Hello,
a 95% significance threshold simply means that you have a 5% chance that the results you're seeing are wrong given the sample you're analyzing. In other words it means that 95% of the time the results you see is better (or worst) then the one you see on the originale page you're testing.

If you want to run a test that really has an impact you should:
1. Compute the sample size (here a tool: http://www.evanmiller.org/ab-testing/sample-size.html )
2. Run the test for at least 7 days
3. Record at least 300 hundred conversion per variation
4. Check significance here ( http://www.evanmiller.org/ab-testing/chi-squared.html )

The more you want to be sure about the result the higher the threshold. So 95% is an accepted standard, 99.5% of significance means that you are pretty sure that the result is not due to chance.

I run hundreds of test for my customers, what I can tell you is that the best test are the one that provide a bigger difference between the two tested pages (from 20% increase or more). That you should run the test for at least one week. And that you should be sure that you didn't make the sample "dirty" (like: changing traffic sources, sending a special offer newsletter etc), and that you should run your test for at least 300 conversions for each variation.

If you happen to run a good test, what you will see from the chart in your ab testing tool is that the line representing the winning variation will always be "over" the one of the loosing variation.

This is the signal that you run a very good test!

And BTW .. Don't forget that each test you run teach you something about your customers ..

Hope this helped.

Luca

Hi there,
I'm gonna tell you the truth: there's not any "proven well converting sales funnel" at all!
Don't waste time on that question, is the wrong question you're asking yourself.

As the founder of a Conversion Rate Optimization company, having worked on hundreds of different websites and e-commerce and having brought hundreds of millions of additional revenue optimizing checkout processes and conversion funnel ..

Here's the delusion: what works on a website doesn't work on another website.

Why? Because it's a different story and it should be treated accordingly.
If you have the brand awareness of Amazon there are stuff and strategy that works there, that are not the same stuff and strategies that will work on your website.

So the question you should ask yourself is: what would build so much-value for my customer and so much so that they will take the next step towards the funnel until they reach the macro-conversion I want them to take?

Here a few hint to understand your customer mind and then translate those finding into actual concrete ideas that will lead your website to an increased conversion rate:
1. Use tools such as "qualaroo" to survey your customer on the funnel, especially the visitors that shows an exit intent;
2. Run an usability testing trough usertesting or similar to understand their thought and feeling while surfing your website;
3. Configure a funnel in google analytics and check which step of the funnel are loosing the most customer, then run a survey on that page and run ab test accordingly to your findings.

A couple of advice for your website:
1. There's not a clear unique value proposition: why should I buy from you rather then the competition?
2. I can't see any reference to shipping cost and delivery estimates on the checkout, this is something your users want to now "upfront";
3. Add a guest checkout feature, forcing a sign-up might prevent your customers to buy (check on analytics as well).

Those ideas are the first one that came to my mind in 5 minutes ;)

Good luck!

Luca