Want to double your revenue without spending any extra money on your ads? Of course you do! You wouldn’t be reading this article if you didn’t.
So how do we do that?
The secret lies within your conversion rate (CVR).
First and foremost, it’s important to understand how your conversion rate is calculated. Here is the simple yet powerful formula:
(Purchases / Visitors) x 100 = Conversion Rate
So if you get 3 purchases for every 100 site visitors, you’ll have a 3% conversion rate!
Now, let’s look at what this means for your actual revenue and profits!
When we look at the difference between a $100k month and a $200k month, we can see that is the same as the difference between a 1.5% CVR (average) and a 3% CVR (top 20%).
When you improve your conversion rate, you are effectively improving your overall efficiency for every marketing channel that you’re using. Your ads will perform better, your emails will perform better, even your organic efforts with referrals and SEO will increase in profitability!
Ok, so now that we understand how important your conversion rate is, let’s dive into the good stuff… how to improve your conversion rate on Shopify and make more money!
One of the most commonly missed elements of Shopify stores is easily-digestible explanatory content to help people understand your products. This is especially important for brands that are selling something unique.
Think of it like this: if someone who has never heard of your brand can’t look at your products and understand 95% of it within a couple seconds, you need to emphasize educational content.
If you’re selling basic graphic tees, you probably don’t need too much educational content, however, if you are selling an innovative product that has unique features or benefits, then educating your customers is huge.
There are a million companies out there! Why should someone buy from you? This is the exact question that your landing pages need to answer. With so many products on the market, your prospective customers are sure to shop around and look for what they think is the best deal. So why should they buy your products?
Do you use better quality materials than your competitors? Are your products made in the USA? Can you offer a special guarantee?
These value proposition examples are excellent ways to give your brand a leg up on your competition, so focus on presenting value propositions to get your prospective customers hooked!
Utilize catchier and more engaging copy
A lot of brands get caught up in pushing features of their products in their copy. This leads to boring, straightforward copy.
Instead, write copy throughout your store that inspires your customers and shows them how your products are going to change their lives.
Long form landing pages
One of the most important parts of the buying journey is trust. If they don’t trust your brand, they won’t buy. It’s that simple. With longer form landing pages, you can add more content and trust building elements while also adding more value around your products.
In fact, we've seen an increase from a 5% to a 14% page conversion rate just by building a long form landing page. That's a 180% increase in sales!
Minimize file sizes for faster load times
According to Littledata.io, the average Shopify store loads in about 4 seconds. And according to Bidnamic, a 1 second change in load times translates to a 17% change in CVR. This means that just by improving your site’s load times, you can also improve your conversion rate!
Not sure where to start with your site speeds? Here are a few great ways to make your site lightning fast!
Make it faster for people to find the product(s) they are looking for
A simple, yet often overlooked way to improve your CVR is to make the overall buying journey faster. People are in a hurry and just like with your page load times, the actual time it takes for people to make a purchase can have a huge impact on your overall conversion rate.
The more clicks, pop-ups, distractions, and time searching your site that it takes for people to make their purchase, the lower your conversions will be.
Think of it like this: every action that someone must take in order to make a purchase adds friction to the overall experience. The more friction your store has, the fewer people will buy.
Now that you’ve built a solid, conversion-focused foundation for your store, it’s time to continuously test new page flows, headlines and offers. Tools like Google Analytics and Google Optimize make testing different pages pretty simple and straightforward to help you collect accurate data.
Pro tip: Improve the quality of your traffic. Remember, your conversion rate is only going to be as good as your traffic!
As you make changes to your site to improve your conversion rate, keep in mind that it can take a lot of traffic in order to have any statistical significance. If your store isn’t getting a ton of traffic, that’s ok! Just give it time and be patient as you make changes.