Conventional wisdom suggests that a good conversion rate should be between 2% and 5%. However, some companies have achieved an average of 11.45%, while a multi-billion dollar company I worked with had an impressive 41% conversion rate for first-time visitors. To understand if you're reaching your industry average, it's important to know the average e-commerce conversion rate and compare your performance with it. A study found that stores that sell multiple products had an average conversion rate of 17.2%, while niche stores that sold only products from one category had a 16.3% conversion rate.
This goes against the conventional wisdom that specific and specialty stores perform better than general stores. Unfortunately, there is no published data on the average conversion rate of lead generation websites. Invesp's internal metrics, based on approximately 35 different lead generation websites, indicate that an average of 13% of visitors converted into customers, with the highest conversion rate reaching 28%. Similarly, there is no published data on the average conversion rate of affiliate websites.
Invesp's internal metrics, based on approximately 17 different affiliate websites, indicate that an average of 26% of its visitors became customers. According to WordStream, 10% of major stores have a conversion rate of nearly 11.5%. This means that getting an average conversion rate isn't enough for an e-commerce store. Instead of comparing yourself to the average, focus on what the richest 10% is doing and reverse engineer their efforts. This approach will rarely, if ever, generate unicorn-level conversion rates of 5 to 10% or more. To reach that level, we must look beyond aesthetic changes.
Even if you don't invest in a mobile app, make sure to optimize your site for mobile users. According to Criteo, mobile-optimized sites have more than 100% more conversions than non-optimized sites. Generally speaking, a common conversion rate for an email subscription landing page is between 5% and 15%. The most successful companies tend to convert around 20-25%, while the best of the crop achieves conversion rates of 30% or more. The following Growcode chart provides an excellent visualization of the wide variation in average e-commerce conversion rates between industries. Based on the results, you can improve those that are lagging behind and increase your PPC conversion rate. This number seems high, but this post provides tips on how to achieve it with conversion rate optimization (CRO).
While many available tools can estimate the number of visitors a website receives, limited software options can determine the website's conversion rate. While it depends on the industry you're in, overall, a 2% to 5% conversion rate is considered good for email marketing. Looking ahead, 25% of the top companies that advertise with Google Ads maintain a conversion rate of 11.45%. This is a table that covers average organic and paid conversion rates across different channels such as Google, Amazon and Microsoft Advertising. Working to achieve a double-digit conversion rate will not only help your company achieve the average conversion rate for your different channels but also achieve an even better conversion rate. Conversion rates tend to vary by medium and channel affecting what is considered a “good conversion rate”. While this is not always the case, the scenario of increasing the conversion rate at the expense of the quality of potential customers demonstrates the importance of making the quality of potential customers part of your CRO strategy. Calculating your reference conversion rate helps you understand where you are and where you want to be.
Making another small change such as replacing your stock photos with infographics could increase your conversion rate even more.
