A conversion funnel is a path crafted toward conversion for a site visitor. The path most resembles a funnel, with a smaller and smaller group reaching down each step, getting closer to conversion.
An eCommerce conversion funnel depicts the route taken by shoppers right from being aware of the brand to making a purchase and becoming a brand advocate.
The four stages of the eCommerce conversion funnel
For all e-commerce websites, turning digital window shoppers into buyers is a key factor in boosting conversion rates. However, at each stage of the purchase funnel through your site, the strategies would need to vary.
Stage 1: Awareness
The top of the funnel is where new prospects and visitors to the site will become aware of the brand. Engagement remains light – with visitors simply browsing through the pages and products. Here, the primary goal is to reduce drop-offs and bounce rates, especially with the new users on the site. The focus should be on products and categories that typically convert well.
Stage 2: Consideration
Towards, the middle of the funnel, a prospect’s engagement with the brand site intensifies. At this stage, the shopper may be interested in what the catalog has to offer and is browsing products either through search results or via navigation. The goal here is to maximize product discovery and also provide them with the ‘hint’ that their recommendations are tailored. Personalizing their journeys through profile & browsing history based recommendations will keep users engaged & push them further down the funnel.
Stage 3: Intent
At this stage, the shopper begins to show a deeper affinity for offerings, through certain behaviors. As the likelihood of purchase increases, so do the number of drop-offs. The goal at this point must be to remove all friction leading toward the purchase and optimize the funnel.
Stage 4: Conversion
The bottom of the funnel represents the weight of all the engagement from shoppers. Leads become actual customers by buying from the brand. The goal here would be to encourage repeat visits and purchases, armed with information about their latest purchase.
Optimizing every stage of the funnel is essential to maximize store profits. In retail, this funnel requires a continuous stream of efforts in order to acquire, keep and nurture, as well as grow the customer base while using technology and other digital tools to meet their needs proficiently.