Exploring Conversion Rates

In this months newsletter, we delve into the fascinating world of Conversion Rate Optimization (CRO) and how to measure it. Let's break it down:

Understanding Conversion Rates

Conversion Rate = Total Conversions / Total Visitors*        

Here, * denotes a general term encompassing "sessions" or "clicks" on the webpage.

Example

Consider a scenario where the home page garners 800 unique views or sessions, resulting in 100 sessions leading to conversions. This translates to a conversion rate of 0.125% (100/800).

Reverse Calculation Scenario

Imagine a landing page aiming to collect emails in exchange for a lead magnet and currently converting at a rate of 2.5%. With 15,000 unique views, one would obtain 375 email addresses by multiplying the number of views (15,000) by the conversion rate (0.025).

Setting Benchmarks for Success

Understanding current visitors' behaviors is crucial before boosting conversion rates. Identifying where customers encounter obstacles and how they engage with the website helps establish appropriate ecommerce conversion rate benchmarks, serving as a yardstick for measuring success.

Effective Tracking with Google Analytics

To measure and track conversion rates effectively, one can utilize Google Analytics by manually setting goals. Google may lack context regarding the business's conversions initially, but with proper setup, it enables segmentation by conversion type or website traffic. This nuanced analysis, achieved by filtering and dissecting conversions and conversion rate reporting, provides insights into traffic segments and audience behavior, facilitating pinpointing areas for improvement.

Are you an e-commerce store and want to improve your CRO?

We can help create widgets & experiences on top of the existing store & product data using GenAI. And the best part is that these widgets easily plug into the brands website and adapt?to shopper's persona in real-time.

Reach out to us, happy to help!

- Team Root