Given the increasing number of online shoppers, as an ecommerce store owner, it’s important for you to understand some key issues regarding your business. This includes asking questions like: “What is a good conversion rate for ecommerce?” and “What is a good ecommerce conversion rate benchmark to aspire to?” Having the answers to these questions will give you the insight you need on how to improve your average ecommerce conversion rate on your website.
The start of 2020 saw rising conversion rates for ecommerce businesses, growing from 1.53 percent from January 2019 to 1.73 percent in January 2020 – a year-over-year increase of 20.6 percent.
Incidentally, this is also the highest ecommerce conversion rate in seven years that the market has started the year with, beating even the 1.68 percent registered at the start of 2015.
If you’re looking for an ecommerce conversion rate benchmark for your store, you’ll need to look deeper as rates differ greatly from product to product and market to market.
Currently, dental and medical products have the highest ecommerce conversions rates of 7.84 percent. That’s followed by pottery and art supplies at 2.86 percent and dogs and pet grooming products at a close 2.84 percent.
Here are the top five converting product types:
In terms of ecommerce conversion growth rates, hair and beauty products are seeing the fastest increase, followed by racking, cabling, and lighting products. Here’s a breakdown of the products and their year-over-year growth from 2019 to 2020:
What you eventually set as an ecommerce conversion rate benchmark also depends on the market you’re selling your products in.
For instance, European countries produce higher conversion rates (1.51 percent) than the United States, where the ecommerce conversion rate is 1.37 percent.
The divide within Europe is also notable. At 1.78 percent, the United Kingdom’s conversion rate is the highest, while Belgium and Italy are only managing 1.2 percent.
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