As Australians face the looming possibility of a recession, the rest of the global economy is confronting similar challenges with rising inflation and cost of living.
It’s clear that people are very price-conscious.
Businesses that simply rely on increasing Ad spend to increase traffic doesn’t cut it anymore. Ecommerce and Saas businesses must explore new ways to optimize digital experience to get more revenue out of the marketing budget, focusing on building better, more enjoyable experiences.
In this blog, we will emphasize the importance of conversion rate optimization (CRO) and how it can help ecommerce enterprises navigate the recession by driving more conversions and boosting their bottom line.
Understanding the Power of Conversion Rate Optimization:
Conversion rate optimization (CRO) focuses on improving the effectiveness of a website in converting visitors into customers. During a recession, where customers are cautious with their spending, CRO becomes even more critical to make the most of every opportunity.
How you can maximize your conversions using website optimisations:
1. Reduce user frustration by improving shopping experience:
Price conscious buyers are impatient. They have a low tolerance for websites that don’t respect their time or money.
Does your site:
- Prioritize desktop experience over mobile?
- Have difficult, clunky and un-intuitive navigation?
- Are page load times slow?
- Is the process of checking-out complex, with lots of steps and hurdles?
Solving these problems creates a frictionless and enjoyable experience.
2. Use customer-driven insights and adapt your website to how users behave now, not last year.
During a recession behavior shifts, and customer preferences change. If landing pages that performed well are not generating conversions like they used to, it’s time to shift things up.
Simple ways you can monitor user behavior:
1. Analyze customer data using Google Analytics (make sure you’ve upgraded to GA4!) or your CMS’s reporting dashboard and take note of the change in trends. Look at
- Page flow reports.
- Steps to purchase.
- Highest converting areas.
- Conversion rate by source.
2. Run polls and ask people what’s missing – what questions are unanswered?
3. Send surveys to your customer base and ask how their preferences and needs have changed over time.
Bonus tip: Offering a small discount as incentive for completing the survey increases your submissions and can give you a nice bump in sales.
3. Use AB testing to optimise and quantify your website changes
How do you know what changes are working? How do you quantify the result from these changes?
You do this through AB testing.
AB testing enables you to iterate and refine digital experience, ensuring that every change is backed by quantifiable results. Goal here is solving customer problems to get more revenue per the same sessions generated.
By optimizing areas of your site based on AB test results, you can make informed decisions to maximize conversions, improve the user experience, and ultimately drive higher revenue.
Conclusion:
During a recession, conversion rate optimization becomes an indispensable tool for Ecommerce and Saas businesses aiming to maximize their conversions and revenue potential.
By enhancing the user experience, leveraging data-driven insights, delivering targeted messaging and offers, building trust, and embracing optimization, you can navigate the challenges of a recession and drive more revenue per visit.
To unlock the full potential of your business and ensure it thrives, take the first step towards optimizing your user experience. Sign up for a free complementary CRO audit today and let our experts analyze your website to uncover valuable opportunities for improvement.
Take advantage of our complimentary Website Conversion Audit today!
Beat your competition to it!
Get the latest actionable conversion strategies delivered straight to your inbox!
