Today, an eCommerce Conversion Funnel refers to various buyers’ stages that lead to a finalized purchase decision. Primarily, the funnel serves as the guide that deals with the decreasing number of prospective customers through the optimal conversion path.
What Exactly is a Conversion Funnel?
You can classify a sales or conversion funnel into an upper, middle, and lower funnel. The underlying goal is to identify suitable marketing strategies that would improve your conversions altogether. Similarly, terminologies that involve “top,” “bottom,” are the same as “upper” and “lower” funnel. In essence, the idea is to educate potential customers about your products and help them make the purchase decision.
How to Create a Flawless Sales Funnel?
Here are some of the practical guidelines to create an effective sales funnel for your eCommerce website:
It all starts with how a potential buyer finds your e-Commerce platform and decides to go down the rabbit hole. The progression of the buying process begins with product descriptions and pricing strategy. Your goal should be to make your prospective customers as comfortable as you can. Remember, on-boarding is all about how good you are at describing and classifying your products.
Perspective, that is what you’ll need to input the right information at the right time for potential customers. Conversely, you should opt for a cohesive on-boarding buying process. Your process should be able to help customers move from one product to another in a heartbeat.
Perceived vs. Real Value
How your potential customer sees the value of a product will make all the difference. The needs of the many, in fact, outweigh the needs of the few. It means you should validate the perceived values of your content strategy.
Your web funnels, for example, should have blog posts that deal with users’ frustration and emotional detachment from your website. The idea is to present simple solutions that might come across as complicated to your potential customers. Most importantly, having an FAQ section helps your website engage visitors for a longer duration.
What Should be Your Conversion Goals?
You can use the HumCommerce to set up and implement conversion goals. As a result, you will be able to figure out the success or failure rate of your visitors’ purchase actions. It is not enough to track goals; you will need to quantify the purchase pattern of your visitors.
Think of the HumCommerce conversion funnel as a way to identify the required steps for a conversion on your site. You can add action steps to your funnel that will help you track with more criteria. And before you know it, you will be able to take a look at how users finish any goals that you set-up. With HumCommerce Overview, you can contextualize more information about total pages and the time your visitors spend on different pages.
Creating sales funnel is the foundation of conversion rate optimization. Once you have funnels in place you can optimize your website for more engagement. Without engagement and visitors taking your desired action conversion cannot take place. That is to say, the creating conversion funnel is a mandatory activity in order to monitor what exactly is attracting visitors on your website.
You need to set up different pages / URLs that visitors need to visit in order to complete the buying process. Your conversion funnel will give you a clear picture of how visitors percolate through each step of your sales funnel.
How to Build Content and Drive Leads?
First, you can build “top” or “upper” funnel for visitors who may just be starting their research about the desired product. Your objective should be to conduct rigorous research as to which brand appeal will suit the needs of your potential customers.
To drive leads more efficiently, you will need to build a “middle” funnel strategy that would send potential customers the information they need. It is a great way to set expectations and add value to your products.
Lastly, you will need to create a “lower” or “bottom” funnel strategy to inform visitors who are reading to purchase. For instance, you can use reviews as a primary source of information to let users know what they will exactly get with your products. Once users decide their choice of brands, it can use long-tail keywords as a subliminal tactic to stay in the mind of your visitors.
Identify Leaks in the Funnel
Once you develop content and drive leads, you will need to identify leaks in your conversion funnel. You can, for instance, implement an inverse funnel approach that would allow your potential customers to add customizations or add-ons. The idea is to make the adoption process for interested users easier.
After mapping out your inverse conversion funnel, you will notice a relatively small percentage of visitors on your site that gets to the final purchase stage. It’s the process where even the most minor changes will leave a huge impact. Try to understand the behavior of your customers and then determine the reasons behind your funnel leaks at every stage.
From homepage, email sign-up, product page to checkout, try to increase the conversion rate on an individual level. However, easier adjustments will lead to more funnel leaks. If the audience does not like the change, they may leave the site at that stage. So make sure you refer to your conversion funnels every time you implement a change on your website. Therefore, improve your current conversion rate by at least 2% every time.
Optimize for Better Conversion Rate
Conversion funnel optimization is a way to utilize analytics and visitor feedback to increase the performance of your site. You can use it to improve numerous metrics of your site. For the most part, conversion rate optimization is a process to convert your site visitors into loyal customers.
Your eCommerce platform should use a graphical heat map before and after the optimization. It’s an effective way to get a visual summary of your website’s information. You can practically use heatmaps to improve the conversion rate of your website.
