If you want to improve your Singapore website conversions, you have to invest in analytics.
Analytics in digital marketing involves monitoring several primary and secondary metrics and using the findings to devise working strategies. If you identify and optimise the right parameters, you will boost your website conversion rates significantly.
Top Ecommerce Metrics for Increasing Your Singapore Website Conversions
Here are the metrics you should optimise to increase your Singapore website conversion rate.
- Sales conversion rate
- Website traffic
- Email marketing conversion rate
- Revenue by the source of your traffic
- Cost of acquiring new clients
- Average order value
- Customer lifetime value
- Percentage of returning customers
- Cart abandonment rate
- Net promoter score
Sales Conversion Rate
Website conversion rate refers to the percentage of traffic to your website that completes a specific desired action. For example, if you have an eCommerce website and make one sale out of 2,000, you have a 0.5% conversion rate.
Optimising your sales conversion rate boosts your revenue. The first step of optimisation is tracking the number of conversions you are currently getting using Google Analytics. Once you have the report, you can come up with ways of improving the conversion rate.
Here are the best ways of increasing the number of conversions you are generating from sales.
- Use high-quality images – large and clear photos will boost your conversion rates.
- Add trust badges – these are particularly useful in convincing users that their credit card details are secure. In turn, they boost your conversions.
- Add reviews and testimonials – people are more likely to buy your product when they see positive reviews from previous clients.
- Add live chats – most customers fail to convert when they cannot get answers about a product or a brand. By introducing a live chat, you can help convert such clients.
- Improve your value proposition – you should always tell your customers how your product suits them.
Once you have a better website conversion rate, you need to focus on increasing your traffic. If you have a sound conversion rate optimisation strategy, more traffic means more conversions for your website.
The following are the best ways of increasing the number of people visiting your website.
- Social media – you can leverage the popularity of social networks to boost your website traffic.
- Search engine optimisation (SEO) – when you optimise your website to rank higher on SERPs, you get more visibility, which means more conversions.
- Influencer marketing – people are more likely to buy your products when a famous individual recommends them.
Email Marketing Conversion Rate
Email marketing is the most effective conversion rate optimisation strategy. Its advantage over other methods is that it does not depend on algorithms.
If you are struggling to get email subscribers, here are some ways of solving this challenge.
- Add an opt-in offer – encourage your traffic to subscribe o your mailing list by offering an incentive such as a free download.
- Be aggressive – ask for email addresses from your traffic using exit-intent popups and welcome gates.
- Modify your offer – if you are already offering a resource to your traffic, try offering something better to boost your conversions.
Revenue by the Source of Your Traffic
Many marketers in Singapore waste time and money when trying to increase website conversions. You have to track the traffic generated by each channel if you want to minimise such wastage. By monitoring the performance of every channel, you know what is working and what is not.
Here are some tips on how to increase the revenue generated by your sources of traffic.
- Leave what is not working – if a channel is not getting you any traffic, abandon it and focus on others.
- Prioritise profitable channels – if a channel is getting you lots of traffic, allocate more money to boost the numbers.
Cost of Acquiring New Clients
Sometimes, the cost of acquiring a new customer might exceed the purchases they make from your business. This means that your business is losing money in an attempt to increase website conversions
A smart way of preventing this problem is by measuring your customer acquisition cost. If it exceeds the revenue generated by your company, you need to reduce it to avoid hurting your business.
The following are the best ways of reducing customer acquisition costs.
- Improve your conversions – more conversions mean that you are getting more revenue from your existing web traffic.
- Make the most of word-of-mouth advertising – when your customers recommend your products to friends, they are more likely to buy from you.
- Use both free and paid channels – by using all channels available to you, promotional messages will reach a wider audience.
- Invest in your clients – make sure that your products are valuable to your clients.
Average Order Value
Average order value is calculated by dividing the total revenue earned by the number of orders made on your site. If you want to improve website conversions, you have to improve your average order value.
Here are proven methods of improving your average order value.
- Upselling – this is where you recommend a product to the customer before they confirm an order. It can be either a related product or a more costly version of the same product they are ordering.
- Offering free shipping – people are more likely to buy an item that has free delivery. Make sure that you offer free shipping for the pricey items on your eCommerce store.
- Give discounts – set a discount that a client gets if their order exceeds a specified amount.
- Give freebies – offer a free product if an order reaches a certain amount.
Customer Lifetime Value
Customer lifetime value is the amount that every client is willing to spend on what you offer. This metric is useful when calculating the feasibility of customer acquisition costs.
If you are looking to improve customer lifetime value, here are some ways to do it.
- Improve average order value – when customers buy more products from you, they are likely to become loyal to your brand.
- Build long-term relationships – honesty and transparency are essential if you want to increase your Singapore website conversions and brand loyalty.
- Create brand loyalty – customers become loyal to your business when you provide high-quality products and offer excellent customer support.
Percentage of Returning Customers
Another factor that affects your Singapore website conversions is the percentage of returning customers. This metric is also known as customer retention.
Here is how to improve customer retention for your Singapore business.
- Emphasise making your clients happy – always make sure that you deliver exceptional service and reply to client queries promptly.
- Introduce a loyalty program – create a system where customers earn points every time they buy your products. These points should be redeemable for other products.
- Send newsletters regularly – you will retain your customers if you frequently update them of new products, upcoming events and other developments.
- Organise live events –if possible, you should create meetings so that you meet your customers in person.
Cart Abandonment Rate
Cart abandonment rate refers to the number of users who add items to their shopping carts but fail to complete an order. A high abandonment rate translates to fewer Singapore website conversions.
There are numerous reasons behind cart abandonment, including expensive shipping fees, limited payment options, and concerns over security, and website crashing, and so on. If you are experiencing this challenge, the following are the best ways of tackling it.
- Reduce distractions – your checkout page should have no distractions, and the process should be straightforward.
- Simplify the checkout process – the shopper should know the steps of completing an order.
- Invest in remarketing – this is where you send relevant ads to people who abandoned items in their shopping carts.
- Send follow-up emails – remind the customer that they forgot to complete an order. You could incentivise them by offering a discount, coupon code or free shipping.
Net Promoter Score
The net promoter score measures the likelihood of an existing customer to recommend your products to their friends. If it is high, it can significantly improve your Singapore website conversions. Your client base is made of detractors, passives and promoters.
Detractors are customers who give a poor rating to your products. Passives are somewhat indifferent, while promoters are customers who actively commend your items to friends.
Here are the best ways of improving your net promoter score.
- Reward promoters – if you reward your brand ambassadors, they will reach out to more people and increase brand exposure.
- Reach out to detractors and passives – look to identify what is stopping them from promoting your products. Once you identify the issue, they are likely to become promoters.
In summary, here are the ways of improving your Singapore website conversions.
- Improve your sales conversions rate.
- Get more traffic to your website.
- Invest in email marketing.
- Analyse the amount of traffic from each source and look for ways of increasing it.
- Make sure that your customer acquisition cost is always lower than the revenue you generate.
- Improve average order value
- Increase customer lifetime value.
- Devise methods for improving customer retention.
- Reduce shopping cart abandonment.
- Incentivise brand ambassadors.
If you optimise the metrics mentioned above, you will significantly improve your website conversion rate.