• The State of Conversion Rate Optimization

    No doubt, conversion rates of your website are very important. Even a modest increase in conversion rate results in enormous increase in profit. So, conversion rate optimization is the best way to get more customers without spending extra on increasing your website traffic, thus advertising. In theory conversion rate optimization looks like something that every company should be doing. But what is the actual state of conversion rate optimization? Check out our infographic “The State of Conversion Rate Optimization” to know what marketers think about CRO and average conversion rate by industry.

    The state of CRO

    Infographic by- Invesp Conversion Optimization

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    According to Econsultancy, only 53% of marketers think that CRO is crucial for their digital marketing strategy. And just 64% of them feel they are in control over their conversion rates.

    Should you use average conversion rate as a benchmark for your website?

    Monetate’s Ecommerce Quarterly report shows that the average ecommerce conversion rate globally is 3.5%.

    But the thing is the higher is the revenue of an ecommerce company, the higher is the product page conversion rate.

    This pattern has a simple explanation: the larger stores invest more in CRO because they have more resources.

    Conversion rate varies per region, industry and traffic source. Thus, for instance, even the average conversion rate globally will not be the same for different devices:

    Desktop4.43%
    Mobile1.53%
    Tablet3.75%

    Conventional CRO wisdom says that for ecommerce good conversion rate is somewhere between 2 and 3%.

    You can use these figure as a basic benchmark when you start your CRO efforts. But anyway, you have to dig deeper in your analytics to understand what are conversion rates for each device and for every region you operate in.

    Does CRO really help?

    Econsultancy report says that organizations investing in CRO are 16-20% more likely to see improvements in conversion rates.

    However, conversion rate optimization is not a single-time endeavor.

    Small changes like color of the button or spacing will, most likely, bring you some tiny conversion gains. But if you want some drastic changes in your conversion rate, you should adopt a structured holistic approach to your CRO efforts.

    Companies adopting structured approach to CRO are almost 20% more likely to see improvements and are 50% more likely to be satisfied.

    At the same time, even among companies using more than seven CRO methods, only 41% are satisfied with conversion rates.

    It might be, that these companies cannot reach their full potential because their CRO meets some obstacles.

    What can handicap my CRO efforts?

    The top 5 biggest barriers preventing companies from improving conversion rates are:

    stop CRO frustrations
    Lack of resources45%
    Poor integration between systems31%
    Conflict of interest between different departments27%
    Lack of budget25%
    Company culture24%

     

     

Khalid Saleh

Khalid Saleh is CEO and co-founder of Invesp. He is the co-author of Amazon.com bestselling book: "Conversion Optimization: The Art and Science of Converting Visitors into Customers." Khalid is an in-demand speaker who has presented at such industry events as SMX, SES, PubCon, Emetrics, ACCM and DMA, among others.

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Khalid Saleh

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