The Conservation Voltage Reduction (CVR) technique is a globally deployed method aimed at reducing voltage levels to conserve energy and reduce costs in electrical distribution systems. CVR achieves this by lowering voltages, which in turn impact the impedance, current, and power consumption of ZIP loads. This paper presents an optimized CVR approach utilizing heuristic optimization algorithms, specifically targeting smart grid-enabled distribution systems to minimize power loss and operational costs. The Distribution Management System (DMS) manages Volt/VAR control in the proposed scheme to efficiently operate the distribution grid. When high levels of voltage reduction are necessary, capacitor banks are deployed to maintain voltage within acceptable limits by injecting reactive power. The effectiveness of the proposed CVR technique is evaluated using the IEEE 13-node test system, an unbalanced distribution system. MATLAB interfaces with OpenDSS software to simulate system performance. Some heuristic optimization techniques are explored to determine optimal locations for on-load tap changers (OLTC), automatic voltage regulators (AVR), and capacitor banks (CBs). We integrate the CVR methodology with the aforementioned optimization algorithms to find an optimized voltage profile and minimize power loss at various CVR factors. The paper thoroughly discusses the efficacy of these optimization techniques in improving voltage profiles and reducing power loss, as demonstrated by the simulation results.