High sales conversion rate is an important factor in successful business development. The number of customers who have placed and paid for an order is influenced by a range of parameters. According to Stripe, 62% of customers tend to abandon a purchase if the payment process takes more than two minutes, 78% prefer companies with one-click payment options, and 86% of customers are ready to leave a website that does not offer convenient payment methods.
In the article we tell you how to calculate the sales conversion rate, what factors affect this indicator and how the use of cryptocurrency will help to increase the number of customers who have made a purchase.
What Is Sales Conversion
Conversion is a value that reflects the number of people who made a targeted action (usually payment) on the website and their ratio to the total number of potential customers. It is measured in percent.
To calculate the parameter you need to divide the number of committed target actions by the number of website visitors, and then multiply the resulting number by 100%.
Conversion can be calculated as a whole for a website or business (general), and for specific stages of the sales funnel (conversion to subscription, to payment, etc.). In some cases, conversion is additionally calculated for specific products or services, for each sales channel, for each manager, etc.
Knowledge of this indicator helps to develop a strategy for increasing sales, to identify the best-selling products and the most effective ways of advertising, to identify the weak stages of the sales funnel, etc.
Increasing Conversion: Key Factors
To increase conversion rates, online businesses should consider the main factors affecting them. Let's take a closer look at them.
Convenient checkout
One of the first things to do to increase conversion is to analyze the intuitiveness of the checkout. Buyers tend to leave a website if the interface is not user-friendly and/or unclear, and the checkout process takes too long.
It is important that the payment page works smoothly, displays correctly on all devices, contains the necessary information, but is not overloaded with extra data, and has a pleasing design. An additional plus is a multilingual interface.
Also merchant should check if any clients have problems with transaction blocks. Learn how to reduce their rate in our article.
High security
Ensuring security is another important step to increase website conversion and the trust of potential customers. The payment page should comply with security standards.
The information about the security measures taken should preferably be reflected on the company's website and/or checkout page (for example, in the form of the 3D-Secure logo): this helps to create an image of a trustworthy company.
Saving payment details
The function of saving payment details and using them for future purchases is an opportunity to shorten the process of placing a repeat order.
This option helps increase conversion rates and enhances chances that the client will return in the future. Saving payment details allows customers to pay for orders in a few clicks, a feature that is valued by more than half of online shoppers.
Diversity of payment methods
Having a preferred payment method is an important factor for 95% of customers, and 86% are inclined to abandon a purchase if the desired option is unavailable.
That's why to increase conversion it is recommended to provide a choice of payment methods, including at least the most popular options (bank cards, e-wallets, services for delayed payment, etc.).
One method gaining popularity is cryptocurrency payments. «Digital money» has over 420 million users worldwide with an expected growth to 990+ million by 2027.
Many crypto holders are willing to use their assets to pay for goods and services — providing this option will be an effective way to increase sales growth.
Benefits of Cryptocurrency Payments
More and more companies introduce the ability to pay for goods in cryptocurrency. This is relevant to many different areas — from e-сommerce, gaming and electronics to air travel, luxury purchases and hotel bookings.
Triple-A estimates that e-commerce companies that connect cryptocurrency acceptance on a website see customer growth of up to 40%, and the return on investment (ROI) of such a connection reaches 327%.
The popularity of cryptocurrency payment is due to several advantages:
- High processing speed. This is especially relevant for companies with a wide geographical audience: the speed of a transaction passing through the blockchain does not depend on the countries where both parties to the transaction are located.
- Low commissions. The size of commissions is another indicator by which crypto payments win over fiat transactions. Even when using intermediary services, the commission for payment processing usually does not exceed 1-2%.
- Security. When making a crypto transaction, both the seller and the buyer are protected. Anonymity of payment prevents leakage of personal data.
- Absence of chargebacks. Irreversibility is one of the principles of blockchain technology. This eliminates chargeback fraud and the associated losses that many e-commerce companies face.
- International payments. Crypto transactions are not subject to sanctions or restrictions. Accepting cryptocurrency payments allows you to seamlessly continue working with customers around the world.
An additional benefit of crypto payments is an increase in the average check. Crypto owners tend to spend an average of $250 more than customers paying with fiat money.
CryptoCloud Crypto Processing
CryptoCloud is a service for processing crypto payments in popular currencies such as Bitcoin, Ethereum, Litecoin, Tether and others. Its main features include:
- generating payment links that can be posted on a blog, social network or mailing list, as well as sent personally to the client;
- accepting crypto payments on the company's website with automatic conversion of the order amount into the selected currency, formation of the wallet address for payment and confirmation of the transaction;
- management of several projects through one personal account;
- the ability to transfer payment of blockchain network and service fees to the buyer;
- working with analytics — including viewing data in the personal account, uploading it to Excel, providing access to the account for company employees.
Crypto acquiring integration is performed in a couple of minutes — all you need to do is to register with an e-mail address and create a project in your personal account by filling out a small form with information about the company.
The system offers several integration options (ready-made CMS modules, API, HTML widgets) and detailed text and video instructions.
CryptoCloud has a user-friendly interface, multilingual checkout, high level of security and prompt technical support. Commissions for payment processing are from 0.4%. Integration and withdrawal of funds are free of charge.
Increasing Conversion Rate by Connecting Crypto Payments
There are many ways to increase conversion: optimizing checkout, improving security, adding new features, etc. One working strategy is to expand payment methods, including connecting crypto-payments.
Cryptocurrency payment is convenient for many buyers due to security, anonymity, and high speed of transaction processing. Sellers appreciate low commissions and protection from chargebacks. You can start accepting crypto payments with CryptoCloud — it's a convenient service that takes a few minutes to connect. Learn more on our website.
