Your online sales conversion rate is a key performance indicator for any business that sells a product or service online. This rate is calculated by dividing the number of online sales you secure by the number of unique visitors accessing your website during a specified timeframe.
For example, if you have 10,000 unique visitors accessing your website during the month of June 2014, and you close 200 online sales during this timeframe, then your online sales conversion rate is 2%.
Since there is a cost to driving the 10,000 unique visitors to your website – anything you can do to increase your online sales conversion rate will have a significant impact on your profitability. By doing so, you will close more sales at the same level of promotional spend. Just think – you’ll be a hero! Everyone in your company will probably want your autograph. Maybe your boss will even give you a raise.
If you want a raise, and you want everyone in your company to worship you, you should consider the following tips for increasing your online sales conversion rate:
- Live Chat – implementing live chat on your website is a proven method for increasing online sales conversions. We know that about 70% of all online shopping carts are abandoned (Source: Forrester Research). We also know that having live chat on your website increases the chance of closing an online sale by 40% – 60% (Source: USA Today). Just think about it, you load up an online shopping cart and you have one last question before you click the “purchase” button. If you can’t get an answer to your question then you abandon the purchase. To prevent this you should properly promote a “chat now” button on your online shopping cart. This move is sure to significantly reduce the likelihood that the “one last question” of a prospect will go unanswered.
- Customer Testimonials – include customer testimonials on your website as 3rdparty validation of the quality of your products, expertise, and support.
- Credibility – of course, people want to work with companies that are credible. To communicate your credibility to your website visitors make sure that they know how to contact you. You’ll want to provide an email, phone, and physical address. Absent this type of information people will question whether or not your company is genuine. Also, people feel better about conducting an online sales transaction when they see that you have been “ok’d” by a third party like the Better Business Bureau.
So, if you want to be a star and close more business, then implement the 3 tips above. And, if you need some help with live chat, then you know whom to call – don’t you?