eCommerce Benchmarks – an insights tool to discover and track industry conversion metrics
We’ve aggregated data from 200M+ monthly unique users over 300M+ total sessions for our new, industry benchmark tool.
Data has become a new currency, but gaining access to powerful data points beyond the scope of your individual business can be challenging. We know today’s leading brands often lean on internal benchmarks if readily available, but with consumer behavior and trends shifting on a regular basis, staying abreast of KPI targets and refining goals is no walk in the park.
In our experience over the last decade working with over 350 global brands, we’ve been afforded the opportunity to track consumer insights and behavior across channels for over 200 million monthly users. This translates into over 300 million sessions across seven, key conversion metrics, including shopping cart abandonment, conversion rate, and add-to-cart rate, by location, device, and industry.
With consumers turning to eCommerce at an unprecedented rate for their shopping needs, the pressure is on marketers to optimize their sites, craft pleasant and memorable experiences, and look back on historical data to glean powerful insights to inform future tests.
Introducing, our new eCommerce benchmarks tool
Our eCommerce Benchmarks tool is the home base for valuable conversion metrics and data points, aggregated centrally to help marketers conduct their own research. Designed to serve as a starting point, all information, while anonymized, is derived from the activity of real consumers. Using this free, public tool, eCommerce teams can pull insights to benchmark their own efforts, track performance, and plan their programs accordingly. Below, learn how to use the tool and uncover notable trends and insights based on six months of eCommerce data.
Breaking down eCommerce trends and benchmarks
Understanding how a brand stacks up against the competition is an ever present endeavor, and tracking consumer behavior on an industry-level can help marketers identify gaps in their own plans and prioritize any backlogs of campaign ideas.
How to effectively use the tool
The tool provides access to seven KPIs across eight sub-industries within the eCommerce sector. Users can utilize filters to breakdown their view by device (desktop, mobile, tablet) and region (America, APAC, EMEA), as well.
Users can filter the data by industry, region, and device type.
Our benchmark tool analyzes data according to the following seven KPIs:
- Device Usage: Site traffic broken down according to the device type used
- Conversion Rate: The percentage of site visitors that complete a given action, such as a purchase or email sign up
- Add-to-Cart rate: The number of times a shopper adds items to their cart, regardless of whether they complete a purchase
- Cart Abandonment Rate: The percentage of shoppers that add an item to the cart but leave the site without completing a purchase
- Average Order Value: The amount of dollars spent per person by site visitors, on average
- Units per Transaction: The number of items purchased per site visitor in a single order
- Average Transactions per User: The percentage of purchases completed per user on average over a fixed period of time, typically 30 days
Additionally, users can filter by industry, exploring data over the six-month period for the following, eight eCommerce sub-industries:
- Beauty & Personal Care
- Consumer Goods
- Fashion, Accessories, and Apparel
- Food & Beverage
- Home & Furniture
- Luxury & Jewelry
- Multi-Brand Retail
- Pet Care & Veterinary Services
Whether you’re in search of information to help you identify a “good” conversion rate for brands in your vertical, determine if your site visitors are abandoning too quickly during peak seasons, or nail down how much to invest your mobile presence, this tool can shed light on some of your team’s most pressing questions.
Users can download and save graphs in the views they’ve filtered for future reference. Additionally, dive into recommended reading and access strategies related to each KPI to aid your process of improving or optimizing your site experience.
Users can create their own filter view and download the KPI graphs.
Access additional resources
After exploring and playing with different filters for each KPI, learn more about a given metric by clicking “More [KPI name] insights” link located at the top right of each section.
Click the CTA text to view more info about any conversion metric.
Upon click, users are directed to a landing page for the chosen metric. This page is split into two sections: the left half featuring the graph previously seen on the benchmark homepage and the right half featuring metric stats and trends, as well as additional strategies, content, and reading relevant to the KPI. Stats and insights are dynamic, meaning as our data changes and expands to cover a wider range of time, so will the trends and insights noticed. Additionally, we will continue to build out these pages to include the most up-to-date information, strategies for marketers focused on improving their metrics, as well as tips to have a better conceptually grasp on all of the variables that impact the metric.
Each conversion metric page is packed with additional content to help marketers better understand each KPI.
Start benchmarking your performance
Data can tell powerful stories and uncover insights and trends practitioners may not notice as they test and tweak eCommerce strategies on a regular basis. Setting aside time to look back on performance, identify what’s working and what isn’t, and stack up your KPIs against competitors and others in the industry gives you an opportunity to think big, institute and test changes, and find inspiration for strategies to employ going forward. So go ahead and give the tool a spin – you may be surprised by what you discover.