Conversion Rates Statistics: How they Affect your Business
November 1, 2018 by Kristin Jordan
When an eCommerce business is assessing its' success it almost always comes down to conversion rates. Site owners want to know how many of their visitors are making purchases and what can be analyzed to increase those numbers. Today we have put together some statistics about conversion rates that may help you compare your own eCommerce business to others around the globe.
Average Conversion Rates
A good starting point when analyzing your own conversion rate is to look at the big picture. According to Statista, the average conversion rate of all online shoppers worldwide in Q2 of this year was 2.86%. This figure has remained very consistent as compared to last year as shown in the table below.
Average Conversion Rate by Industry
After you have taken a look at the big picture it is perhaps even more useful to take a look at how your site's conversion rate compares to others in your industry. Marketing Sherpa conducted an in-depth study which broke down conversion rates for 25 different eCommerce industries and then further broke the figures down into percentages. If you conversion rate falls into the median range listed on the chart below, you can consider your business in line with what is average for your particular industry.
Conversion Rates by Device
Consumers are not just using home computers anymore to do their online purchasing. Smartphones and Tablets now play a major role in online consumerism. Here Monetate eCommerce Quarterly shows how conversion rates are dispersed over different devices.
You may notice that the conversion rates for smartphones is significantly lower than the other devices. According to the comScore Mobile Hierarchy report this "m-commerce gap" can be attributed to a number of factors including security concerns, difficulty of navigation and inability to see product detail. To ensure your clients are getting the best experience when using their Smartphones, be sure to work with a developer to determine the best ecommerce solutions for your business.
What you choose for an platform can affect your conversion rates significantly. You want to choose an eCommerce solution that fits your needs and can support your clients. Similar Tech did a comparison of the top eCommerce platforms and Magento (the platform we specialize in) is the second most popular platform on the internet behind only Woo Commerce.
WooCommerce vs Magento
We looked at a study done by Similar Tech, who took their comparison of Magento and WooCommerce further. This study points out that the two sites are most often used differently and for different industries. For instance, Mageno comes out on top for shopping while WooCommerce is more often used for business sites.
As you can see, many factors come into play when considering conversion numbers. What platform you use, the industry you are in and the devices your clients use all affect your bottom line. If you would like to learn more about ways to help boost your conversion rates please contact one of our Magento experts. We can work with you to create the best website for your business.