Most online stores make the mistake of being contented with 2 – 3% conversion rate (CVR), which is also the average CVR of ecommerce stores nowadays. But then, as it turns out, there are also individual businesses managing to convert as much as 30% or 40% of their visitors into satisfied customers. MarketingSherpa conducted an independent ecommerce benchmark study to survey 2912 online retailers and found that the majority of respondents claim to achieve more than 10% CR.
Although some of these numbers might be seriously inflated, it is always a good idea to raise the bar and improve on your conversions even further.
But how do you do that?
The answer is by knowing your customers better and knowing how they’re choosing the products while shopping online. This will allow you reach and engage shoppers more effectively. Any approach that focuses on giving shoppers what they want and need, minimizes your return rate and increases the possibility of them becoming return customers.
It takes a jump into your customer’s shoes to understand how to sell more. What motivates them? What’s the thought process? What are the things that appeal to them or turn them off? There are many factors involved in a customer’s decision-making process, and all these factors must fall in place to make a sale happen. Have a look at this infographic by VoucherCloud sharing “insights into the psychology of the online consumer”.
1. Selecting a vendor
Once consumers feel the need for something, they will most likely start with a Google search, and the selection process starts from this very first step. For any given keyword, there’re hundreds and thousands of results. And even if you’re on top of your game (as far as SEO is concerned) and rank on the first page, you’ll be competing with 9 other websites.
Before the customers get down to choosing the right product at your store, they’ll have to discover and recognize you as a relevant vendor.
Customers click on the first result that grabs their attention and communicates a value that resonates with them. A special offer or sales propositions in a Title or Description tag or other psychological factors such as brand reputation, trust, urgency, or rich snippet text with a strong call-to-action will encourage more clicks.
2. Scanning the site
This is the most crucial part. Customers have learned to assess the relevance of a site within a few seconds. If you fail to convince them and tick the right boxes in their mind to gain their trust and interest, they’re gone.
There are certain psychological triggers that marketers have been using to grab their customers’ attention.
A study on the influence of eye contact in the food packaging industry found that designing characters that gaze downward for the sake of creating eye contact with kids results in 16% higher trust levels and 28% improvement of their connection with brand.
Eye contact is always considered as something that will make you seem trustworthy, even in online commerce. This is why many online shops, especially when selling non-technical products, consciously or intuitively use high quality images of faces on their landing pages.
3. Selecting a product
Most of our purchase decisions are based on emotions and shoppers will make an emotion-based decision first and only in a second step will look for logical reasons to justify their decision. When shoppers are uncertain about a product, and when there’s little or no guidance available, the copycat effect can come into the play. This is when customers look around for reviews by other customers. If they find the testimonials or reviews from others, it will make it easier for them to reach a decision.
But your customers want to decide fast, here’s the value of Guided Selling again – it cuts down irrelevant products for your customers to the most suitable results and suggests products that meet their needs. And Guided Selling technology does that fast and simple. Try it yourself!
The human mind work in complex ways, and it’s hard to single out the hidden triggers or factors that make them want to go for a product (or vice versa). But, if you focus on understanding your target audience and help them choose the best possible solution, you will be able to hit the triggers that make your shoppers choose you.