Pay attention to the order payment conversion rate
There are three conversion rates related to order payment, namely order conversion rate, payment conversion rate, and order-one-payment conversion rate. The formulas for these three conversion rates are as follows, assuming that the data is taken at the same fixed time.
Order conversion rate: (number of order buyers)/(number of store visitors) x100%
Payment conversion rate: (number of paying buyers)/(number of store visitors) x100%
Order-one-payment conversion rate: (number of paying buyers)/(number of order buyers) x100%
The meanings of these three conversion rates related to order payment are very different, so when there are problems with these three conversion rates, the sellers should also think differently. The order conversion rate is more of a test of the experience that the store and the product bring to the visitors. If both give the visitors a good experience, then the order conversion rate will increase.
The payment conversion rate represents the proportion of buyers who successfully complete the transaction. Sellers can compare the payment conversion rate with the order conversion rate for analysis. If the payment conversion rate is much lower than the order conversion rate, it is necessary to consider whether the customer service pays too much attention to the order volume when communicating with the buyer and ignores the needs of the buyer itself.
The payment conversion rate for orders represents the proportion of visitors who finally pay among the visitors who place orders. When the payment conversion rate for orders is too low, for example, as low as 80%, it means that 100 people place orders, but only 80 people pay. When it comes to the ordering step, it means that the visitor’s purchase intention is very strong, but he gave up the payment. Then the seller should consider what caused these people to give up the purchase, such as whether there is a problem with the product, or the price is too high so that the visitor wants to buy but cannot pay, or the buyer forgets to pay, etc.
Monitor the conversion rate related to keywords
In addition to paying attention to the search volume of a keyword, the conversion rate is also a very important indicator to measure the quality of a keyword. If a keyword has a large search volume but a low conversion rate, it is like selling a new product in a physical store. Many people look at it, but few people buy it. The reason for the low conversion rate is that the seller uses keywords improperly, which in turn affects the search weight of the product. In the “Data Horizontal > Business Opportunity Discovery > Search Word Analysis” of the seller’s backend, the seller can view a lot of keyword data and indicator values related to the product, including the “Browse to Payment Conversion Rate” data, and the seller can perform word selection analysis.