{"id":6044,"date":"2024-01-04T08:20:46","date_gmt":"2024-01-04T08:20:46","guid":{"rendered":"http:\/\/www.smartinsights.com\/?p=4857"},"modified":"2024-01-04T09:32:15","modified_gmt":"2024-01-04T09:32:15","slug":"ecommerce-conversion-rates","status":"publish","type":"post","link":"https:\/\/www.smartinsights.com\/ecommerce\/ecommerce-analytics\/ecommerce-conversion-rates\/","title":{"rendered":"E-commerce conversion rate benchmarks – 2024 update"},"content":{"rendered":"

E-commerce conversion rate and lead generation landing page stats for desktop and mobile devices for benchmarking averages across different industries<\/h2>\n

As you will know, conversion rates are often used as a KPI to review the effectiveness of e-commerce sites. Naturally, all site managers and owners want to know the benchmarks - \"how do our conversion rates compare?\". <\/em>As consumer and business confidence falls, it's more important than ever to audit and optimize your marketing success metrics.<\/p>\n

In this post, I have compiled different free industry sources focusing on retail e-commerce conversion. At the end of this article, we also feature an analysis of landing page lead generation conversion rates by industry sector towards the end of the post. We keep this compilation updated as new conversion data is published in 2024.<\/p>\n

E-commerce conversion funnel<\/h3>\n

This funnel-based view of the conversion process is a useful starting point since as well as the typical average basket and sales conversion rates, it also shows the conversion rates to product page views which aren't published so often:<\/p>\n

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As would be expected, the number of sessions with product page views is much higher than the other micro-conversions, approaching 50 percent. This provides a useful benchmark and prompts retailers that it's useful to assess conversion to product page views when making site design improvements.<\/p>\n

Note<\/strong>: This visual was originally created by Sales IQ several years ago, but we have retained it since it gives a clear visualisation of the challenges of conversion rate optimization. Read on to find out the latest conversion rates for B2C E-commerce and conversion rates in different sectors.<\/em><\/p>\n

Digital marketing plan structured to increase e-commerce conversions<\/h3>\n

Structure your marketing plan around a funnel proven to boost performance. Join Smart Insights as a Free Member for instant access to our free digital marketing plan template to hone your skills and drive the results you need.<\/span><\/p>\n

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Retail E-commerce conversion rates by device and industry sector<\/h3>\n

In 2024, the two best sources for comparing your retail conversion rates are two e-commerce and personalization platforms, Dynamic Yield and IRP. Which is most useful will depend on your sector and size. At time of writing, data is based on 2023 figures.<\/p>\n

Dynamic Yield<\/h4>\n

Dynamic Yield is owned by Mastercard and provides conversion rates for medium to large brands aggregated across 200M+ monthly unique users from 400+ brands, collected over 300M+ total sessions. Their largest customers include multichannel retailers like Bertha, Decathlon, Ocado, McDonalds and Sephora, so conversion rates tend to be higher since these are trusted brands, however, shoppers may be browsing so they can buy offline.<\/p>\n

View eCommerce statistics and KPI benchmarks<\/a><\/p>\n

Here is the summary of engagement rates<\/p>\n\n\n\n\n\t\n\n\t\n\t\n\t\n\t
Sector<\/th>Mobile <\/th>Desktop<\/th>Combined<\/th>\n<\/tr>\n<\/thead>\n
Device usage<\/td>73.0%<\/td>25.0%<\/td>98.0%<\/td>\n<\/tr>\n
Conversion rate<\/td>2.9%<\/td>4.8%<\/td>3.4%<\/td>\n<\/tr>\n
Add-to-cart rate<\/td>7.3%<\/td>8.9%<\/td>7.7%<\/td>\n<\/tr>\n
Cart abandonment rate<\/td>77.2%<\/td>57.9%<\/td>71.3%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n

Analysis of 2024 conversion rate statistics (Dynamic Yield)<\/strong><\/p>\n

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  1. Mobile usage dominates retails usage (approximately 70% to 30%) with tablet negligible (2%) so not shown.<\/li>\n
  2. Conversion rates tend to be significantly higher on desktop (1.7 X) compared to smartphone. This is because those with the choice prefer to buy on desktop for usability and those on mobile may be browsing during traditional shopping. When we started these compilations 10+ years ago the ratio was higher (> 2X).<\/li>\n
  3. Conversion rates tend to be highest in November due to Black Friday promotions, so you have to compare for similar months to allow for seasonality or best average across the whole year.<\/li>\n
  4. Given these patterns, modelling of sales based on conversion rates should consider both desktop and mobile conversion based on the proportion of visitors in a business.<\/li>\n
  5. Take care when reviewing these benchmarks since definitions of conversion rates may differ<\/strong> since sales may be be based on either number of people, transactions or sessions. For this data conversions are calculated based on actions completed people. i.e.\u00a0 number of sales completed by users over a fixed period of time (i.e. one month) divided by the number of users that visited the site during the same period. Multiply this number by 100 to calculate the conversion rate.<\/li>\n<\/ol>\n

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    Device usage - Desktop vs Mobile<\/strong><\/p>\n

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    Retail conversion rates - Mobile<\/strong><\/p>\n

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    Retail conversion rates - Desktop<\/strong><\/p>\n

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    Add-to-cart conversion rates - Mobile<\/strong><\/p>\n

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    Add-to-cart conversion rates - Desktop<\/strong><\/p>\n

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    Retail cart abandonment rates - Mobile<\/strong><\/p>\n

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    Retail cart abandonment rates - Desktop<\/strong><\/p>\n

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    Industry sector conversions<\/strong><\/p>\n

    If you work in a particular sector you can filter on this in the benchmarks. This is needed since there is considerable variation by sector - over the past twelve months,\u00a0Food & Beverage<\/strong>\u00a0has seen the\u00a0highest<\/strong>\u00a0conversion rates, at\u00a04.9%<\/strong>, and\u00a0Home & Furniture<\/strong>\u00a0has seen\u00a0the lowest<\/strong>, at\u00a01.4%<\/strong>.<\/p>\n