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It looks like this is a site built on Magento, no? First of all, congratulations on taking the first step toward a homepage redesign and increasing conversions rates. Having worked through ecommerce homepage redesigns before, and trying to meet the business needs while creating something right for the customer, I know how tricky it can get.
My initial thoughts: find an alternative to current animated hero image that doesn't require showing thumbnails of all the images on the left. Perhaps something that shows numbers 1, 2, 3, Pause, etc overlaid across the bottom of the image. Consider using the space on the left side for a textual navigation. Shrink the hero image so it does fill the page so much and focus it a bit more on hard to resist offers or special products rather than on broader categories. Drop the family of brands and show best selling products or top reviewed products instead. Drop the SEO category links at the bottom of the page. If you must have a few links, label it "popular products" or "popular searches" and just include a few. Make the search bar bigger and make the go button stand out more - perhaps it could be the pink color.
