Metrics that Matter: Completion RatioAug 29, 2022
Event organizers invest a lot of energy into making their fan experience something to remember. But when purchasers bounce before the checkout is complete, fans don’t get to enjoy the event you spent so much time curating. Fortunately, resolving a high rate of abandoned carts doesn’t have to be difficult! The best way to start is by tracking your completion ratio— it’s a critical KPI to analyze the health of your website. When your completion ratio is low, it’s a sign that something is broken, missing, or less-than-optimal for your buyer experience. Fixing your completion ratio directly affects your revenue and ensures that the maximum number of visitors are successfully completing a purchase.
Today, we’re taking a closer look at the completion ratio and how it impacts your revenue. Let’s dive in!
What is a Completion Ratio?
A completion ratio refers to the number of buyers who actually complete a purchase (meaning the money is in your bank account!) When calculating your anticipated earnings, completion ratio is a direct part of your revenue equation. You can think of it this way: number of visitors x completion ratio x average shopping cart value = revenue. When buyers don’t complete their purchase, it negatively impacts your completion ratio and directly impacts your revenue. While there’s a range of reasons that customers bounce, they’re usually easy to fix so you can get your revenue back on track.
Why is my completion ratio so low?
If you’re experiencing an influx of purchasers who abandon cart before the checkout process is complete, there’s probably an aspect of your checkout experience that is making your customers bounce. To maximize your revenue and keep customers happy, diagnosing your completion ratio is critical to maintaining a healthy brand experience. Here are some of the most common reasons for a low completion rate and some simple solutions to resolve them.
- Too many steps. If your checkout process is filled with multiple pages of questions, extra steps, requests to continually re-enter customer information, surveys… we’d bounce too! Try to keep the process as lean as possible, and if you can, incorporate single sign on into your website.
- Not optimized for mobile. If your website isn’t fully optimized for mobile devices, you could be missing out on an important demographic of buyers— 54% of global website traffic comes from mobile devices. By investing in optimization, you could see a whole new group of purchasers that were unreachable before.
- Not enough payment options. The more diverse your market, the more payment options are required to maximize your revenue potential. By taking simple steps to expand the payment methods accepted, you’ll be able to reach more customers and cut back on the number of people who abandon the checkout process.
- Long loading times. Buyers are increasingly becoming accustomed to technology-first services, and ticketing should be no exception. The longer your load time for each page, the more likely a buyer is to bounce.
- Confusing seat map configuration. If your buyer can’t figure out your seat map, their experience will be off to a rough start. No one wants to walk away from a purchase feeling confused about where exactly they’ll be sitting.
How Does Optimizing My Completion Ratio Affect My Revenue?
Optimizing your completion ratio can be a huge revenue driver. Resolving completion ratio issues increases more than just the number of fans who complete a purchase. A higher completion ratio is a sign that your checkout process is fast and easy, leading to better fan loyalty and improved customer happiness. The happier your customers, the more likely they are to spend money— which means you have a higher potential to upsell, too.
How Can I Optimize My Completion Ratio with vivenu?
The vivenu platform is thoughtfully designed for minimal friction and maximum efficiency. vivenu lets organizers design every part of their ticketing solution in the way that works best for their needs. Organizers benefit from intuitive seat map logic, a clean design, and a system that’s fully optimized for the mobile experience. With no online queues, minimal loading times, and all the payment methods your customers use, vivenu helps users eliminate friction and create a buyer-friendly checkout experience to keep your fans happy and maximize your revenue. To see what vivenu can do for you, book a free demo here!