Discover what marketing channels were effective for online stores in Europe and how consumer behavior has changed in 2018
"There is nothing so stable as change," Bob Dylan once said and perfectly described all areas of life, including business. To stay relevant and successful, you should observe and analyze the current situation on the market. That is why I'm going to share with you some figures that demonstrate what marketing channels were most efficient for e-commerce in east and central Europe over the last year.
Average order value dropped, number of sessions jumped
For the CEE e-commerce Report, the Promodo digital marketing agency studied 150 e-commerce websites within 11 niches and found out that the number of user sessions has rocketed by 97% compared to 2017. This progress is almost three times less than in the previous year.
In turn, the number of transactions significantly falls behind the visits volume. Its growth…
Our compilation comparing average conversion rates for retail sites and other industry sectors
As you will know, conversion rate is often used as a KPI to review the effectiveness of Ecommerce 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 Ecommerce 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 Unbounce landing page lead generation conversion by sector.
Before we get to the stats, one other caveat on analysis of conversion rates:
When benchmarking conversion rate, we think it's important to explain to marketing managers that they should go beyond headline conversion rates to segment conversion by different types of visitor.
To see why see Dan Barker's excellent post explaining…
Chart of the Day: Average Product Page View, Add-to-cart and conversion to sale rates for eretailers
In our compilation of average ecommerce conversion rates we compare different sources, showing the challenge of converting retail site visitors to add-to-basket sessions and sale.
I'm sharing this funnel-based view of the conversion process since it also shows the conversion rates to product page views which aren't published so often:
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 track conversion to product page views when making site design improvements.
It also reminds us of the value of following up on interest in specific products and categories via sending personalized browse abandon emails which is the focus of the post where I…
The potential for online retail growth on desktop and mobile devices
It's interesting to look back at the growth of online sales and think forward to how much further they can grow at the expense of traditional channels. The overall percentage of Ecommerce retail sales are perhaps, surprisingly small at around 9% of sales in the US and 17% in the UK, but with sustained growth.
We will keep this research updated through 2018 as new research becomes available.
December 2018 update - new worldwide sales forecasts from eMarketer
The latest ecommerce growth forecast from eMarketer is that ecommerce sales will increase 23.2% in 2017. It will account for one-tenth of total retail sales.
Total retail sales will reach $22.737 trillion by the end of this year, up 5.8% from 2016. This projection shows the growth in digital buyers. The declining percentage change shows that growth rates for ecommerce are declining, although they are still…
Chart of the Day:A comparison benchmark of add-to-basket rates with conversion rates?
Do you call it add-to-cart or add-to-basket? It depends where you are based - cart is most common in the United States, basket is more common in the UK and Australia.
Regardless of what you call it, adding an item to the cart is an important micro-conversion step to measure and benchmark for retailers. While it is common to compare conversion rates, naturally this measures the efficiency of the overall process including both category or product views, basket adds and checkout.
Add-to-basket rates give additional information about how appealing individual products are based on description and visuals on the product page. It shows intent to purchase by interactions with the site (Act in the Smart Insights RACE Planning conversion funnel). Google has several definitions in its Enhanced Ecommerce tracking and they neatly avoid the use of basket or cart. These measures include:
When you operate an ecommerce store; you’re either losing or making money. Sales are either up or down. Whatever your situation, you can always increase your store’s conversions to stop the bleeding or make even more money
One of the most accurate methods to help you do this is by digging deeply into your store’s analytics. Analytics can help you find out what on your web pages isn’t working, or can still be improved further.
Unfortunately, the stats on how ecommerce stores use their analytics is rather dismal. 80% of online stores don’t use Google Analytics properly, which breaks down to:
Just half of all ecommerce stores even bother tracking their main conversion points
67% of stores haven’t integrated social-media tracking with their analytics
Chart of the Day: Multiple purchase history customers have higher add-to-cart and conversion rate than single purchase history customers.
This is really not that shocking - returning loyal customers (8.55%) have a higher a conversion rate because of their previous experience with the brand.
A new shopper to an ecommerce site will have questions they want answering first:
Is this product reliable?
Is this the cheapest price?
Can I find a similar product elsewhere with better reviews?
How much is P&P?
Among others, it is also possible that first-time customers to your site are more wary about buying your product without social proof, or persuasive copy.
Returning customers are returning because they like your product, would recommend it and are happy with the quality and customer service - more new shoppers need to be converted into returning customers.
Sample size: 2.5 million eccomerce…
How to assess the value of blogs to your site and business
For most businesses, blogs are part of the online furniture - every office is expected to have one. Occasionally though, their value may be called into doubt, whether it's by a client or your sales director or marketing manager. The purpose of this article is to help you not only answer these questions with some confidence, but also demonstrate the hidden value of this type of content in an online sales environment.
[Editor's note: Although Sam's useful post focus on E-commerce, the concept of proving the business value of a blog through analytics are similar for other types of business including B2B. Expert members can learn more in our post and guide on Measuring Content Marketing ROI]
The arguments for blogs are well known. Showing your audience that you have expertise in your field, or giving yourself space…
Data from 65 million ecommerce orders shows the crucial sources of traffic for ecommerce websites
Ecommerce and online retail is a booming sector, but because the latest marketing techniques change so rapidly it can be tricky to keep up with the latest trends whilst also keeping your feet on the ground.
Yotpo collated data from 65 million ecommerce orders representing $2 billion dollars in transactions over 120,000 ecommerce stores and established what the industry average is for digital media.
The results make for slightly surprising reading. On the face of things, Social makes up a healthy 6%, but this is still a relatively small slice of the overall pie. Paid makes up 5%, which leaves considerable room for growth, whilst email makes up a rather small 3%. The email figure is down to the data source - if you…
Google's new shopping insights tool offers useful data to ecommerce marketers
It might feel too early for a lot of people but the holiday season has already started for the retail industry. Lights are being turned on by celebrities, merchandisers are arranging fancy new window displays, and a new Michael Bublé record is heading to the top of the charts. While the attention might be on the bright lights of every high street and shopping centers, the real winner will be the ecommerce industry with continued growth expected.
I was browsing for the must-have toys of 2016 and stumbled across an amazing tool from Think with Google - Shopping Insights. This tool is still in beta but has a wealth of data allowing you to explore trends and popularity of consumer products across the U.S.