First, what is your conversion rate?
The conversion rate formula is the number of transactions divided by the number of visitors to your store. You then multiply that by 100 to get the percentage.
For example, if 100 people visited your online store yesterday, and you had 3 orders, your conversion rate is 3%. (which by the way, is the average conversion rate for online stores. Terrible right?!).
An enormously important way to increase your conversion rate is to spend time on your product attributing.
This is the most underlooked aspect of e-commerce by small businesses.
Attributes are the features that describe a product.
Attributing is one of the retail sales techniques and strategies that is critical in helping you understand, at a deeper level, what exactly is selling and not selling in your product assortment, and helps increase your e-commerce conversion rate.
Product attributes enable you to see trends in your sales when they first happen by using them to break down your retail sales reporting!
They are also essential to your e-commerce store or boutique, as they enhance SEO and help your customers find exactly what they are looking for.
More examples of how you can utilize attributes to run your boutique or online store profitably and sustainably and increasing your conversion rate:
- Break down your retail sales reports to a granular level
- Enhance your retail buying strategy by ordering products that sell
- Improve the accuracy of your retail sales forecast by having greater sales analysis
- Design your e-commerce store taxonomy by breaking down headers into further product detail
- Design your e-commerce shop filters by providing additional product drill down categories
- Drive retail sales dollars per customer by providing suggested or related items to add to cart (retail sales techniques)
- Increase retail product SEO rankings