According to eCommerce statistics, there are 12 million to 24 million eCommerce sites worldwide. There are 1.8 billion people worldwide who purchased goods online in 2018, and the numbers are only growing. According to estimates, by 2040 around 95% of all purchases are expected to happen online.

Hence, if you have started an online business, you have done the right thing. But are you also suffering from a low conversion rate like many online stores do? According to the statistics, the average figure globally for the conversion rate of an eCommerce business is 2.58% in 2019. If you are facing the same, here are how you could boost the conversion rate and sales of your online store:

1. Assistance in Shopping:

As an online business, your online store is much like a retail store. Not all customers have a clear idea of what they are looking for. They have visited your website to explore your store. Similar to a retail store, even in your online store, they need assistance. Customers might miss the “How can I help you?” question from personnel that they are used to while visiting a retail store. The chances are high that they may feel confused and might leave your website. But what if you can assist them in finding the products they are looking for? You can do this by including a Chatbot like TARS on the Website. A chatbot through TARS can engage the customer when they visit, collect the necessary information from them, and if it is designed to do so, it assists the customers with the products according to their interests.

2. Lead Generation:

Generating leads by collecting the email address of the visitors is yet another pivotal aspect of an online business. More email addresses you have, the merrier. You can update the customers about the latest additions, upsell/cross-sell other products to them according to their shopping history, or keep them reminded of your store for any further requirements. Collecting the email address has become difficult. Traditionally, pop-ups were the medium to collect the email address of customers, a change has been observed: Customers find pop-ups irritating and do not prefer sharing their email addresses through the pop-ups anymore. Online businesses like yours are left pondering for creative ways to collect email addresses. Many online stores use engaging chatbots created through the platform like TARS to communicate with visitors and collect information like email addresses from them.

3. Abandoned Cart Recovery:

One of the major issues for an online business is that of abandoned carts. According to the data, an online business or an eCommerce store loses 75% of sales due to cart abandonment. This is a not-so-positive fact, isn’t it? People visit the website, browse through the products, add products to the cart but leave the website without making the purchase. There could be several reasons for it, including higher delivery charges, procrastination, change of mind, finding more alternatives. According to a survey by Baymard, 50% of people abandoned the card due to higher shipping charges and extra costs, followed by asking them to create an account.

Automated emails to the customers who have abandoned their cart could largely help in reducing the rate of the abandoned cart. Statistics show that when the customers are followed up on the abandoned cart within 48 hours, the chances of them purchasing a part or whole of the items in the cart increases. The customers are receptive to the follow-up emails for abandoned carts. Data shows that the open rate for abandoned cart emails is over 40%. You can also offer them discounts and offers to encourage them to complete the purchase. As per the data, nearly 54% of customers would complete the purchase if, in the follow-up email, the product is offered at a lower price.

4. Email Marketing:

Email Marketing is at the heart of the marketing strategy for an online business. Statistics show that for every $1 invested for Email Marketing, you can expect an average return of $42. The report by GetResponse ‘Email Marketing Benchmarks 2019’ shares some valuable data: (though it is not specific to the online business industry)

• The overall average open rate for email marketing is 26.12%.
• The average CTR is 4.165%

Email Marketing is more effective in getting conversions or responses than an update on social media. When you put out an update on Social media, it is a general update for all followers. But the updates sent through Emails can be personalized with the addition of their names. According to the study by McKinsey, Email is 40 times more effective than Facebook and Twitter combined in helping your business acquire new customers.

For increasing the effectiveness of the Email marketing campaigns, instead of sending a single newsletter to all the subscribers, send personalized emails to segmented lists. You can segment your subscribers' list based on their purchase history or any other type of engagement that showcases their preference and send them the emails that are relevant to them.

5. Personalized Coupons:
Some people might feel that the coupons are dying, but the statistics show otherwise. According to statistics, about 93% of shoppers use a coupon code throughout the year. More than 31 billion digital coupons were redeemed worldwide in 2019. 60% of consumers love receiving digital coupons, and 77% would even spend $10-$50 more than intended while redeeming the coupons.

Hence, planning up for the coupons that would excite your customers to redeem but at the same time doesn’t hurt your profits much, and would be a great way to increase the conversion rate of your online business.

6. Loyalty Program:

As the saying in marketing goes “It is cheaper to retain an existing customer than to get a new customer”. Loyalty programs do just that- increase customer retention. Moreover, loyalty programs also help you increase your AOV. Statistics by Incentive Solutions show that the integration of a loyalty program with your online store can increase the average order quantity by 319%. A loyalty program makes loyal customers feel rewarded, and hence, it would motivate them to spend more on your online store. Studies show that loyal customers spend 67% more than others. So if you are planning for a loyalty program for your online store, it’s high time you get started with it.

Conclusion:

If you own an online store, with the rise in the number of online transactions, this is the most opportune time to capitalize on demands and grow. All you have to do is to persevere and work on the right ways that can enhance the conversion rate of your business. Focusing on each step with a complete focus and streamlining the process would help reap higher results.

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