Have you ever thought about how ecommerce businesses stack up against each other? Curious whether your average e-commerce conversion rate, average order values, and bounce rates are above the competition level? You are not alone. Many ecommerce store owners and digital marketers are in constant search for benchmarks that they use to measure their performance.
In this article, we will explore the ecommerce conversion rate optimization statistics across e-commerce businesses. This data can help you refine your strategy and adapt the business to what is working today. It will also cover concepts like average order value, average add-to-cart rate, average bounce rate, average cart abandonment rate, and so on.
What is the Average Conversion Rate?
Reportedly, the average conversion rate across the ecommerce industry is 1.81%. This means that out of every 100 visitors, around two make a purchase. No doubt, the conversion rate depends on different factors, including the area of business, product type, company type, and the age of the business.
If the conversion rate of the store is below the average, it is time to focus on the digital marketing strategy. Hence, it is suggested to analyze the user experience, checkout process, and marketing campaigns to find the grey areas. A low conversion rate indicates that you should fine-tune your approach to attract more visitors to the site and turn them into potential customers.
However, even if the conversion rate is above the average, you cannot just relax. To be honest, 1.81% is not the ultimate position. This highlights the significance of continuous conversion rate optimization. Even minor improvements can result in sales revenue.
Conversion rate optimization helps increase the value of your existing site traffic. By making informed decisions for your site, you can improve the user experience, minimize friction in the purchasing process, and ultimately drive conversions.
Ecommerce Conversion Rate Statistics for Different Segments
Food & Beverage
The average conversion rate within the food and beverage ecommerce segment is 2.6%. The major improvements may consider the optimization of product visibility, displaying USPs, and testing promotional tactics like bundle offers or exclusive discounts to drive purchasing intent.
Apparel
The estimated average conversion rate in this segment is 2.2%. The leaders in the apparel segment have benefited from testing product images, product descriptions, size guides, and keeping the checkout process straightforward. This contributes to the high conversion rates and low cart abandonment rates.
Beauty and Skincare
In this segment, the average conversion rate is 2.7%. Hence, personalizing the product recommendations, making the checkouts convenient, and using the user-generated content for establishing trust are important.
Toys and Learning
The toys and learning report a 2.1% average conversion rate. This means the product categorization optimization and search functionality can help. Furthermore, the implementation of interactive aspects like product videos and offering discounts can increase conversion rates. The businesses can use upselling and cross-selling strategies to boost sales.
Electronics and Accessories
The electronics and accessories achieve a conversion rate of 2.1%. The ecommerce businesses can optimize the navigation, display customer reviews, and offer tailored recommendations to enhance conversions on these sites. You can create a sense of urgency with promotions, maintain an informative blog section, and ensure a smooth checkout process. For reference, you can explore how BestBuy communicates about the product, including the benefits and offerings, in a clean and clear way. This makes it easier for the customers to consume the information and make an informed decision.
What is the Average Order Value?
The average order value of the ecommerce store is $168.64. This suggests the average amount spent per customer on ordering from the site. A higher value indicates more revenue per sale, which is important to measure. Prominently, desktop users are more likely to spend more on every order than users on mobile phones. This could be due to the convenient browsing and purchasing through the bigger screen. Hence, if your business seeks opportunities to augment the average order value, then optimizing the desktop buying experience could be profitable.
What is the Average Add-to-cart Rate?
Currently, the average add-to-cart rate is 2.34% which mirrors the number of visitors who add products to their cart than the total number of visitors. Hence, this rate should be improved to engage more potential sales. The implementation of personalized product recommendations can help in increasing conversions and enhancing the add-to-cart rate. You can show relevant product recommendations on exit pop-ups to increase revenue.
What is the Average Bounce Rate?
Bounce rate evaluates the percentage who leave the website after checking only one page. The average bounce rate for e-commerce stores is 59.92%. Hence, it is important to reduce this rate to improve engagement and support more sales. However, the bounce rates vary across different platforms like WordPress, Drupal, Shopify, BigCommerce, Magento, etc.
Understanding these statistics can help you personalise the content and engagement strategies to minimize the bounce rates and engage the visitors for a longer time. Optimizing the landing page with proper call-to-actions and engaging content can significantly lessen the bounce rates and enhance user engagement.
What is the Average Cart Abandonment Rate?
Around 70.32% of the online buyers leave their cards before finalizing the purchase. Social media traffic has the highest card abandonment rate, estimated at 77.54%. This indicates the need for efficient cart recovery tactics for the social media traffic. Search and direct traffic records the lowest card abandonment rates between 63.81% to 69.39%.
Unsurprisingly, the search and direct traffic generally bring more targeted customers in comparison to the social media browsers. Nevertheless, they underscore the vitality of personalizing the messaging and experience for individual visitors. By reducing the cart abandonment rate, you can directly influence the lead conversion, converting visitors into spending customers. By showing the exit-intent popups with the right item, you can reduce the cart abandonment rates.
Concluding Thoughts
As you have understood the ecommerce conversion rate optimization statistics, you can improve your performance and find out the areas for further improvement. The improvements are important whether improving the average order value, reducing bounce rates, or optimizing for higher conversion rates to drive e-commerce sales. By being updated on the newest average conversion rates, you can improve your strategies and hold the competitive edge.
FAQs
What is Conversion Rate Optimization?
Conversion rate optimization is the process of driving the percentage to the site who make a purchase. This includes understanding of how the users explore the site, the actions they take, and what stops them from making a purchase.
Does Conversion Rate Optimization matter?
Definitely, conversion rate optimization matters the most. By focusing on this, you can get additional value from your existing traffic without spending much on attracting new customers.
What is the Average Conversion Rate?
The average conversion rate within the ecommerce sector is 1.81% which indicates that around two visitors out of 100 make a purchase. Although this is a benchmark, it is important to continuously improve the conversion rates to increase the ecommerce conversion.
What is the Average Conversion Rate for the Food and Beverage Segment?
The rate currently is estimated at 2.6% owing to the better product visibility, USP marketing and promotional strategies.