According to the independent research by FireClick index and business research metrics by many third party firms, the industry average for online conversion is just around 2%. This would indicate that 97-98% of your website visitors are leaving your site without buying. Granted, you cannot expect everyone who walk in to a store to turn into a paying customer. But the face that such a large number leaving your site without buying shows it is time to take a close look at the conversion rate of your website.
If you are a big business with millions of dollars dedicated to marketing and traffic generation, and have large profit-margins, then this statistics may not mean much. However most of us fall in the “other” category. Traffic generation is hard in itself. Relevant traffic is even harder. So the focus should be how to retain that precious traffic on your site for longer and engage them, and eventually turn them into customers.
Even the popular electronics category which typically attracts large volume of visitors and higher online sales show only a mere 2.10% conversion rate for keyword based searches.
Now, this is important because “keyword based searches” bring in critical relevant traffic. You are presenting your product to the group of masses that are looking to something similar or in many cases the exact product/service. What are the possible causes for someone to leave your site without buying? Price could be a factor. But as long as you are competitively priced, you would think the conversion rates should not suffer this much. But why does it? Visitors don’t see you face-face. They have hard time having confidence in your site and trusting you because you are not a big name brand like Amazon. If you can address this trust issue with a third-party solution, you can effectively improve the conversion rate and thereby bring in more revenue through increased sales.
The following are the conversion rates for fashion products and specialty products.
The following summary shows the overall best conversion rates for various industry segments. Even the best numbers are very low.
Increasing the conversion rate even slightly will have a dramatic impact on the overall revenues. Merchant Safe can help you increase your conversion rate by up to 25% in some industry segments. We can do A/B split tests to show how Merchant Safe trust seals can improve buyer confidence and eventually lead to more sales.
Having a third-party like Merchant Safe to verify and certify your website, gives the website visitors the extra confidence needed to trust you and your products. Compared to other major companies like BBB and McAfee Secure, Merchant Safe can cost thousands less and is designed to be affordable for small and medium sized business.
Contact us today, to see how Merchant Safe can help your business increase online Sales! Start with a FREE website Analysis!