8 key benchmarks of ecommerce conversion rate
What do you think is the most important metric for a business? Is it the profit? Income? Customers served per day? The answer might surprise you. In fact, according to ecommerce conversion rate experts, the number one metric for any business should be its conversion rate.
Conversion rates indicate how effectively your marketing strategy attracts visitors and converts them into customers. To help you start improving your conversion rates, we’ve outlined some of the most critical benchmarks in this blog post.
1 – Ecommerce conversion rate
It is currently around 6%. While the average conversion rate can vary by industry, this is a good ecommerce benchmark to aim for. According to SimilarWeb E-commerce benchmarks report, the average conversion rate of e-commerce sites in 2021 was around 6.6%. If your conversion rate is lower than this number, there is room for improvement. If it’s above that number, you’re doing fine, but you could still make some adjustments.
Also, it’s important to note that the average conversion rate varies greatly depending on the traffic source. Paid search and email campaigns generally have higher conversion rates than organic search.
2 – Mobile e-commerce conversion rate
This is typically 1.3% for mobile. As desktop conversion rates keep getting higher, the gap is narrowing as more people buy on their mobile devices. If your site isn’t optimized for mobile, you are missing out on business potential.
The good news is that there are a lot of simple things you can do to improve your mobile conversion rate, like making sure your site is easy to navigate and has a responsive design.
3 – Social Media Ecommerce Conversion Rate
This represents about 0.35%. Yes, it’s a small number, but it’s multiplying as people buy on Facebook or Pinterest. Social media conversion rates have doubled in the past year, according to Monetate research. A third of all online purchases now come from social media.
So if you’re not yet using social media to drive conversions, now is the time to start. The best way to do this is to create targeted ads and optimize your site for social sharing. Social media also strongly influences SEO and should be optimized accordingly.
4 – Cart abandonment conversion rate
It’s usually around 68% – the percentage of people who add items to their cart but never complete the purchase. If you want to improve your conversion rate, you need to fix this problem.
There are ways to reduce cart abandonment, including providing incentives for customers to complete their purchase, such as free shipping or discounts, and providing detailed product information and pictures.
As well, cart abandonment rates vary by industry, you should therefore compare your prices before proceeding with optimizations. The average cart abandonment rate for health and beauty products, for example, is much higher than the average for digital downloads.
A greater percentage of online shoppers abandoned their cart due to poor layout and design. The shopping cart abandonment rate is now the primary indicator of eCommerce website performance, as it can reach 97% before a site is abandoned. This means that if your site’s shopping cart abandonment rate hovers around 70%, you better know why.
5 – Payment process time
It usually takes customers about 3 minutes. Once a customer decides to buy something from your site, you want to make the checkout process as quick and easy as possible. If you ask customers to fill out long forms or provide too much information, they will abandon their cart.
The good news is that there are a few simple things you can do to improve your checkout process, starting by requesting only the information you need and providing detailed product descriptions. The payment screen is known to be the focal point of abandonment, so improving UX and page design will reduce your abandonment rate.
No need to reinvent the wheel here. Website builders have put in many hard hours creating best practice checkout pages. In the most recent version of their product, Elementor, the leading WordPress website builder, focused particularly on improving their WooCommerce Payment Widget, for this reason exactly.
Keep in mind that the length of the checkout process varies by industry, so compare your site before making any optimizations.
6 – B2B e-commerce conversion rate
B2B companies have lower average conversion rates than other industries, about 3%, especially e-commerce companies. B2B transactions typically involve a longer sales cycle and more complex buying decisions.
Although the average B2B conversion rate is lower than other companies, there are things you can do to improve it. One example is using content marketing to position yourself as an expert.
Another is to implement a lead development program that allows you to build confidence with counseling while identifying their pain points and specific needs. By bringing value every step of the way, you’ll be able to close more deals in less time.
7 – Average ecommerce order
The number varies widely by industry, but it’s a good benchmark to use like $ 122 when setting your own average order value goal. There are many ways to increase your average order value, including offering discounts for larger orders, offering free shipping for orders over a certain amount, and bundling products.
You can also improve your conversion rate by increasing the average sales amount of each customer. You can do this by providing more detailed product information, including images and videos, and using targeted marketing. like creating purchasable videos to increase the value of each purchase. Ecommerce order value also varies by region, so be sure to compare your site before making any changes.
8 – Conversion rate for paid search
This typically drops to around 2.35%. Search engine optimization is always the best way to drive traffic to your site, but paid search can be a great addition to your marketing mix. Paid search allows you to target specific customers who are already interested in what you are offering. You can then bid on keywords related to your products or services and serve ads to those customers.
The average conversion rate for paid search varies by industry. The average conversion rate for the travel industry, for example, is much higher than the average for the legal industry.
The e-commerce landscape is constantly changing and it’s more important than ever to stay on top of the latest trends. By understanding these statistics, you can make sure that your ecommerce site is performing at its best.