Getting visitors to your eCommerce site is essential, but any eCommerce business’s ultimate goal is to get conversions. What if you get a lot of traffic on your eCommerce platform, but no one hits the buy button? Therefore, it’s crucial to optimize your eCommerce conversion funnel to increase the conversion rates. But what is a conversion funnel?
A conversion funnel is the steps or processes through which a customer goes through before deciding to buy from your website. For example, suppose you want to buy a mobile phone from Amazon. For this, you will go to Amazon, look for different mobile phones, and see the discounts and other offers before deciding to buy a mobile phone. This journey through which a buyer goes is called a conversion funnel, and conversion occurs after the buyer finally makes a purchase.
For any eCommerce business to be successful, it’s essential to enhance the conversion funnel as it affects a customer’s purchasing a great deal. Many eCommerce businesses use consumer insights to optimize the eCommerce conversion funnel. In this article, we will discuss how you can use consumer insights to optimize the conversion funnel. Nonetheless, let us first know what consumer insights are.
What are Consumer Insights?
Consumer insights are interpretation and understanding of consumer’s data, responses, feedback, and trends in consumer behavior that help improve a business and its customer support. They are beneficial for a company to formulate strategies, conduct research for business marketing, improve products/services, and engage better with their customers.
For example, Amazon use consumer insights to analyze buyers’ behavior to understand what products they like to purchase. Once they get to know the buyer’s behavior, they send buying recommendations to them as per their order/purchase history. There are also various surveys designed to gain consumer insights whereby consumers are rewarded for sharing their opinions.
Besides surveys and other methods, you also have consumer insight platforms to get real-time feedback and customer engagement. Consumer insights tools and software are also used for the same purpose.
How can you use consumer insights to optimize eCommerce conversions? Let’s have a look!
How Can Consumer Insights Help Optimize eCommerce Conversions?
A consumer goes through many stages before he or she finally decides to purchase a product. Think of yourself as a consumer, and imagine what all procedures you follow before buying a product. You will probably head on to the website, look for product descriptions, read reviews, go through the return/refund policy, and other things before hitting the buy option. And in many cases, you might leave the website without checking out the items in your cart.
According to Ethan; “On Kilt and Jacks we have implemented a smart testing mechanism where we track the actions of visitors right from the point of entering the site to the point of exit. We have tested various two and three level funnels. And we can conclude that most of the small funnel works perfect and helps in increasing the conversion rate. On the other hand, long funnels ( 4 to 6 steps) have resulted in losing 20% of the total visitors. However, for the cold traffic, 3 to 4 steps funnel works fine where most of the steps are about the brand awareness and attention.”
Nonetheless, you can make people purchase from your websites with the help of consumer insights. You can use consumer insights to:
- Optimize Product Description: Consumer insights can help you know what your consumers expect from your products. You can use these insights to optimize the product page of your website. A product with detailed and relevant descriptions sells more than a product with no or irrelevant information. As a result, your website’s conversions will rise if people know the listed products better.
- Customer Success & Live Chat: Ensure that you have a reliable customer support system. Live chat is the fastest way via which your customers can connect with you. Understand what problems your customers face, solve their queries in a friendly manner, use eCommerce alerts to understand your products’ shortcomings, etc. Finally, use all the consumer insights gained to better your products and services.
The success of your eCommerce business depends on the number of conversions you get. You won’t make a profit if you cannot convert the traffic on your site to prospective buyers. Many times people visit an online store but end up buying nothing. The reason behind it has to do a lot with the conversion funnel, or the process that ultimately leads to conversions. Nonetheless, you can optimize the eCommerce conversion funnel with consumer insights. You can use consumer insights to understand your consumers better and to meet their expectations. From optimizing product descriptions to enhancing your product sending and return policies, consumer insights play an important role in changing consumers’ mindsets to buy from your website finally.