Editor Online fashion retailers have become even more valuable after the pandemic for the consumers to have an at-home, easy shopping experience.
With the development in technology and the fashion industry, buying online has become an integral part for shopping instead of visiting offline stores. It also leads to more competition which can cause your customers to leave the website without completing the purchase.
In this article, I will share the ways in which you can enhance your online conversion rates and improve your sales for higher revenue generation.
What is Conversion Rate in a Fashion E-commerce Business?
In the fashion industry, the conversion rate is proportional to the number of visitors who browse your e-commerce website and choose to buy the products in a specific time frame.
It is calculated by taking the ratio of the number of sales to the total visitors landing on your website and multiplying it by a hundred.
A higher conversion rate denotes that there is more percentage of visitors who are purchasing your products while providing more revenue to your business.
If you have just started your business, there might be a better time to look at your conversion rates. It is an excellent time to start investing your time in attracting more visitors to your website.
It would help if you had more visitors every month to be particular about your conversion rates; otherwise, the value will fluctuate a lot to get to a reliable average.
Importance of Online Conversion Rates For Fashion Retailers
For fashion retailers, an online conversion rate is crucial as it shows the customer satisfaction and level of interest they have for your brand. It also means they can generate higher revenue without increasing their marketing spending.
Here are the ways in which an online conversion rate is essential for fashion retailers.
- Return on investment: An online conversion rate is directly proportional to the revenue a brand generates and its profit booking. It directly impacts their returns on investment.
- Customer loyalty: A positive review of a customer can help build a good brand image and enhance the trust and loyalty of your customers.
- Customer satisfaction: An engaging website is more likely to engage customers better and lead them toward the completion of the purchase. A smooth experience can lead to higher satisfaction and result in more recommendations.
- Competition: With the growing competitive environment in the fashion industry, it is essential to ensure that your website interface and customer support are competitive. It should help your brand stand out from the crowd and offer quick support to your viewers for decision-making.
- Data-driven strategy: Tracking customer data allows a fashion brand to build a strategy and make better decisions. Using conversion rates can help optimize your strategy and enhance your conversion ratio.
What is The Right Rate Of Conversion For The Fashion Industry?
The conversion rate ultimately depends on the kind of fashion products you are selling and your target market.
There could not be a specific average figure to tell the best or even the worst conversion rate for any market. However, you can have an estimation for a great figure to be 2.9 % or above, while it should always stay below 0.4 % as per the industry standards.
Strategies For Improving Your Online Conversion Rates
Here are the top strategies for fashion retailers to successfully improve their online conversion rates.
1- Know Your Target Market
For you to build a better strategy and generate higher sales, it is essential to understand your target market. You need to know their demographics, age, interests, location, and online behavior, and customize your website and products according to their needs.
You can find a way to fetch as much information as possible about your viewers through cookies, social media posts, polls, insights, asking for feedback, and reviews.
By gaining insights, you can tailor the experience for each customer segment. It can generate more conversions by presenting your brand as an appealing alternative.
2- Set Your Goals
Identifying and outlining your goals and key performance indicators are essential for any business to grow. It will help to set a benchmark for your business so that you can develop your strategies and drive sales.
You should define your conversions, analyze your current rate, if available, set SMART-specific, measurable, achievable, relevant, and time-bound goals, and monitor them. It will help to track your progress and create better upcoming strategies.
Remember to regularly update your plans and goals with time as you observe any change in your business or the market. You can improve your strategy effectiveness by setting clear and achievable goals.
3- Improve Your User Interface
There are many techniques and ways available which can help you craft a beautiful and interactive user interface. However, an effective website should encourage viewers to purchase the products by leading them toward a successful sale.
You should have a captivating homepage while incorporating colors, designs, and other elements. Ensure a responsive and quick product page with a clear call to action for smooth navigation through the website. Avoid using multiple irrelevant subscriptions or registration forms and add more relevance to their experience.
4- Create a Mobile Friendly Website
With the growing use of mobile phones and other smart devices, creating a mobile-friendly website that can interact with viewers anytime, anywhere
becomes essential.
A mobile-friendly website boosts SEO cost-effectively while providing a seamless experience. It also helps build credibility and trust while capturing more leads. With increased accessibility, your business can boost sales and interact with your customers smoothly.
It boosts overall revenue in the long run, resulting in a substantial investment for any business that deploys it correctly.
5- Obtain a Customer Self Service Tool
Customers want a faster and easier way to contact the support team representatives. They like to solve their problems with the opportunity to solve their problems without having to reach a physical person.
