In 2016, eCommerce represented 41 percent of all retail sales growth, with eCommerce sales totaling $394 billion. You may be surprised after hearing these numbers to find eCommerce still represents less than 9 percent of total retail sales, according to the U.S. Department of Commerce. You may be even more surprised when you learn the average eCommerce site’s conversion rate is below 5 percent.
As billions of people around the globe enter the eCommerce marketplace, these numbers will likely rise precipitously. The environment for conducting business online is a highly distributed and competitive arena where consumers have a nearly bottomless sea of choices. Some of the challenges eCommerce companies face today are almost identical to their brick and mortar predecessors. One common problem is converting a window shopper into a customer.
Even in-store shoppers are comparing prices online before purchasing. In fact, 72 percent of shoppers perform research online before traveling to a location, and nearly two-thirds report checking prices on their phone while in the store. These are moments when your eCommerce store could win the sale, and convert your competitor’s potential customer into your customer.
Average conversion rates across the entire eCommerce landscape are between 1 and 4 percent. When improving conversion rates by even a percentage point is an accomplishment, these data-backed, actionable tips can impact your bottom line.
There are many touch points in the life cycle of a site visitor that can impact their decision to make a purchase. Something as trivial as the lighting in product photography to as intricate as the fulfillment policy can influence someone to either add to car or abandon your site altogether. Improved conversion rates can place stress on your operations, it is important to have inventory management, fulfillment logistics, and delivery speeds optimized.
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