You’re losing money—a lot of money. That is of course if you are not focusing on CRO (conversion rate optimization) on your website. CRO is an indispensable tool for any individual in e-commerce.
Easy. It optimizes your conversion rate.
*End blog post*
I kid. I kid. Though, in reality, that is the crux of it all. Let’s breakdown some more reasons why CRO truly benefits all who leverage it:
- You are able to reduce advertising costs
- With the rising costs of CPCs, CPMs and essentially everything else in digital advertising, reducing costs for a better overall ROI is imperative. By optimizing conversion rates, you can retain your traffic more efficiently without having to rely on additional spend to bring them back.
- More profit, more traffic
- In conjunction with the above, once you are able to effectively increase your profits through CRO, you can pocket some of that profit to invest in more paid advertising. Unlocking new surges of traffic with a site that is optimized for them will beget revenue—and more revenue. A beautiful cycle indeed.
- Stay ahead of the competition
- By maximizing the revenue that you are able to generate per visitor to your site, you maintain a strong advantage over your competitors who may not be implementing CRO-related strategies.
CRO In Action
So now that we love conversion rate optimization, what is a use case we can look at?
We have you covered.
Meet our persona, Harry. Harry is a price-sensitive middle-aged man with a family of two children. He is an avid online shopper. Harry hears about a product from one of his friends that he desperately wants.
He searches for it on Google, finds a paid search listing, clicks and browses for it. He finds the product right away, but he notices that it is a little pricey. Harry is the type to abandon his cart more frequently than others—in order to compare to other sites.
With the price too high for him, Harry tries to abandon. This time, however, he is greeted with an abandoned cart modal, a pop-up that populates when a user tries to leave the purchase funnel. It reads ‘Don’t let this offer slip away! Purchase within the next 15 minutes with code MAKINGSCI for 10% off’. Harry hesitates for a moment, but he figures that he will buy the product eventually, so he should take advantage of the limited time offer that he is presented with now before it slips away. He converts.
This is CRO in action. This very same experience has been run at Making Science for multiple brands with amazing success (upwards of 50% increase in conversion rate).
If we did not have that modal, Harry would have abandoned, possibly indefinitely. We mitigated abandonment rate and, of course, optimized our conversion rate. These smart changes to the user journey allow sites to prosper.
Conversion rate optimization is a tool that is most certainly underutilized in today’s world. Stay ahead of your competition and start now.