Our compilation comparing average conversion rates for retail sites and other industry sectors
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, "how do our conversion rates compare?"
In this post, I have compiled different free industry sources focusing on retail e-commerce conversion, but towards the end of the post, a chart shows average conversion rates for a range of sectors including B2B 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.
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Personalization offers great opportunities for retailers to improve relevance across the customer lifecycle
Successful e-commerce marketing today requires consideration of the full customer path-to-purchase shown below across the Smart Insights RACE lifecycle planning framework.
The infographic shows the vast number of omnichannel touchpoints across paid, owned, and earned media, both online and offline. Ultimately, a successful e-commerce experience for both site visitor and online businesses depends on relevance. If you connect a visitor with the most relevant products and offers, they will see the value and are more likely to convert.
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What is personalization?
More choice means it not only becomes harder to persuade customers to engage with a particular proposition but also to retain their interest post-transaction.
Digital has leveraged the greater array of choices available to consumers now, which is much more than at any other time in our economic development, representing a real challenges to build brand loyalty for marketers. At the same time, it has made it this choice available to far more people than in any previous period of history.
This combination of choice and availability does two things:
It disrupts traditional or established relationships, particularly where the choice becomes limited or stale.
It creates an enhanced set of expectations for customer experience.
As a consequence, it not only becomes harder to persuade customers to engage with a particular proposition but also to retain their interest post-transaction. In our experience, this is primarily down to a failure to deliver the best possible…
E-commerce businesses cannot stay on one platform if they want to get ahead of the competition. This is where e-commerce multichannel marketing comes in
Channel loyalty doesn’t exist; buyers check different channels before they make a purchase.
Even with promos, they still compare offerings. Take Amazon prime day for example. Some 76% of shoppers plan to visit other channels before making a purchase. Around 46% of them compare prices at Walmart, 40% use Target, 39% try brand websites.
E-commerce businesses cannot stay on one platform if they want to get ahead of the competition. This is where e-commerce multichannel marketing comes in. Multichannel marketing involves promoting and selling on every channel that your customers can interact with you on.
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Chart of the week: 25% of UK shoppers polled by RetailX have reduced or completely stopped shopping 'in person at physical stores' while 5% report a temporary increase
Data gathered by RetailX, on Wednesday 11 March, indicated some small but significant changes in customer behaviour due to growing Covid-19 concerns.
As well as a reduction in shopping in person, the report found the UK public already cutting down on leisure activities, eating out and attending large work-related events.
Moreover, following the Prime Minister's new Coronavirus approach outlined on Monday 16 March, we are currently witnessing increased changes to online and offline consumer behaviour.
Consumer analytics are only as useful as the context we afford them. This same group of 1,000 UK participants was also asked about current online shopping habits. Over 95% report shopping…
Depending on what business you’re in, typically anywhere from 2%-15% of your online visitors convert into customers. That means 85%-98% don’t. So, wouldn’t you like to know why?
You can, by gathering some critical customer feedback with some very affordable methods and tools. Best of all, all of these analyses can be done for less than $1000 (USD).
I call this ‘taking the pulse’ of your prospects and customers — from two angles, and using multiple methods. By two angles I mean doing both quantitative and qualitative analysis. And the methods include:
Reviewing your analytics data
Reviewing your visitor clickstream data
Gathering ‘voice of customer’ data
Running an eye-tracking study
Launching a one-question poll
Getting expert conversion review
Why so many methods? Well, your medical doctor doesn’t just check your blood pressure, then say, ‘OK, we’re done,’ and send you on your…
Hiding negative reviews does not breed respect. Instead, a mix and match of positive and negative reviews help build trust and credibility for your brand.
Negative reviews are frowned upon by businesses, so much so that 87% of them don’t take any pains to address negative reviews, not even for their most popular products.
Businesses might even protest that they are not in the wrong for ignoring negative reviews, that negative reviews showcase the company in a bad light.
But for all the notoriety associated with negative reviews, it’s worth keeping in mind that 5x more buyers seek out negative reviews over positive ones for the purchase of goods and services. On top of this, addressing negative reviews might miraculously change an upset customer into a happy one.
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How to outline to customers how their data will be used as part of your marketing strategy
The data we capture and collect has become a highly valuable and important part of what we do as marketers. As we’ve become increasingly connected online, marketers’ ability to collect vast amounts of data has skyrocketed to the point where we now have new and unprecedented opportunities to organize data, build marketing technology stacks and shape strategies to target consumers more effectively.
Whilst the collection of data has many benefits - from personalized content experiences to accurate analysis of consumer behaviour - it has also proved problematic. The Facebook/Cambridge Analytica scandal and Marriott International data breach are notable examples of where personal data has been used without people’s knowledge or consent. Aside from these headline stories, over the last decade, in particular, brands have been taking advantage of the lack of regulation to auto-opt users…
A three-step approach for standing out and being distinctive in the retail space
It’s no secret that we’re experiencing a high street retail crisis in the UK. According to the Centre for Retail Research, there are around 50,000 fewer shops on our high streets than just over a decade ago, with some predicting this will only get worse in the following years.
The number of empty shops stands at a record high. In July 2019 the proportion of all shops that are empty reached 10.3%, its highest level since January 2015:
[caption id="attachment_150345" align="alignnone" width="550"] [Image Source][/caption]
There are many reasons why high street retailers are suffering, including:
Changing consumer tastes - whilst chain stores have declined on the high street, …
When you’re running your online store with WooCommerce, getting GA to track the right data can be a bit of a hassle
As a cybernaut (great word, huh?), you probably feel like you don’t need yet another motivational quote in your life - if you’ve spent any time on Instagram recently, you understand where I’m coming from - but as a marketer or entrepreneur, you know these particular words ring true.
To do this "measuring" thing properly, we tend to follow the same recursive loop:
Set a goal
Collect data via analytics tools
Use that data to set a benchmark
Implement a strategy to achieve the goal
Track those metrics to measure progress towards the goal
Find areas for improvement
Make changes to your strategy
Rinse and repeat
The most common analytics platform used by marketers for step two of that process is Google Analytics (GA). GA is wonderful because it’s comprehensive,…