April 20, 2022
Benchmarking e-commerce conversion rates for desktop and mobile devices.
As you may be aware, conversion rates are frequently used to evaluate e-commerce sites. Everyone wants to know the benchmarks – “how do our conversion rates compare?” Now, more than ever, marketers must examine and optimise their marketing success indicators.
Smart Insights has created a list of free industry resources for retail e-commerce conversion. Towards the end of the post, we analyse landing page lead generation conversion rates by industrial sector. Throughout 2022, fresh conversion data will be added to this compilation.
Conversion rates in e-commerce. When benchmarking conversion, remember the denominator. Do you divide sales by unique visitors or visitor sessions?
Sales transactions are separated by visits in Google Analytics, the industry standard. Google defines Ecommerce Conversion Rate as:
“The frequency of transactions to sessions. For example, an Ecommerce Conversion Rate of 10 is one transaction every ten sessions “”
Before we get to the facts, a few of disclaimers on benchmarking conversion rates:
Smart Insights believe it’s critical to educate marketing managers on the need of dividing conversion rates by visitor type.
Ratios of retail conversion. If your marketing approach incorporates geo-targeting, might be particularly valuable to come up with country-specific KPIs for portions of your consumer base. Stats should inform, not define, your aims.
The Kibo e-commerce Quarterly is an excellent resource for big e-commerce firms, providing quarterly updates on conversion benchmarks in the US, UK, and EMEA.
Kibo’s most recent data is from Q2 2021. There’s more in the complete report.
Industry-specific conversion standards for e-commerce.
Numerous marketers base their KPIs on industry standards. For instance, if you cater to a market with a lower overall conversion rate, a decent conversion rate may nevertheless be below the industry average.
The 2021 Conversion Benchmark Report by Unbounce analysed landing page conversion rates across 16 industries, with caterers and restaurants having the highest average conversion rate at 9.8 percent. Agencies and real estate are at the opposite end of the spectrum, converting only 2.4% and 2.6% respectively.
In the first quarter of 2021, food & beverage was the top online shopping category for conversion rate. Hair care, beauty and skincare, and health and beauty were the next most popular categories in 2021. Luxury and homeware (furniture/appliances) conversions seemed to be down in 2021.
Rates of mobile e-commerce
With more people buying on their phones and tablets, it’s critical for online businesses to know which conversion standards they should hit.
In Q3 2020, desktop orders were 42% greater than mobile orders globally.
“Don’t only focus on higher conversion rates! I have created and managed many successful campaigns for our clients and business partners, and there is no one way to do it that works in every instance. When it comes to an e-commerce product, you can focus on increasing conversion rates and trying to lower your cost per acquisition. However, when working on a campaign to get people to fill out a form, quality over quantity has proven to be the best way to go. Your conversion rate may be lower than the benchmarks above, the cost per lead may be higher, but if the quality is far superior, your return on investment (ROI) should go up a lot, more than making up for the extra cost.”
Philip Lee – Sirman and Lee Co-Founder and Google Partner