In the business world there seems to be an abundance of incomprehensible jargon with fancy acronyms cropping up every day. It can be difficult keeping up with all of the complex terminology, but CRO is a buzzword you should really get to know. CRO, or conversion rate optimization, can help ecommerce businesses of all sizes. This function will give you insight into your site’s usability, give you a better understanding of customer behavior and help you transform site visitors into customers. Here is a short guide to CRO and how it can help your business.
What is a Conversion Rate?
When breaking down the meaning of conversion rate optimization, your first question might be, what is a conversion rate? A conversion rate is the percentage of website visitors who complete a desired goal, or conversion. It is an important marketing metric and there are two types of conversions that a visitor to your website should take, micro conversions and macro conversions.
- Micro Conversions include visitors signing up for an email newsletter, sharing social media content and adding items to the cart. Although these micro conversions may not end up in a sale, they move the customer further along the path towards a macro conversion.
- Macro Conversions describe the actions visitors take that represent the primary goal of your website. This can include making a purchase, completing a form or paying for a subscription. Macro conversions are representative of the end goal of the sales process.
Calculating Your Conversion Rate
Business owners can calculate their conversion rate by following this process. Simply take the number of conversions you have and divide it by the number of interactions to your website. Multiply this number by 100 to get your conversion rate percentage.
So, What is CRO?
CRO describes the process of optimizing website elements to increase the site visitor percentage that take a desired action or complete a desired goal. An effective CRO campaign can help you get more conversions. This can involve testing and optimizing elements, like call-to-action buttons and website design. Converted (digital agency Sheffeild) can help you improve and grow your business. They employ a team of digital marketing and CRO professionals who can help you with your conversions.
CRO For ecommerce SMEs
When done properly, CRO can improve digital statistics, pinpoint bottlenecks in your business and enhance customer experience. This process can help your business make more money, it can also increase your ad spend and market share. One of the major challenges ecommerce businesses face is shopping cart abandonment. Enhancing your website’s UX experience and gaining insight into customer behavior can help resolve cart abandonment issues. CRO will help you identify and address related issues you may have. These can include distractions, such as pop-up forms, a complex payment process and intimidating hidden costs.
In conclusion, the higher your conversion rate, the more traffic you will have to your website. Ultimately, CRO can help you convert website traffic into actual sales and increase business profitability and revenue.