Ever found yourself navigating the world of online retail and wondering how your conversion rates stack up against the competition? Well, in this blog post, we're diving deep into the world of eCommerce conversion rate benchmarks – those golden metrics that you are looking for. Let's get into the world of eCommerce conversion rate benchmarks:
Table of Contents
How do we collect these statistics?
eCommerce conversion rate data is gathered using analytics tools and authoritative sites such as Smart Insights, Adobe Business and Shopify.
10 eCommerce conversion rate benchmarks
Let's dive into the 10 statistics on average eCommerce conversion rates:
- Over the past twelve months, Food & Beverage has seen the highest conversion rates, at 4.9%, and Home & Furniture has seen the lowest, at 1.4%. [Source: Smart Insights]
- 85% of shoppers expressed the importance of product information and pictures when deciding which brand or retailer to purchase from. [Source: VWO]
- The latest data on eCommerce conversion rates by industry shows that the multi-brand retail industry currently has the highest conversion rates, with 4.97%. Consumer goods follow this with 4.21%. Pet care and veterinary services and beauty and personal care follow with 4.17% and 3.46%, respectively. The food and beverage sector rounds out the five industries with the highest conversion rates, with 3.27%. [Source: Oberlo]
- Generally, more men (84.3%) buy online than women (77%). [Source: Growth Collective]
- Free shipping is a particularly powerful conversion lever. Nine out of ten online shoppers say free shipping is the top incentive to shop more, with 93% buying more when free shipping options are available. [Source: Growth Collective]
- Livestream selling is a particularly effective sales channel for luxury goods, with an average of 70% conversion rate. [Source: Growth Collective]
- A study from the Merchant Payments Ecosystem revealed that 50% of consumers would end a transaction if they couldn’t find their preferred payment method. [Source: HubSpot]
- Personalization impacts conversion, but it has to be done right. Companies that get personalization right generate 40% more revenue than those that don’t. [Source: Growth Collective]
- Improving conversion rates increases sales and return on investment (ROI) to as much as 223%. [Source: Growth Collective]
- Visitors who interact with UGC in some way convert at a 102.4% higher rate than the average. [Source: Growth Collective]
Some insightful statistics on average eCommerce conversion rates
- On average, eCommerce websites should expect to see a conversion rate of 1% to 4%.
- Global eCommerce website conversion rate: 2.58%
- US eCommerce website conversion rate: 2.57% [Source: Adobe Business]
- As of November 2023, products related to arts and crafts have the highest eCommerce conversion rates of 5.01%. This category is followed by health and well-being at 4% and home accessories and giftware at 3.41%. [Source: Oberlo]
- Conversion rates are significantly higher on desktops (1.7 X) than on smartphones. This is because those who choose 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). [Source: Smart Insights]
- If you have below 0.5%, you likely have room to improve, and if you are above 3.3%, you have a very good eCommerce conversion rate—in the top 20% of all Shopify stores. [Source: Shopify]
- In 2022, these were the average eCommerce conversion rates by country: [Source: Adobe Business]
| Country | Conversion Rate |
|---|---|
| US | 2.3% |
| Germany | 2.22% |
| Denmark | 1.80% |
| Netherlands | 1.78% |
| Italy | 0.99% |
| United Kingdom | 4.1% |
Conclusion
Understanding average eCommerce conversion rates is crucial for any online retailer looking to measure their performance and identify areas for improvement. By utilizing data from authoritative sites, we gathered valuable data to benchmark your own conversion rates against industry standards. With these benchmarks in hand, you'll be equipped to make informed decisions and optimize your online store for success.
