How do you track the success of your Magento eCommerce platform and business performance?
How do you track the success of your Magento eCommerce platform and business performance? One of the crucial indicators is the conversion rate. It’s a metric to measure the percentage of website visitors who take a desired action. These actions range depending on your goals and include:
Conversion rate not only shows the effectiveness of your digital marketing efforts but helps identify areas for improvement. A high conversion rate indicates that a website is effectively persuading visitors to become customers or leads. The higher it is, the more sales you may have. At the same time, a low conversion rate may point at the need for changes to the website or marketing strategy.
What can you tweak on the Magento website to enhance this metric? There are various tips for conducting conversion optimization for an eCommerce store. And one of them is introducing chatbots. These solutions perform multiple tasks, improve efficiency, and operate non-stop. Let’s overview some strategies for boosting chatbot conversion rates.
Artificial intelligence and other technologies shape the modern eCommerce landscape. They change the way we shop and influence our purchase decisions. AI has been around for decades. But only recently we’ve seen significant developments in this field.
Take AI text and image generation as an example. AI gets more practical, helping companies produce compelling content, communicate with consumers, and eliminate mistakes. With these new capabilities, machines can learn from previous experience and boost their performance on specific tasks through pattern recognition and machine learning algorithms.
Chatbots are one the most popular AI applications in retail. The best part is that you can integrate them with the Magento CMS as an extension. To get the most out of the solution and ensure its stable work on your website, you may want to partner with specialized agencies offering custom Magento development like Onilab, Mageplaza, BSSCommerce, etc.
But first, let’s see why you need Magento chatbots after all. In this blog post, we’ll zero in on using them to increase conversion rates on mobile and desktop versions of Magento stores.
Customers frequently leave when there are long lines. The same applies to online shopping if people have to wait for the page to load or take too many steps to find the desired thing.
Not getting immediate responses is one of the biggest customer frustrations and a major contributor to customer churn. Suppose a person has particular questions and concerns before making a purchase. They want to know about the product quality, delivery terms, or something else. Where can you provide answers to common questions?
Prospects may look through reviews or frequently asked questions (FAQs). But there is a more proactive approach. You may give clients prompt support for their FAQ requests by using a Magento chatbot along with other contact channels.
A chatbot can quickly resolve customer issues and prevent them from leaving the website. Many companies regard chatbots as the future of customer service. A recent survey found that 50% of businesses plan to invest more in chatbots than in mobile apps.
Below is Vainu’s chatbot. It communicates via buttons, allowing you to choose the needed topic.
Screenshot taken on the official Vainu website
Alt tag: Vainu’s chatbot displays buttons to interact with users
Apart from answering questions, a website can display personalized product recommendations, improving Magento chatbot conversion rates. It’s like having an assistant in a brick-and-mortar store. It pops up at the needed moment and ensures the customer leaves the store satisfied with the bag full of products.
People like special treatment and the feeling of being a unique client. Your task is to utilize available tools to make this treatment possible. A chatbot can direct a prospect from point A to the final stage B and performs the following tasks:
Here is an example of personalization from ConvertFlow’s chatbot. The system asks you to choose your business and directs you to the corresponding page based on your answer.
Screenshot taken on the official ConvertFlow website
Alt tag: ConvertFlow’s chatbot suggests users choose their business
How often do you come to the store to buy a pair of jeans but leave with a shirt too? Many factors may influence your decision. One of the possible ones is a good job done by the store employee not only convincing you to buy the jeans but also introducing other items from another department.
Magento chatbots can assist consumers in making better purchasing decisions. How? They start a conversation about buyers’ needs and supply them with alternative options based on what page they are viewing. Chatbots can offer special promotions and discounts to customers. And the ability to save money is a powerful incentive to make a purchase, isn’t it?
Even if visitors decide not to buy this time, a Magento chatbot can increase conversion in another way. It can retarget consumers and send special emails, such as:
Every business needs feedback because it tells you about the level of customer satisfaction with your goods and services. Reviews play a significant role in converting visitors into customers. Customers are 52.2% more likely to purchase from product pages with one to 10 reviews than from sites without any.
However, it’s usually hard to encourage people to share their feedback, especially for successful orders. While shoppers are more eager to share negative experiences with others, you should ask everyone to complete surveys or feedback forms.
Do you send conventional emails asking for product reviews? This strategy may work, but consider another scenario. A person enters a store, and a shopping assistant asks them about the experience before leaving. It’s much more effective. People are more likely to give comments since it’s a conversation.
Customer feedback is another area where Magento chatbots excel. You may proactively gather reviews from various sources with chatbots and ask for product evaluations and ratings. Additionally, chatbots enable you to receive negative feedback before it appears online. They let you address a client issue before it goes public.
You can use a Magento chatbot to collect customer information before connecting them with the appropriate customer support representative, reducing wait times. This bot-powered feedback can help you identify what aspects of your products, services, or chatbot workflow to improve to make interactions smoother.
Consumers’ trust directly impacts a customer’s decision to convert. When people trust a business, they are more likely to feel confident in the quality and value of the products or services. This increased confidence can boost Magento conversion rates.
Additionally, a trusted business is more likely to collect clients’ personal information, such as their email addresses or phone number. You can use this data for targeted marketing efforts and convert more customers. Gaining consumer trust can also involve more repeat business, stronger brand loyalty, higher chatbot conversion rates, and numerous referrals.
Chatbots can build trust and credibility with customers by giving helpful and timely information. Here are several examples of how they can achieve it:
A case in point is Mailchimp’s chatbot. It can deliver immediate, predetermined responses to assist visitors with topics, such as:
Screenshot taken on the official Mailchimp website
Alt tag: Mailchimp’s chatbot educates users and provides various tips
Chatbots don’t need rest, and customers can interact with them anytime. Thanks to that, the program may collect and resolve issues during the day and at night. It leads to several benefits:
Customers can get their queries resolved and make purchases whenever they want. As a result, your Magento website will see higher chatbot conversion rates. Chatbots can also help you save money by reducing the number of customer service staff required to respond to inquiries or problems. They help businesses reduce operational costs by removing the cost of hiring and training new employees from their agenda.
As an illustration, the e-bike manufacturer VanMoof employs an AI chatbot. It responds to client questions around-the-clock and directs customers to the best models based on their inquiries.
Screenshot taken on the official VanMoof website
Alt tag: VanMoof’s chatbots works 24/7
Understanding and optimizing Magento conversion rates are crucial for the success of any online business. What steps can you take in the CRO process? You may want to improve the website’s UI/UX, launch new marketing campaigns, or reconsider your content.
With all the available tools, chatbots may seem one of the most powerful solutions for CRO. According to Insider Intelligence, consumers will spend $142 billion on purchases via chatbots in 2024 (compared with $2.8 billion in 2019).
Chatbots have become increasingly popular for businesses looking to boost their conversion rates. They assist with customer service, guide customers on the website, and provide relevant offers. But there are even more hidden benefits.
Collecting customer feedback and introducing their suggestions can build trust and create a positive shopping experience. All of this maximizes the likelihood of a sale.
Chatbots are unlike humans. They are available 24/7, interact with shoppers immediately, and resolve their queries. However, it’s important to note that chatbots can’t replace humans entirely. They can benefit employee efficiency, but your staff plays a vital role in using them correctly.
