Cost, Convenience, Trust – Boosting the conversion rate
More often, the three factors that influence a purchase decision are “Cost, Convenience and Trust”. It is a question that we need to ask ourselves when doing analysis to increase the sales or your website sales conversion rate.
Cost: When was the last time you ordered a product online or offline without comparing if the price you are paying is comparatively reasonable with the similar products available in the market. The majority of customers are price conscious, when they have made a decision to buy some “x” product or service…we really have to ensure them that the price they are paying for the product is reasonably okay. Building a pricing analytics process within your current organization and providing quick access to some of the price comparison information would not only persuade the user to make a quick price decision but also improves your business’s credibility score in the eyes of the customer. Make sure you provide information upfront on all costs that are going to be incurred for the prospect upon his/her sales transaction.
Convenience: When the visitor has already made a decision to buy a product or service. It is imperative that you take him/her thru entire purchasing process more seamless and friction less. HFI stresses the importance of convenience with a rat box below. If the cheese is the product offering and electric grid is the purchase process on your website. Users take pain and order something if the product offering is too enticing, reducing the friction in the shopping cart would improve the conversion rate dramatically.
Trust: Trust is the only big thing in entire purchase transaction process. It doesn’t matter how cheap price the product is being offered and how easy and persuasive the user experience on the site would be, unless the visitors reassured on each step in the shopping process..you are going to loose him.
Building Trust is not just Branding your business but also ensuring the user that they are protected while transacting with your website.
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October 3rd, 2009 at 4:05 am
Vijay, I agree people are very price conscious