Stagnation is a common reality for a whole range of businesses across the board. Breaking the mold and going past a certain metric seems impossible at a certain point.
Those running WooCommerce stores would relate to this sentiment. After a certain point, traffic hits a brick wall and revenue stops growing beyond a given number. Even those who create WooCommerce Android and iOS apps using app builders may find themselves caught in the malaise of unchanging app KPIs. Neither websites nor apps are exempt from the challenge of overcoming a rut. Unfettered growth is a mirage and impossible in a practical setting. How do websites and apps generally react to a stagnation in revenue? The most popular solution to dormancy in revenue growth is increasing traffic. Generally, companies try to power their way out of a period of stagnation with outbound campaigns. Other tactics like targeting more keywords and hiring more writers to churn out a higher volume of content are fairly common. These are all natural reactions to a slowdown in revenue. The logic here is that more traffic will naturally break the revenue stagnation. All these tactics point to one common theme - allocation of greater resources. Whether it’s real money or manpower, companies believe investing more resources will get them out of the stagnation hole. There is a better way of dealing with this problem. It is called conversion rate optimization. What is conversion rate optimization? Conversion rate optimization or CRO refers to the process of increasing the number of people that perform a desired action when arriving on a website or an app. In simple words, CRO helps websites and apps increase their conversion rate. Firstly, why is CRO a better solution for revenue stagnation compared to traffic-based solutions discussed previously? The biggest advantage CRO has over other solutions is cost. Traffic-based solutions take time and require a direct injection of resources. CRO techniques generally involve making little tweaks to the existing website or app. It doesn’t cost companies a lot to make these changes. The pay-off from making these little changes is very high, making the entire process a smashing success from an ROI standpoint. What is its role in the ecommerce world? There are a lot of growth hacks and strategies one can find online for ecommerce growth. Invariably, all these hacks and strategies are driven towards one end - increasing sales. The entire point of CRO as a practice is to increase conversions (or sales in the language of ecommerce). It has a natural place in the pantheon of all ecommerce growth hacks and strategies. The role of CRO in the world of ecommerce is to suggest changes for websites and apps in order to increase sales. These changes can be related to simple design bottlenecks or changing the placement of certain buttons and CTAs. CRO is an absolute essential for ecommerce apps. This is because mobile shopping is now the preferred destination for online retail. As many as 85% online shoppers prefer mobile apps to mobile websites. There is no reason to then doubt which medium requires CRO more. Stable CRO strategies for enhancing ecommerce sales There are no sure-shot special CRO tactics we can list here that will have an instant impact on your ecommerce app. Each app requires a different approach. The following sections provide a more general overview of the CRO strategies you can take up. #1 - Kill the conversion killers What are the things killing your ecommerce app’s conversion rate? There are a whole host of issues your app could be facing the following points highlight some of them-
Let’s take the first point as an example. Improving app speed is something a lot of companies in the market try to achieve. The normal suggestion is to get a better hosting partner. Other tips like image optimization are also fairly common. With a WordPress mobile app for Android and iOS, one only needs to improve the speed of the website to improve app performance. There are a number of conversion killers. Your job is to spot them and make necessary changes. Use of dependable mobile app analytics tools can also help in spotting the elements causing a slowdown in conversion. #2 - Test your app design with A/B testing Design is a central part of optimizing conversions. A simple oversight error in app design can cause a significant drop in conversions and sales. One simple way to ensure that the app design is optimal is A/B testing. This basically involves creating two different versions of the same app and testing it with different audiences. The version that performs well naturally gets passed as the final version. A/B testing is especially useful when testing low-scale changes. Let’s say you find your CTA button is near the top left corner of the screen. This puts it outside the average user’s thumb range. You create a new version of the app where the button is within range of the user’s thumb. Testing this new version against the old one with A/B testing will help you see if there are any changes in the conversion rate. #3 - Addressing user concern To this day, payment landing pages list out some encryption specs explaining why the process is safe and secure. It is safe to say that a large majority of users don’t understand any of this cybersecurity jargon. Why then do payment pages still write it down? Online payment is still a new concept when put against the overall history of the world. People trust a wad of notes in their hands more than a few digits on the screen. This fear of online payment can make users question the entire purchase. The security specs listed on the page serve the sole purpose of reassuring users about the safety of online payment. In a way, they are a CRO addition. Online payment is just one example of typical user concern. Your app users could have a whole bucket list of concerns. From the refund and return policy to the availability of customer service reps, there is no end to the kind of concern an average user can have. This typically eats into your conversions. The simple way of dealing with this is adding CTAs that address this concern. For instance, adding a line about your convenient return policy below the ‘Buy now’ button can ease some concerns of your users. Your goal with this CRO strategy should be to look for places within your app which might concern your app users. Then, you can go about addressing these areas with a whole array of tactics. In conclusion Conversion rate optimization is an essential part of any ecommerce growth strategy. This piece seeks to bring light to it and some strategies associated with it. There are many more CRO tactics and hacks readers can find online. The ones discussed can nevertheless set them on the right track.
7 Comments
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