This is the IRCE session Make the Most of Your Traffic: Maximizing Conversion, presented by Karen Van Ert, Director, E-Business Consulting - Zeon Solutions and Lauren Wright, Marketing and Merchandising Manager - Cooper Safety Supply. Research your current data - Google Analytics, etc., then develop some ideas of what you might want to change. Before moving into split or multivariate testing, perform user testing. This will help you see why consumers are doing what they're doing now. Also check with your customer service team and see what people are asking.
One conversion rate test led to a revenue increase by 220%.
Some tests have even helped increase organic search ranking.
There are multiple ways to look at improvements. Don't look at just conversion rates while optimizing - if your conversion rate increases 50% but it's because you drop your prices and your average order value plummets, that's not a success.
Test around video and all image displays, test on-site search optimization (zero results pages, low converting terms, etc), test the number of products displayed on each page.
Test regularly - seasonal changes impact conversion rates.
Know your goal and monitor ad spend, traffic, conversion rate and AOV together.
Always consider consumer intent.