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5 Ways to Improve Conversion Rates For the Consumer Electronics Industry

This report has exclusive data on the top reasons customers don't complete online purchases, plus ways your store can stop abandoned carts.

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<p>In the consumer electronics space, countless merchants are entering the ecommerce space every day as an effective way to scale their business. With the onset of the pandemic, customers found themselves searching for new gear and equipment such as monitors and cameras for their new home offices–creating a surge in demand for consumer electronics.&nbsp;</p><p>Setting up an online store optimized for conversion is especially challenging for small-to-medium size businesses with few engineering resources. For example, high-end audio gear manufacturer <a href="https://www.bolt.com/case-studies/moon-audio">Moon Gear</a> was looking for mobile-friend solutions that would help customers checkout quickly. After switching to <a href="https://www.bolt.com/checkoutos">Bolt One Click Checkout</a>, they saw a 29% lift in checkout conversion, zero fraudulent chargebacks and a 17x return on each dollar spent with Bolt.</p><p>From SEO optimization to the right pricing strategy,&nbsp; effective strategies for converting customers can be challenging. Below are five ways to improve conversion rates for your consumer electronics business.&nbsp;</p><h2>Offer Alternative Payment, Shipping Options</h2><p>As consumer electronics purchases are often costly, merchants can increase conversion by offering alternate payment options (APMs) like Affirm, Afterpay, Klarna, and PayPal that allow shoppers to stagger their payments. According to <a href="https://www.bolt.com/thinkshop/cyber-week-data-shows-alternative-payment-methods-gaining-in-popularity">research by Bolt</a>, the total number of Bolt merchant transactions that used an APM increased by 28% on Black Friday in 2021 when compared with numbers from 2020.&nbsp;</p><p>Buy Now Pay Later (BNPL) APMs give shoppers the option of paying for their purchase installment with zero interest. Merchants that offer Buy Online, Pick Up In Store (<a href="https://www.bolt.com/thinkshop/bopis-overview-for-retailers">BOPIS</a>) options also see a higher conversion rate versus not offering curbside pickup By offering flexibility to customers, <a href="https://hbr.org/sponsored/2022/06/for-retailers-a-direct-link-from-buy-now-pay-later-to-the-bottom-line">consumer electronic merchants increase conversion</a>, appeal to younger buyers and sell more. Considering that almost half of people abandon checkout because extra costs like shipping, tax, and fees are higher than expected, providing an option that improves affordability can help overcome their concerns.</p><h2>No added fees and offer free shipping&nbsp;</h2><p>The cost of shipping, additional fees and the difficulty of returning an item are the leading reasons customers <a href="https://www.bolt.com/blog/reasons-for-cart-abandonment/">abandon their checkout</a>. Consumer electronic brands face even bigger challenges with customers not being able to test and adjust the product in-person.&nbsp;</p><p>Having a good return policy gives customers more confidence in your service and product. Customers are more likely to make a purchase if they know they are able to return the product. By removing shipping and return costs, you motivate customers to buy on your consumer electronics ecommerce store, as they are able to use the convenience of online shopping without having to be punished for buying the wrong equipment.&nbsp;</p><h2>User testimonials to build trust with customers</h2><p>Building trust with customers, especially if they are new to your brand is a challenge many consumer electronics merchants face. There are three key types of trust symbols you can use to ease your buyers:&nbsp;</p><ul><li><strong>Testimonials. </strong>Add case studies and testimonials that provide proof of the product’s quality and effectiveness. TrustPilot found that <a href="https://business.trustpilot.com/guides-reports/build-trusted-brand/why-and-how-social-proof-influences-consumers#:~:text=An%20average%20of%20sixty%2Dsix,likelihood%20to%20purchase%20a%20product.&amp;text=Positive%20star%20ratings%20and%20reviews%20on%20a%20product%20page%20were,signals%20throughout%20the%20buying%20journey.">66% of customers</a> are more likely to buy a product if they see social proof.&nbsp;</li><li><strong>Reviews and ratings. </strong>Solicit shopper reviews on notable platforms, objective media coverage, or reviews from existing well-known customers can help strengthen your credibility.&nbsp;</li><li><strong>Verified badges.</strong> Display symbols from big companies that shoppers already trust. 76% of customers are more likely to make purchases on an consumer electronics site with a safe checkout badge like Mastercard or Visa, or if they see their checkout is powered by a network they trust, such as Bolt.</li></ul><h2>Optimize for mobile devices&nbsp;</h2><p>Consumer electronic merchants can improve the mobile experience to keep customers engaged and buying while they are on the go. As you are designing the layout of your store and integrating call-to-actions, make sure that your website’s design is mobile-friendly.&nbsp;</p><p>Mobile devices account for <a href="https://www.statista.com/statistics/806336/mobile-retail-commerce-share-worldwide/">72% of all ecommerce sales</a> worldwide. If you aren’t optimizing your mobile experience, you are likely falling behind your competitors and missing out on sales. Prioritizing your mobile experience is key to ensuring conversion. Mobile-optimized websites, dedicated shopping apps, and increasingly, social media platforms are among the many options for optimizing your store for mobile.&nbsp;</p><p>One of the fastest, and least resource-intensive options is joining a shopper network that automatically integrates <a href="https://www.bolt.com/platform/?utm_source=retail_dive&amp;utm_medium=listing&amp;utm_group=digital&amp;utm_campaign=BC&amp;utm_content=embedded">one-click checkout</a>. Shoppers won’t have to type their information on a small screen every time, which can increase mobile completion rates double that of the industry average. Well-designed product flow can increase mobile completion rates double that of the industry average.</p><h2>Create a fast checkout process</h2><p>A traditional checkout process involves multiple tedious steps: entering personal information, shipping information, shipping preferences, billing information, add coupon codes, account registration and purchase confirmation.&nbsp;</p><p>Such steps add friction to the customer journey and lead to cart or checkout abandonment. In fact, increasing website speed by one-tenth of a second can lead to an <a href="https://www.thinkwithgoogle.com/marketing-strategies/app-and-mobile/mobile-page-speed-data/">8.4% increase</a> in conversion rates for retail sites. You should always be working to improve your checkout flow. Optimize using best practices for fast checkout design to streamline and speed up your checkout.&nbsp;<br>Like <a href="https://www.moon-audio.com/?gclid=CjwKCAjwrNmWBhA4EiwAHbjEQBtwwXQKEGOANVl1i8R5aB-GQPRwwStQ0G_hdJnh2yfJm_OzKS1TEBoCh3kQAvD_BwE">Moon Audio</a>, consumer electronic merchants can implement <a href="https://www.bolt.com/boost-sales-on-your-ecommerce-site/?utm_source=retail_dive&amp;utm_medium=listing&amp;utm_group=digital&amp;utm_campaign=BC&amp;utm_content=embedded">Bolt One- Click Checkout</a> with an existing shopping cart, and see up to a <a href="https://www.bolt.com/blog/building-bolt-one-click-checkout">47% higher rate</a> of completion than on average compared to guest checkout. Reduce form fields and save customers as much time as possible</p><p>by auto-filling forms and verifying data entry. You can use analytics to understand why customers abandon checkout and continuously optimize to reduce checkout abandonment.&nbsp;</p><p>To learn more about building a seamless end-to-end checkout experience, learn from these <a href="https://www.bolt.com/thinkshop/72-tips-to-master-ecommerce-conversion-rate-optimization-for-your-store">72 tips to conversion rate optimization</a> for your consumer electronics store.</p>