The overall conversion rate for your store is an important metric for measuring and improving performance. It’s usually pretty easy to get, depending on your platform. But when working to grow your business, it pays to get granular, especially when it comes to optimizing your products. I always recommend that you know how a specific product is converting before you start optimizing it for pricing, description, SEO keyword phrases, etc.
Here’s an easy way to get started — with the requisite conversion rate formula.
Conversion rate defined
Conversion rate is the percentage of visits which result in e-commerce transactions (sales).
We use the conversion rate measurement to help us calculate how many visitors (shoppers) are actually turning into buyers (customers).
Conversion rate formula
E-commerce conversion rate = (Total e-commerce transactions/Total visits on a website) * 100
(5 transactions / 40 visits) * 100 = a 12.5% Conversion Rate
What’s the conversion rate of one of your products?
Of course, we want to get granular. Instead of just looking at the conversion rate for your entire store, let’s also examine the rate for individual products.
If we want to get the conversion rate for one product — John’s Amazing Widget — it’s the same formula as general conversion rate, only using product-specific data:
(Product transactions / Product page visits) * 100
Getting that product-specific data
I highly recommend familiarizing yourself with analysis programs and install Google Analytics to measure your store’s progress in all areas, including product conversion rate. We’ll be looking at the data for one product page, which we’ll find in the “Landing Page” section.
Follow these steps to get the landing page data for John’s Amazing Widget.
1. Log Into Google Analytics and choose your account profile and “All Web Site Data” to view your store dashboard:
2. From the left side dashboard navigation, click on the heading labeled “Content”:
3. Click on the subheading “Site Content”, then click on “Landing Pages”:
4. We’ll be focusing on the landing pages index area (highlighted in yellow) and in particular, the search box (highlighted in red):
5. Copy the URL from the John’s Amazing Widget product page — you want what’s between the slashes:
6. Paste into the search box in GA and click the magnifying class icon to start the search:
You’ll see your product page URL with the number of visits next to it (highlighted in red):
So now you know the number of visitors to your product page for one month.
Now you need to get the product sales for the same time period. In Bigcommerce, you can use the built-in analytics. Just log in to your store control panel and choose “Analytics” in the upper-left. Then select “Products.”
You’ll see the product sales count for the (highlighted in red below):
A closer look:
Now you know the number of visitors and how many of the product you sold in the last 30 days. Plug those numbers into the conversion rate formula:
(5 transactions / 40 visits) * 100 = 12.5%
John’s Amazing Widget has a conversion rate of 12.5%.
I always recommend taking things product by product — remember that customers will often find your site from a search engine, landing directly onto a product page. Why not get the sale right then? Use the conversion rate to help set a benchmark, then scientifically experiment with changes to the page to sell more!
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