The rise in e-commerce is expected to continue with more shoppers preferring the technology, aesthetics, retail experience and innovative store designs of e-commerce sites to traditional storefronts. For online retailers, this presents a lucrative opportunity. There is a lot to be made from e-commerce. So, how do you measure the success of your e-commerce business?

Conversion: The measure of success

Success in e-commerce is measured in the form of e-commerce transactions otherwise known as conversions. A website conversion is the action you want an individual user to do on your site. Conversions differ depending on your business niche. It could be downloading a white paper, signing up for a newsletter, filling out a contact/lead form or buying your product to mention but a few. If a website does not generate conversions, it doesn’t make fulfill its purpose. Here’s some of the most popular articles that you can check: Compliance with PCI DSS and Protection against Fraud: 5 Steps to Follow

Conversion goals

Part of building an e-commerce site is identifying what constitutes a conversion for your site. For most marketers, sales come to mind and understandably so since this is the bottom line in business. We all want sales but as a final milestone.

Conversion goals are not limited to the ultimate goal. There are many micro-conversions along the e-commerce funnel. Without these smaller conversion goals along your funnel, you may be unable to optimize for your final conversion.}

An online venture can have many conversion goals, but you have to understand which ones are important for your business. You can then proceed to optimize for more conversions at each step with the aim of achieving your overall business goals.

Conversion optimization

Conversion optimization involves increasing the percentage of site visitors who convert into customers. Its ultimate goal is helping you achieve your overall business goals. These overall goals are the summation of your conversion goals. The overall goal is the “macro goal” while the conversion goals adding up to it are the “micro goals.”

Micro conversions and macro conversions

Micro conversions are a series of steps that visitors to your site must take to gain trust and understand the value of your offer before they can take the final action – macro conversion. The goal of every micro conversion should be to help visitors make the macro conversion.

The key to running a successful e-commerce business is coming up with micro conversions that lead to macro conversion. You can then map out your funnel to look for strengths and weaknesses where you can focus your optimization efforts. Incremental improvements to your micro conversions compound to increased macro conversions, which is the end goal of your business.