How To Increase Your Sales Conversion
Are you diving deep into your e-commerce website data and evaluating sales conversions? If you aren’t already doing this, we’re going to help you get started in this blog post so that you can understand your business better and grow your sales.
At Recloseted, we always encourage our clients to sell their products on their own websites. This is because the profit margins are better, but also because you’ll get direct access to customer data. This data includes things like average transaction values, repeated customers, your best-selling colours, styles, products, and more. All of this will help you improve and make necessary tweaks in the future. We have created a list of things that you should be considering and implementing as an entrepreneur for your brand:
1. Product-Market Fit
Is your product something that customers see and have a need for? Make sure that what your business offers is something that your ideal customers need and want to buy, or else you could be wasting your valuable dollars into producing something that isn’t what your customers are looking to purchase.
2. Look At The Data
If you haven’t taken the time to evaluate your data up to this point, you need to start now! This is so important for businesses that want to improve and grow. Google Analytics is extremely helpful and tells you all the nitty-gritty bits of information you should know about and if you use Shopify for your business, make sure you’re taking a look at your data there too. At the very least you should be looking at this on a monthly basis but we encourage our clients to look weekly.
Your data tells a story that you otherwise wouldn't have known if you hadn’t checked. For example, the traffic going into your website will show you how many visitors and sessions there have been, average times spent on the site, bounce rates, what pages they’re clicking onto, products customers are adding to their cart and abandoning, etc. And lastly, know what traffic course is bringing your customers to your site. Is it through a Google search, social media, emails, referrals, or something else?
3. Identify “Problems”
If you notice that your sales have been slowing down, check your data and see what it is that’s causing it. To give you an example, if your website traffic is lower this month compared to previous months, see why that could be. Is it maybe because you’ve been less active on social media? Have you been putting out fewer ads? Take some time to think about what could have caused this to happen and think of ways you can fix it.
But what do you do when you’ve been doing everything the same, but people aren’t buying so your conversion rate is down? A possibility could even be that your website or e-commerce platform is experiencing tech glitches. Maybe your customers are trying to checkout but a technical issue is preventing them from doing so. In this case, you want to act quickly and resolve these glitches so that your customers can have a smooth shopping experience on your site.
4. Create Hypotheses
Your sales conversions could also vary depending on seasonality or the fact that your top-selling items or colours are sold out. You should prepare for these scenarios and make sure that you are being mindful of seasons when curating your collections and having enough of your best sellers available to customers. These two aren’t the only things you should be making hypotheses on so take the time to reflect on your business and processes.
5. Test And Experiment
It’s always good to test out new things and see what things you can do to tweak and make changes that will benefit your brand. You could try removing sold-out items and letting other products shine, or abandon cart emails, create retargeted Facebook ads, etc. The opportunities are endless and you should be implementing changes that you see fit for your business.
6. Look At The Data All Over Again
We wouldn’t repeat something if it wasn't THIS important. Look at your data! Like we talked about earlier, your data tells a story and that story could change more frequently than you think. Keep an eye on your analytics and data in order to really understand what is going on in your business.
We hope that these 6 tips were helpful to you and although this can all seem intimidating at first, we know that you can do it and we are always cheering you on here at Recloseted. This is a sliver of what we work on with our clients in our Business Consulting services. Our DM’s are always open so feel free to message us with any questions or support!
