for a “good” conversion rate as it varies with many factors like industry, target audience, price point, and more. But, anything more than 3 or 5% can be considered a good conversion rate.
Now, how to increase store conversion rate?
There are many tricks and hacks by which you can improve your eCommerce conversion rate.
Offering exceptional products and services
By reducing the number of steps or fields in the checkout process
Employing a simple design
Use social proof on your website
Optimizing your site speed
Offering offers and running promotions
Reverse engineering customer’s journey
Running experiments
Adding live chat support to your website
Create FOMO or a sense of urgency
Setting up A/B tests
Recovering abandoned carts
Adding pop-ups to your website
Including eye-catching product images
Adding videos
Creating customer-specific landing pages
Including product guarantees
Segmentation and analysis
Educating your customers and more.
But, above all these, there is one more hack to create a long-lasting impression with your customers. This hack makes customers fall in love with your brand.
Customers love it when they receive attention and feel special. And the only way you can make them feel special online is by personalization.
What is eCommerce Personalization?
eCommerce personalization is the practice used to impress customers with experiences and content that are highly relevant and contextual to them. It uses data to understand, guide responsibly, and impress customers, creating measurable customer journeys that lead customers from awareness to repeat purchases.
eCommerce personalization spans across channels, onsite and in-app, offering engaging and valuable shopping experiences to customers.
As the eCommerce business adopts new technologies, personalization is a winning technique to wow new customers and retain existing ones.
Not convinced?
Our confirmations backed up by facts and stats show that 73% of customers prefer personalized shopping experiences, and 86% admit that personalization plays a key role in influencing their purchase decision.
Onsite Personalization
Onsite personalization includes customizing all possible areas of your website like the home page, product page, catalogs, site navigation, your cart page, etc. It will result in a better user experience and increased conversions in retail.
Homepage
Your website’s homepage is the place where you gain maximum customer traction. Moreover, you get less than three seconds to impress your visitors.
Hence, draw your visitor’s attention by geo-location-based customization, featuring content and currency in the user’s native language, personalized offers for first-time visitors/tailor-made preferences for existing customers, and others.
It is proven to increase conversion in retail and impact your sales positively.
Check out these two images where the home page is set up based on visitors’ preferences.
Product Page
Did you know that product pages have the highest possibility of increasing conversion in retail?
The Product page is an opportunity for you to highlight your products to appeal to customers and convince them to buy.
Personalization can either emotionally or conveniently convert customers because you can,
Portray your up-selling and cross-selling skill by including relevant recommendations based on purchase history/mostly bought items.
Prominent zoom in/zoom out features,
360-degree product images,
Product videos,
Real-life stories,
Sense of urgency to quickly purchase the desired product,
Single page checkout process and so much more
Site Navigation
Provide welcoming, user-friendly site navigation to your visitors because it makes them stick around and navigate smoothly across your products, customer care, and other services.
Complicating your site navigation can irritate your customers and increase your cart abandonment rates.
Macy’s and Amazon follow mega menu trends where customers have options to easily decide on their products based on their browsing category, popular brands, new arrivals, and other relevant categories.
Once logged into Amazon, it goes a step ahead by giving you the feel of a completely personalized store, including the name ‘Your Amazon.com.’
Personalization doesn’t stop with your online store. It extends to staying connected with customers post-purchase, creating goodwill among them, and increasing the conversion rate in retail.
You can use personalization tools to grow your business and develop your business further. It includes sending out emails with personalized offers and coupon codes to drive traffic to your website and help customers complete their purchases.
According to Econsultancy, email was the most popular personalization channel, followed by social media this year.
Many tools like TargetBay will help you send personalized emails after studying your customer’s shopping behavior.
Using social media analytics tools, you can study, track and monitor customer behavior across social media platforms and conduct retargeting ads so that customers find them relevant and visit your site.
Offline Personalization
The right personalization can help you get in touch with your customers offline.
Retailers like Rebecca Minkoff, Amazon, and Nike adopt advanced technology where customers can self-checkout and use interactive displays to select products.
RFID chips, smart fitting rooms, and much such technology are changing brick and mortar landscapes and helping set up innovative features to ease customers’ shopping experience.
Wrapping up,
Personalization can revolutionize online and physical stores to an extent we can never imagine.
It holds true because the future of eCommerce is on enhanced user experience. When you offer customers what they want, they stick with you, increasing the conversion rate in retail.
Magento has extensive personalization extensions to maximize your personalization efforts. Our Magento experts are ever-willing to listen and help you with your personalization needs.
