When running an Ecommerce website, you may think is my conversion rate good? How does it stack up compared to industry averages?
We have taken a look at the ecommerce quarterly reports from Monetate from 2015 to find out what a basic industry average is for conversion rates over last year.
Average conversion rates:
Looking over each quarter from 2015 the average conversion rates in the UK are:
This shows that over the year the average conversion rate had increased by over half a percent. But If we look at device type for the UK for conversions over each quarter:
This shows that tablet and phone still have a way to go to help increase sales but it does show that over the year more customers bought from a mobile device than at the start.
These rates vary from each quarter but to help benchmark yourselves for your own performance you can look at this guideline:
- 0-1% – Low: There could be problems or something broken on your website.
- 1-2% – Below Average: Look into traffic sources and analyse for any bottlenecks.
- 2-3% – Average: Doing well but analyse for bottlenecks and aim to improve.
- 3-5% – Above Average – Doing a good job but there is room to improve conversions.
- 5% – Excellent – Doing a great job keep going and improve your conversions.
Whilst looking at what average conversions rates and the guidelines your conversion rate will be relevant to your traffic size and average order values. Each industry will report different conversion rates and each industry will be taking different approaches to their marketing.
Our recommended approach when asked the above questions is to look at benchmarking your current situation and set relative KPIs and then look at improving your conversion rate to a higher rate than where it is currently.
We also recommend that businesses measure their marketing approaches to make sure their channels are helping improve conversions and revenue.