“As your leads move through the sales funnel, don’t forget to ask them questions. Not only does this help you gain their trust, but it also gives you the chance to establish yourself as an industry expert.“– Jill Konrath (Author & Sales Strategist)
You can use special discounts and promotional sales’ offers for different stages of your conversion funnel. Your sales funnel strategy should be all about increasing more awareness of the user through competitive market discounts.
Apart from an incentivized approach, it will help your potential customers check other similar products. And more importantly, discounts and offers will create a sense of urgency in the minds of potential customers. That said, you should approach discounts and special offers with caution as it often leads users to abandon carts.
Analyze eCommerce Sales Funnel
Your eCommerce conversion funnel is as good as how you analyze it. With detailed funnel analysis, you can check potential customers who are dropping out. Also, take advantage of the visual representation of your sales funnel that might turn potential visitors into customers.
Besides, an effective funnel analysis will show you how you the choices your potential visitors are making. What’s the solution? Integrate drop-off rates, sessions, recordings, and clear percentages. In retrospect, funnel analysis is one of the most valuable components of the eCommerce platform.
Marketing Campaigns Vs Conversion Rate
eCommerce businesses can promote their products through many marketing campaigns. Each campaign has a specific amount of traffic that it generates. Therefor analysis of these campaigns becomes crucial for the business. Conversion funnels analysis is helpful to understand the effectiveness of each campaign. Therefore eCommerce businesses must analyze marketing campaigns against the conversion rate.
Engage Leads Post Purchase
Apart from the impeccable landing page and CTAs, user engagement will help you get more leads. Usually, the website should just focus on maintaining the curiosity of the potential customer alive. The eCommerce website can optimize the thank you page for post-purchase engagement. To website conversions of your eCommerce platform, these insights will be advantageous to your prospects. And once you know how to engage, you will be able to connect with your prospective customers with the right flow via your conversion funnel.
Encourage Repeat Purchase
Yes, a creative blog can help you acquire more repeat customers than you can imagine. The more clarity and maturity you showcase in your information, the more potential customers you will have on your website.
How to Achieve a Higher Conversion Rate
For starters, you should inspire visitors to convert into loyal customers and build brand loyalty around them. However, you will need to have a robust content strategy to capture the attention of potential customers.
So long as you convey clear objectives, you will be able to attain an optimal conversion rate. Ideally, you can also increase the performance of your website for the convenience of the visitors. Similarly, you can analyze your click rate, traffic, bounce rate, and duration of sessions at every funnel stage.
eCommerce Conversion Funnel: The Most Frequently Asked Questions (FAQs)
What are the tools available for conversion rate optimization?
You can always integrate customer-oriented surveys like Typeform to help visitors get started. So long as it caters to the needs of the visitors, you can add a variety of customizations.
With the help of the following tools, you can use heatmaps and session recordings to study user behavior on your business website.
Furthermore, you can also initiate an A/B test on your eCommerce platform that would help you understand traffic variations with respect to different changes. Simultaneously, you can reduce the conversions steps through API filtration.
What are the different activities performed at different stages of the eCommerce sales funnel?
Ordinarily, an eCommerce conversion funnel has four different stages that begin with awareness, interest, desire, and ends with an action. (AIDA) Awareness is arguably the most crucial stage because it’s the first contact between you and the potential customer.
It’s where you get to display and promote your products. The interest stage, on the other hand, resolves visitors’ doubts regarding the purchase decision. At the desire, stage visitors make their mind and want to buy the product. And the last stage is when the visitor completes the purchase without interruptions.
What is a good website conversion rate?
Contemporarily, your eCommerce platform should have a conversion rate between 2% and 5%. If your current conversion rate is 2%, try to leap for the 4% to increase your overall performance.
How to optimize significant pages for higher conversions?
The most relevant pages of your website should come across as singular as compared to other pages. It means these pages should be able to offer more than one solution for one problem. In fact, you can make it an integral part of your SEO strategy to create specific landing pages with lavish designs that can attract more potential customers.
What would happen to the conversion rate without sales funnels?
Without an effective eCommerce conversion funnel, your visitors would move on to your competitors. A sudden drop in your conversion rate will impact your bottom line. A low conversion rate means your visitors may not like the design, usability, or aren’t getting the right information on your website.
If your eCommerce site, for instance, is receiving a lot of traffic but getting no conversions, you should formulate a funnel strategy that keeps the visitors on site. It doesn’t necessarily have to do with design. Instead, think of realistic scenarios that might convince potential customers to stay on your site.
To sum it up, despite the products you’re selling on your eCommerce website, your prospective customers will ultimately have to pass four different stages. Often, the buyer’s journey may start exactly as you want and then change his or her mind at the last stage. However, potential customers may want to stay in the first two stages while the other may jump directly to the purchase decision instantaneously.
Let us know how you use conversion funnel to generate more profits for your business by writing in the comments section.