In order to create strategies to maximize sales and drive impact, your team needs an understanding of ecommerce trends and data. Below are important metrics as they relate to conversion rates, add-to-cart rates, and personalization. Utilize this information to help craft your 2020 marketing plan and personalization tactics.
Let’s take a look at the 50 ecommerce marketing stats you need to know now.
- Ninety-five percent of all purchases in the UK are projected to come via ecommerce by the year 2040.
- Mary Meeker’s most recent trend report cites phenomenal 22 percent YoY growth in digital advertising spend for 2019.
- Email is a valuable tool for ecommerce sites. About 70 percent of users who visit a site for the first time from an email will return within a 60 day timeframe. Forty-eight percent will return within six days.
- Eighty-three percent of all email visitors make a return visit, while those who enter via social media channels have a likelihood of returning that is below 75 percent.
- A lack of content relevancy generates 83 percent lower response rates in the average marketing campaign.
- 43 percent of ecommerce traffic comes from Google organic searches.
- Global add-to-cart rates are 15.98 percent.
- In Great Britain, add-to-cart rates are 15.98 percent and in the US add-to-cart rates are 10.21 percent.
- Tablets have the highest add-to-cart rates globally (11.87 percent) and in the US (12.20 percent). However, in Great Britain, add-to-cart rates are higher on desktop (16.55 percent).
- Mobile add-to-cart rates on mobile average to 10.40 percent.
- Mobile shopping cart abandonment rates are actually higher than those for desktop.
- Add-to-cart rates are higher for those who use multiple devices – 73 percent compared to 12 percent.
- 61 percent of shoppers say they have left a transaction behind due to added costs such as shipping fees.
- Another 34 percent say they’ve abandoned their carts because it was too difficult to create an account.
Conversion Rates & Purchase Rates
- Conversion rates are 2.58 percent globally across devices.
- In the US, conversion rates are 2.57 percent and in Great Britain, conversion rates are 3.81 percent.
- Conversion rates are 1.82 percent on mobile.
- Conversion rates are performing best on desktops (3.90 percent) globally.
- 61 percent of consumers read online reviews before making a purchase.
- In the US, desktop conversion rates are 4.14 percent and in Great Britain, desktop conversion rates are 4.97 percent.
- Relevant product recommendations can play an important role in conversions. Clients who click on a recommended product are 70 percent more likely to make a purchase than those who see a product recommendations, but do not interact with it.
- Return sessions for those who left a recommended product in their cart are 45 percent more likely to convert.
- Almost half of survey respondents noted that they had made an impulse purchase as a result of a recommended product. 85 percent of these were happy to have made that purchase.
- When users shop shop across devices, purchase rates increased from 6 percent to 55 percent.
- Loyal customers are more valuable to retailers than first time customers. They convert at rates 4x higher.
Average Order Value
- Average order values are $107.36 globally, $118.17 in the US, and $71.86 in Great Britain.
- Average order value from organic searches is $79.01, while AOV from direct website visits averages at $112.01.
- Desktop users have a higher average order value with $128.08 globally, $135.07 in the US, and $86.47 in Great Britain.
- AOV increases by as much as 33 percent when customers buy or add recommended products to their carts (compared to those who see the product recommendations and do not interact with them).
- Average order value is $86.47 on mobile globally.
- AOV is 38 percent higher for those who return to a site after making a purchase from a recommended product than those who did not.
- Cross device customer journeys are more valuable to organizations. Average order value increases from $115 to $130 when customers shop across devices.
The Compounding Effects of Personalization
- Conversion rates doubled for consumers who are exposed to three personalized elements, compared to two personalized elements.
- Companies see a 55 percent increase in leads when increasing their landing pages from 10 to 15.
- Add-to cart rates improved by 74 percent when comparing the second and third personalized pageviews.
- By the 10th personalized webpage, conversion rates skyrocketed to 31.6 percent and add-to-cart rates increased to 65.2 percent.
- Cart abandonment rates improved when users were exposed to personalized webpages. After two personalized webpages, it dropped to 82.6 percent and by the tenth personalized webpage, it dropped to 58 percent. By the 20th, it dropped to below half (40 percent)
- Seventy-eight percent said that they will not even react to a retailer’s offer if their interaction is not personalized.
- Eighty-eight percent of shoppers say that they are more likely to make a purchase from an organization who delivers a personalized experience across devices.
Personalization Strategies for Organizations
- Eighty-three percent of marketers list personalizing content as their biggest challenge.
- Eighty-six percent of companies who are seeing a high return on their investment (2x or more) are investing at least 21 percent of their budget into personalization efforts.
- Companies that exceeded their revenue goals in 2018 were 25 percent more likely to have financial specific personalization initiatives in place.
- About 60 percent of marketers struggle to personalize content in real time, but 77 percent believe real-time personalization is crucial.
- Seventy-nine percent of organizations that exceeded their revenue goals had a personalization strategy in place.
- Sixty-six percent of marketers say one of their biggest struggles with personalization is securing the internal resources needed to execute their strategy.
- Ninety-three percent of organizations who had an advanced personalization program in place grew their revenue. 0 percent experienced a decline in revenue.
The Next Step for Businesses
The ecommerce industry has been affected by disruption with emerging technologies and trends. Despite all these changes, customers continue to look for a personalized experience across their platforms. Monetate and our personalization experts can help you deliver a best-in-class customer experience in 2020.