What is a Good Conversion Rate For an eCommerce Site?

 

Conversion Rate For an eCommerce Site?

Do you have huge traffic but little sales? The proprietor of any online store fantasies about having a huge convergence of guests, yet without changing them into clients, without shopping, every one of your endeavors will basically be pointless.

For this reason, the conversion rate of your online store is an important metric for measuring your success and improving the performance of your WooCommerce store. For managing the stock of your online store, there are woocommerce stock manager plugins available for free, so you can check it out if that is appropriate for you.

Conversion rate - what is it?

Conversion rate is the percentage of visits that resulted in the required e-commerce action taken. Often, conversions mean purchases, but in general, many other things can also act as conversions. 

Typical e-commerce activities:

• subscription to email newsletters;

• sharing in social media;

• adding an item to the cart;

• submitting the form;

• product purchase.

All of these types of actions are very important and you must think through them. In any case, in this article, we'll center around expanding changes for WooCommerce item pages just, which will assist with transforming your guests into genuine clients.

Measuring conversion rates

An increase in conversions for product pages will lead to an increase in the most important metric for any online store - sales. But how do you calculate your conversion rate?

How to measure your conversion rate?

The conversion rate helps us understand how many of our visitors have become buyers. For illustration, we have given a formula.

Again, this is where you can replace conversions with whatever other required actions you want to measure. Most eCommerce tools like Google Analytics include the ability to output your desired conversion rates. You can use plugins to link Google Analytics with WooCommerce - for example, the WooCommerce Google Analytics plugin.

With Google Analytics, you can examine historical data to understand why your page was performing poorly and identify areas for improvement.

Let's say your data shows that the number of monthly visitors increased by 10%, but the purchase of goods decreased by 50%. This indicates that there are some errors. You may be attracting the wrong customers or not convincing them to buy from your product pages.

To measure the effectiveness of your conversions, review the following conversion metrics in Google Analytics. Note: You will need to enable Enhanced Ecommerce to see the following reports.

• Shopping Behavior Analysis - Helps you analyze the number of sessions at each stage of your sales funnel. How many sessions were completed when moving from one step to another, how many sessions were interrupted at each step of the sales funnel?

• Checkout Behavior Analysis - This helps you visualize the number of users who successfully completed the checkout process.

• Product Performance - Helps you understand how performing your products are in terms of profit margins, price, quantity, and user experience.

What is a good conversion rate?

You should understand that a good conversion rate is a variable. It all depends on the industry you work in and the niche you are trying to cover. 

• Product conversion rate: 2.59%

• Add to Cart rate: 9.89%

You should also keep track of the following metrics to help you understand where you are losing customers:

• Cart Abandonment Rate (must be below 75.6%): When a customer places an item in the cart and then leaves the site.

• Checkout Abandonment Rate (must be below 46%): when the buyer has already started the checkout process and then left the site.

• Bounce Rate: When a visitor leaves after viewing one page.

• Exit Rate: When a visitor leaves the site after viewing more than one page.

There are other aspects to consider, such as traffic sources, target market, location, etc.

The most realistic answer to the subheading question is, "A good conversion rate is one that's better than last month."