Statistics from 2017 showed that the global e-commerce industry amounted to a total of 2.3 trillion US Dollars. By 2021, its value is expected to rise up to $4.9 trillion.
In Canada alone, the retail e-commerce market generates a revenue worth of 1.6 billion Canadian Dollars. By 2023, the amount is projected to reach at least 55 billion Canadian Dollars.
With such an exponential potential for growth, the e-commerce industry is one of, if not the most important player in the economic landscape of the world today. Naturally, the significance of a business’s online presence—it’s website— can’t be stresses enough.
It’s a major factor that determines the success of a venture, as a website not only allows business owners to interact with their customers, but it also helps them create awareness about their products and services. Most importantly, a website allows businesses to be present for users 24 hours of the day and consequently, boost their conversion rates.
What Are Conversion Rates?
Conversion rates are essentially the number of times a user takes a desired action on your website.
The desired action can vary depending on the type of business you own. These might include but aren’t limited to product sales, subscriptions, registrations, downloads, form completions and basically any activity besides browsing.
The conversion rates depend upon a variety of factors, and one of the major ones is the bounce rate.
Understanding Bounce Rates
Often times, businesses might have a high level of traffic generating on their website, but their conversion rates still remain low. If you’re facing a similar situation, this could mean that the bounce rate for your website is too high.
The bounce rate is defined as the percentage of single-page visits. It’s essentially the number of users that are coming to your website, but are leaving just from the landing page, without browsing further or converting.
Why do Conversion Rates and Bounce Rates Matter?
The conversion rate of your website has an inverse relation with the bounce rates, meaning when one increases, the other decreases, and vice versa.
The key to optimizing your conversions and reducing the bounce rate is by working on your website’s user engagement. By ensuring that your customers have a quality experience engaging with your site, you can decrease your bounce rate and increase your conversions.
Here are some ways you can achieve that.
Improve Your Site’s Loading Speed
Consumers today have dynamic lifestyles that require them to be swift and effective in everything they do. Waiting for a website that taking forever to load isn’t something they’ll tolerate.
According to Google, 53% of users abandon a website that fails to load within 3 seconds. This shows how important it is to make sure your website is lightning-fast; ensure that you optimize the speed of every landing page and web page so your customers don’t have to stare at a blank loading script.
Create Quality Content
The content on your website is what engages them and compels them to convert. You have to make sure that the content you’re putting up on your website is readable, high-quality and most importantly, relevant to your customers.
Start by researching what the users are interested in reading, then develop blog and articles that are fun, informative, and easy to read. This way you can make sure your users stay hooked to your site, thereby reducing your bounce rate.
Pop-ups are distracting and invasive; 70% of the users find them extremely annoying and as a result they’re one the major reasons people decide to leave a site. It’s safe to stay that limiting or even better, staying away from pop-ups and ads is the best policy if you want to decrease your bounce rate.
Compelling Call-to-Action (CTA)
One of the most effective ways to reduce your website’s bounce rate is to create a convincing call-to-action. It’s also important to keep the CTA right in sight, where the customers would see it in the first few seconds of their visit on the page.
That being said, you need to plan out the details of the CTA extremely carefully; use the right fonts and colors, and make sure the message is impactful!
Tell Your Story
Want to keep your audiences hooked to your business? Bring your brand to life by telling your story! You can use your website as the platform to build your business’s image.
Develop content that tells the users about who you are, what your values are, and through the content tell your customers that you care about them the most. This is the most effective way to create a loyal clientele and increase your conversion rates.
Use Relevant Keywords
The higher the traffic to your website, the higher your conversion rates will be. This means that your top priority should be bringing users to your site. You can do that by improving the search performance of your website through informational, navigational commercial and transactional keywords that are relevant to your business.
Attract the Right Users
If your marketing plan isn’t targeting the intended customers of your business, then your website is bound to have a high bounce rate. What you need to do here is extensive audience research, find out the demographics, preferences and values of your target users and incorporate the results in your marketing strategy to obtain better a conversion rate and a low bounce rate.
Make Your Website Mobile-Friendly
A report shows that 40% of online retail activity takes place via smartphones and the number is constantly increasing. This shows the importance of having a website design that’s also mobile-friendly. When users have access to your business anywhere they are, your conversion rates will surely spike.
We’re one of the leading marketing agencies in Edmonton, Canada with a team of expert developers who can help you boost conversion rates and reduce bounce rates by creating unique content marketing and search engine optimization strategies tailored for your business needs.