Conversion rate optimization (CRO) is the process of increasing the percentage of users or website visitors that take a desired action (such as buying a product, downloading a white paper, or leaving contact details) after visiting a company’s website.
How important is CRO for e-commerce?
CRO is an effective tool designed to capitalize on visitors who have already landed on your website. Your marketing team has spent time and money drawing prospects to your site; now, you want to make sure you interact with those prospects and hopefully develop a working relationship with them. Conversion Rate Optimization should increase revenue by engaging more customers, thus growing your business.
There is a difference between B2C and B2B buyers. B2C and B2B buyers purchase differently, so CRO for each group must be approached differently. For instance, the B2C purchasing process is often straightforward and relatively simple. It usually involves a single person, may take only minutes or a few days to complete, and is often impulse or emotion-based. B2B purchasing, on the other hand, typically takes longer, perhaps weeks or even months. In addition, it involves a number of stakeholders and departments, and it usually requires authorizations.
The B2B purchasing process consists of these five stages:
- Identification of need
- Search for Information
- Evaluation of choices
- Decision to purchase
- Post-purchase reactions
Again, a conversion can be anything from downloading a white paper to purchasing a product. The type of conversion will depend on whether your company sells to businesses or end-users. So, a B2C business may want to track the quantity of website traffic; however, for a B2B company, lead quality is much more important than lead quantity.
Also, the B2B purchase process typically takes longer and necessitates much more research before the buyer makes a decision. That research could involve reading white papers or looking at infographics. If a viewer finds your site, sees relevant content, and downloads information, that could be considered a conversion. And your team can track those conversions for follow-up.
Here are some significant B2B conversion actions you might track as part of your CRO for e-commerce:
- White paper downloaded
- Video/views downloaded
- Contact forms filled out
- Demos requested
- Bounce rate – visitors who leave your site without engaging
- Factsheets or Infographics downloaded
- Purchases completed
- Products added to shopping cart
- Event registrations
Each item listed is a specific action that you hope visitors to your site will perform. Defining specific conversion metrics is a crucial step in your B2B conversion rate optimization strategy.
When defining relevant conversion metrics, think about the ultimate goal for your website and your business. For example, have you noticed that prospects typically make their purchasing decisions soon after viewing a product demo? If so, make “Product demos viewed” a metric to track; then optimize your site to increase the number of views.
E-commerce CRO tools to track B2B conversions
Tracking conversions is another vital step in B2B CRO. There are plenty of digital tools available to help with analysis and direct how you can optimize your conversion rates. Here are some of the best:
1. Google Analytics
3. Sana Commerce Insights
Sana Commerce offers our clients
- Pageviews per SKU ordered
- Session to order conversion rate
- View to basket conversion rate
- Basket to order conversion rate
- Bounce rate
Sana Commerce Insights also allows you to track how buyers use and react to your web store. For example, you’ll know how many customers have a web store account, how often they are searching and buying your products, the number of new accounts, the percentage of conversions, and your overall success in meeting your goals.
CRO optimization for e-commerce will turn your website into a powerful tool for generating business, reaching more customers, generating more interest, and closing more deals. If you’d like more information about Sana Commerce Insight’s CRO optimization for e-commerce and how it can take your B2B website to the next level,