Time to Convert' (T2C) is a critical ecommerce metric measuring the duration taken by a visitor to transform into a paying customer.
The Time to Convert is a fundamental KPI detailing the time it takes for a potential customer who has just landed on your ecommerce website to make a purchase. Essentially, this metric begins tracking from the second a unique visitor interacts with your site, to the moment they complete a transaction.
Time to Convert = Total Time Spent on Conversion Process / Number of Conversions
Imagine if user "A" converts in two hours, user "B" in one hour, and user "C" in three hours, the total Time to Convert is six hours. The average Time to Convert is then two hours (Six hours total divided by the three conversions).
Understanding Time to Convert paints an insightful picture of your customer's buyer journey. It allows ecommerce businesses to decipher how long it takes customers to trust and engage with their brand enough to make a purchase. This insight is valuable for strategizing marketing efforts, optimizing webpage user experience, and adjusting sales tactics.
Numerous factors can impact Time to Convert. Some of these include product pricing, brand reputation, website user experience, target audience demographics, competitive landscape, website speed, and payment options.
To improve Time to Convert, ecommerce businesses can focus on improving website load time, offering guest checkout options, simplifying the checkout process, having clear CTA's, and nurturing customers through email marketing. Implementing remarketing strategies can also help bring back potential customers quickly.
When evaluated in conjunction with other ecommerce metrics like Cart Abandonment Rate, Bounce Rate, Conversion Rate, and Average Order Value, Time to Convert can provide valuable insights about the website's performance and the quality of user experience. Coupling T2C with Bounce Rate, for instance, can reveal whether your potential buyers are leaving your website due to a poor website experience impacting their confidence in making a purchase.