Customer Self Service is a valuable tool with a collection of information organized to make searching for possible solutions easy. It helps instill a sense of control over their purchase and offers customer satisfaction.
It can reduce customer frustration and prevent them from complaining about the products while improving customer reviews. Decreasing the workload of your customer support team’s workload is equally effective for your company’s representatives.
6- Employ Quality Content Visuals
Humans connect with visuals better, and it gets even more critical while talking about the fashion industry. When it comes to a visual representation of a content piece, it offers information that human minds retain easily for a longer time.
Content-rich in visual graphics has the power to engage more leads and drive them toward sales. You should focus on brand consistency to avoid confusion and increase brand awareness among your target audience. You can also start a customer loyalty campaign on social media to attract more customers.
You can also repurpose your content and include graphs, charts, or animation to make your content more efficient to consume. However, ensure to make more sense to your audience using relevant and fresh content.
7- Ensure a Clear Product Description
While using online methods, you need to bridge the gap between having an offline store and an online store. In such cases, describing everything a customer can look for in the product becomes essential. It includes the material, brand, size, texture, quality, costs, and estimation of delivery time.
Product descriptions should mention anything necessary for the customers to facilitate their purchase, along with magnified pictures as a realistic depiction. You may also use advanced software technology for a virtual try-on.
Product source and seller could be mentioned along with a certificate of sustainability or any assurance to confirm they are receiving ethically produced products.
8- Provide Recommendations
Offering a styling recommendation and products that align with what your customer is currently viewing is an excellent way to enhance customer experience and generate more revenue.
You should also offer accurate data related to the size available and the material reliability to help customers make a decision. Asking for questions from the seller or customers can also play an essential role in learning about the overall quality of the product. However, many companies use software that lets you try your desired clothes and suggest a better size.
9- Make Use of Your User Generated Content
While your audience has much faith in word-of-mouth recommendations from their friends, it can also play an essential role in helping people find out what they might be looking for.
It does not have to be all top-rating feedback but a combination of negative and positive for your audience to trust and rely more on. You can use user-generated content to create social media posts that can act as social proof of your work and help your audience make better decisions on their next purchase. It will lead to a better customer experience and, eventually, more revenue.
10- Optimize Your Search Engine Ranking
You should have your content on the top of the search engine result pages (SERPs) to reach your viewers first. For optimization, using relevant keywords throughout your content is essential to help your page to rank on top. You should also focus on creating a list of relevant long-tail keywords and add it to your title tag or meta descriptions to attract more leads.
You can start with a keyword-rich fashion blog or create a complete marketing strategy. It will help enhance the quality of leads landing on your web page with an amplified conversion rate.
11- Enhance Your Marketing Strategy
Having a marketing strategy that is continuously updated for improvements can help generate more leads and create loyal customers.
You should include strategies like offering discount coupons and competitive prices for your competitors’ products. You can also offer free shipping on orders above a specific amount to increase the average order value. It can decrease the ratio of customers leaving the carts due to the unexpected additional amounts in the form of delivery charges. You may also try a cart abandonment strategy to get them back to finish the purchase.
Check with the email marketing and subscription list to drive traffic and provide personalized offers for the products your customers might like. You can also check the return policies and sharing buttons to optimize your sale.
12- Have a Transparent Supply Chain Management
People generally do not prefer buying from a company having a questionable supplier. When considering suppliers, your customers should feel confident purchasing products from you.
A supply chain transparency with all your stakeholders (customers inclusive) leads to a clear idea of how the goods are produced and at what location. It helps build loyal customers who can be committed to a sustainable or vegan product you offer. It also builds trust and develops an emotional connection with the customers who align with their goals.
Customers prefer a purpose-driven and ethical organization with clear goals and product descriptions over any other similar company.
13- Tailor Your Checkout Experience
With every process being optimized, a modified checkout experience is also an effective way to ensure your customers complete the purchase. In the fast-moving world, nobody wants a long processing time.
Having a quick checkout with just a few clicks has become essential for many customers who wish to move swiftly. You should add a payment gateway that enables your customers to move quickly to the checkout and make transactions within seconds.
The page can also be personalized to skip the hard part of filling in every detail each time they make a purchase, along with an option to buy with guest checkout quickly.
Conclusion
In the ever-growing market, fashion retailers can work on the above primary factors to attract relevant leads and enhance their online conversion rates. It will help attract customers and drive them to finish their purchase online without leaving the cart.
You must follow all the steps and continue improving on your strategies to get a better conversion ratio to help your business grow more and generate better revenue.