The Basics of Conversion Rate Optimization for Online Stores

In this section, we explore some of the best ways to implement your CRO efforts and how to measure the impact they are having on your business.

CRO Implementation Process

Ready to get started with implementing CRO across your website? Here is a simple process to follow:

  1. Set your goals and objectives. For example, you may set a goal to increase your conversion rate from 1% to 5% in six months. Follow the SMART structure for setting these objectives.
  2. Conduct a website CRO audit. This will help you understand exactly where your website currently is. It may also help you identify areas for improvement.
  3. List optimization areas. Prioritize these based on what you believe will have the biggest impact on the conversion rate.
  4. Implement your changes and make improvements

Key Performance Indicators for CRO

Once you have followed the implementation process outlined above you’ll want to ensure that you’re tracking the most relevant Key Performance Indicators (KPI) on your site. This will allow you to monitor progress and adjust your processes and tools accordingly.

The primary KPIs used in this area include:

Conversion Rate

We have already discussed what this KPI is and why it is important. To calculate it simply:

(Number of conversions/Number of visitors) * 100

Average Order Value (AOV)

This KPI will highlight how much the average customer spends on each order. To calculate it, use this formula:

(Total revenue / total number of orders) * 100

Bounce Rate and Exit Rate 

Your bounce rate reflects the number of visitors that visit your website but leave after viewing only one page. Your exit rate on the other hand tells you exactly how many people have exited your website from a page, even if they visited other pages before that.

These two KPIs help you understand where visitors are leaving your site before making a purchase.

Click-Through Rates (CTR)

Your CTR can relate to any button or hyperlinked text on your website. It is simply calculated by dividing the number of times the link is clicked by the number of page visits.

This can be applied to any conversion which requires a link click and will demonstrate how well that link is performing.

Tools and Resources for CRO

Here are some helpful tools to help you get started: