All businesses are born with an idea in mind, something they aspire to. In the case of Apple, for instance, the goal was to create a computer that was small enough so everyone could have it at home. However, at the end of the day, if you don’t sell your products, how can the idea live on?
For an ecommerce to strive, it is important to have a good sales performance overall. The sales performance is not just about how much money you make, but rather how effective your ecommerce performs during a specific time period. Logically, it is not the same if you make 10k in one week or in one month.
There are many ways that can help enhance your sales performance for your ecommerce, and consequently your CVR, like price intelligence tools that assist you with price tracking. If you have an overview of your market, no matter if you are a brand or a retailer, you will be able to set prices that are competitive and lead to more sales.
The road towards successful online sales isn’t easy and before a user decides to purchase a product on your website, there are several factors that need to be fulfilled. The most important are: low bounce rates, high ranks in organic search, high return visits, high engagement, an optimized user experience and knowing how your competitors perform as well. Once you have these results, it is very likely for your conversions to increase.
When you are managing an online business, you should be tracking your CVR (conversion rate). The CVR stands for the percentage of users that take action in your online store. They are at the bottom of your sales funnel (do-stage of the customer journey) and have decided to perhaps download one of your reports, request a trial or even purchase your products. A good sales performance can mean a good CVR, but since a conversion rate isn’t always a purchase they are not seen as equals. It is important to have a good CVR, as you can imagine, but you should make sure to not sacrifice the sales margin.
At Netrivals we help you make the right pricing decisions and avoid sacrificing your margin. You can get access to data in real time and by monitoring your competitors decide which price to choose for your products.
