What is a Good Conversion Rate by Industry?
The average conversion rate across industries is 1.9%. According to WordStream research, the average conversion rate is 2.35%. Further research shows that 25% of companies have a rate of 5.31%, while the top 10% have a conversion rate of more than 11.45%. This means that if your conversion rate is higher than 3%, you're doing well.
When it comes to answering the question: “What is a good conversion rate?”, it's essential to consider the channels. As stated by Robert Portillo of Conversion Rate Optimization Consultant in Los Angeles, CA. "Conversion rates tend to vary by medium and channel, affecting what is considered a “good conversion rate”. For example, Amazon sellers maintain an average conversion rate that exceeds what the industry considers “good”. For retail, the result will be the conversion to sale, but in many other sectors, as shown, the conversion will be converted into leads.
Transform Your E-Commerce Business with Data-Driven Conversion Rate Optimization: Maximize Your Potential and Boost Your Sales Today!
We have tools and training to support a data-driven approach to improving your e-commerce conversion rates. Most of the time, lead conversion is defined as what is achieved when the potential customer becomes a paying customer. If you want to get a maximum conversion rate, you not only need to set aside time for conversion rate optimization (CRO), but also make CRO a habit. Knowing if you have a high or low conversion rate says a lot about the success of your marketing and sales efforts.
Unlock the Power of Conversion Rate Optimization: From Automation Tools to Benchmarks and Strategies, Boost Your Sales and ROI
Conversion rates are the process of reaching the right target audience, presenting them with the right solution, and having them take the steps you want them to take. We have specific tools and training to help sellers use automation to optimize their marketing strategy. While you don't want to sacrifice the quality of potential customers, finding a way to remove one or two fields from the form could have a big impact on your conversion rate. If you want to create a good conversion rate for your Google Ads campaigns, opt for a conversion rate higher than 5.31%.
If you don't have time for CRO, consider using conversion rate optimization services to increase sales and revenue. Interestingly, travel (9.5%) had the highest average conversion rate, followed closely by finance (7.1%) and healthcare (7.1%). Before looking at the numbers, it's important to remember that there are no universally accepted conversion rate benchmarks here, only approximate figures. There are several reasons why your conversion rates may be low, and avoiding any of them will result in a low ROI and a low return.