Unlocking eCommerce Success: How to Increase Your Conversion Rate with AI

Whether you’ve just started an eCommerce store or have been selling products for years, one of the most common phrases you need to understand if you want to be successful is conversion rates.

Low conversion rates are enough to put any entrepreneur in a spin and are a constant topic of worry for marketing teams – regardless of the industry you work in. If your eCommerce website isn’t converting visitors into paying customers, it’s doing something very wrong.

But, fear not! If you’re still not enjoying the success you’d dreamt of when starting your business, you may be interested to hear how to increase conversion rate in eCommerce stores. In this article, we’ll not only help you understand conversion rates can be increased, but how AI could be the perfect secret weapon to add to your marketing strategy. 

Keep reading to find out more…

What are conversion rates?

Your conversion rate is the percentage of people who visit your website and then perform a desired action. For most eCommerce businesses this ‘desired action’ will be purchasing a product or service but could equally be anything from signing up for a newsletter or leaving a positive product review.

Almost 70% of digital shopping carts are abandoned because eCommerce businesses are not able to convert their visitors into customers. To avoid this happening to your online business, you should start by establishing a baseline for your current conversion rate.

You can calculate your current conversion rate by dividing the number of conversions your site has by the total number of visitors. Once you have this figure, simply multiply it by 100 and you’ll have yourself a percentage conversion rate.

Conversion rates are a subject of mystery and terror for marketers and business managers alike, but it’s important to not delve too far into the weeds by comparing yourself to others. On average, eCommerce websites can expect a conversion rate of between 1-4%. Conversion rates vary greatly between different businesses and the goals they have, so it’s more important to focus on improving your own, rather than worry too much about what everyone else is doing.

How to optimise your conversion rates with AI

IIt’s impossible to go from a 1% conversion rate to 100% overnight, in fact, getting anywhere near a 100% conversion rate is impossible. Improving your conversion rates should be a continual process that involves frequent tweaks and updates along the way. One way you can improve your rates exponentially is by leveraging the power of artificial intelligence (AI).

AI is becoming a fundamental tool in any marketer’s toolkit. It helps us to better understand our customers and put more effective solutions to satisfy them in place. Using AI tools like QUIN can dynamically adjust your website content, product pages, and landing pages so that they better meet the specific needs of individual consumers.

When it comes to improving your conversion rates, AI can be extremely important for the three following reasons:

AI helps to personalise customer interactions

Using an AI platform can give you access to an unprecedented amount of information on how your customers think, act, and interact with your website. This information will give you the thorough information on customer behaviour you need to deliver hyper-targeted experiences that are guaranteed to get your website visitors to convert.

For example, Sephora introduced an online chatbot to answer customer queries 24/7 to provide a more personalised experience. This allowed the brand to communicate and build relationships with customers even during customer service downtime.

AI allows for real-time and predictive analytics

Your chosen AI platform collects a gigantic amount of information in a blink of an eye and provides you with real-time analytics which you can use to understand the shopping patterns and behaviours of your customers.

Based on the information collected, an AI platform can guess what a customer is going to do next and display all the information they could need – before they themselves even knew they needed it!

As an example, Euroflorist used A/B testing to collect real-time analytics on different conversion rate optimisation strategies, resulting in a 4.3% increase in conversions after a short 11-week test.

AI can aid in generating content

Whether you’re a one-man sales team or your team doesn’t have the spare time and resources to generate new content every day, AI can help take some of the stress off your plate.

AI can instantly generate new text, images, and videos in a matter of seconds for your website. Just feed it all the information you’ve collected on your customers, and you’ll receive targeted, relevant content.

ClickUp used an AI-powered content generation platform to transform their existing blog content, generate ideas and identify the best keywords to use in blog posts. In just 12 months, they achieved an 89% increase in blog traffic

6 tips to increase your conversion rates

Good news if you’ve only just recovered your sanity after your last web redesign. You don’t need to change your entire website straight away. What is important is that you start to identify small incremental improvements. Over time (slow and steady wins the race) this will make a big difference.

Here are some tips that you can use on your website to increase conversion rates:

1. Test different checkout processes to see what your customers respond most positively to.
2. Take advantage of live chat software and chatbots.
3. Automate your sales funnel as much as possible to minimise human error.
4. Structure your site to ensure customers can easily find products.
5. Optimise your website for mobile devices as mobile commerce accounts for a huge chunk of overall retail spending across Western and Central Europe.
6. Measure your conversion rate constantly to track your progress.

Start increasing your conversion rates today

Ready to start your own journey to better conversion rates? Discover how QUIN AI can revolutionise your eCommerce store's conversion rates now. Request a demo today.