Running an e-commerce store comes with strong competition from other similar businesses. The way the e-commerce world has evolved over the last two decades is just another wonder, which has also simultaneously changed customer behaviors and the market trends rapidly. This rapid change in the behavior of the customers and e-commerce businesses have nudged the owners to continuously monitor their conversion rates.
Though the meaning of conversion differs from business to business. These can further be divided into micro-conversions like the purchase of a product, or request a quote or subscribe to a service. While micro-conversions like signing up for emails list, creating an account, adding a product to the cart or a wish list, etc.
All in all it basically means to successfully complete any desired action by the customer/visitor on your e-store. This is often misunderstood to have a conversion only when your customer completes a purchase!
In this blog we will help you understand conversion rates from multiple aspects and how Magento BI will ease out your efforts in measuring that.
Why is conversion analytics important to e-commerce?
If at all you are investing in a paid search strategy, keeping an eye on the conversion rate is one of the most important elements in your business. After all, these investments and efforts are to turn a visitor into buyers, isn’t it?
Conversion rate analytics helps you maximize every penny you have invested in all your paid search activities. It enables you to find that one aspect that pulls off the maximum of your customers to complete their action on your e-store. At the same time, you also will be able to know what exactly disappointed them which leads to an incomplete action.
Basically it will not only help you in understanding where you lie on the graph but will help you know what and where you need to increase your efforts.
How will Magento BI help in measuring conversion rate analytics?
Measure your ROI
Conversion rate helps you track the returns on investment. You can co-relate every cent you spent on the paid marketing to every conversion received.
However measuring this is not an easy task as this comes with a lot of elements to be considered. Like a number of resources you allocated for a particular task, their time and efforts, etc.
You can easily figure out what paid or marketing strategy helped you gain profit and what can be improved.
Understand your customers
In the process of analyzing the conversion rate of your e-store, you have the advantage of understanding your customers better. Improved customer insights help you know more and more about your customers. That in turn, helps in understanding the target audience well and also gives a better picture of what exactly appeals them to complete their desired action on your e-store.
It also helps in tracking the customer’s journey on your e-store, like where did the customer start from, spots where he found it attractive and worth checking what’s in there? Or where exactly the customer lost interest and left the action incomplete.
Improve user experience
Conversion rate analysis can keep your user experience always moving in the right direction. Continuously improving your user experience on your e-store can give a better conversion rate as in the process of analyzing you figure out many aspects of e-store that you were blindfolded too.
The data collected for these kinds of analysis help you figure out those spots that you least expected to be the cause for lower conversion rate can be improved that could nudge the customer to complete the action he desired to do.
Analyze your marketing strategies
Don’t you plan all your marketing strategies to turn visitors on your e-store to customers? All this time and effort should be channelized in such a way that actually works wonders for you. However, businesses usually miss out on analyzing various aspects of the e-store like, their target audience, what type of marketing strategy would work for them? Etc.
When you closely manage and analyze your conversion rate data it becomes an easy task to plan targeted oriented marketing strategies that suit better for different market conditions and customer behavior.
How can i95Dev help you?
A combination of a right analytics platform like Magento BI and an experienced Magento agency is a perfect solution for your e-commerce business to upsurge your conversation rate.
i95Dev is a professional partner with Magento and no one understands Magento like we do! We have a successful history for more than a decade in implementing Magento solutions to 180+ clients across Retail, Manufacturing, Distribution, and Wholesale Trade and many more.
To know more contact us now and get a free consultation with our analytics and Magento BI experts.