Monetate Releases Benchmarks for Q1 2023 Showing Tablet Abandonment, Impacts of Inflation Post-Holidays, and Increased AOV
Monetate is thrilled to announce the release of our new interactive portal for our Ecommerce Quarterly Benchmarking data.
For the first time in over a decade of producing this industry report, we are excited to present these benchmarks from Q1 of 2023 in a new format with filters to present a clear and more comprehensive view of consumer trends.
Monetate’s Ecommerce Quarterly Benchmark report is produced by analyzing billions of Monetate client sessions across 250+ retailers’ brands, across four regions (US, EMEA, GB, and Other) quarterly.
This report is a touchstone for the thousands of personalization professionals, industry analysts, and Monetate clients who rely on this data to monitor program performance and to help track and keep a pulse on industry trends.
Our debut version of the interactive report features benchmarks gathered from Q1 of 2023.
Here’s a look at some of the findings from this quarter and what implications this has on the state of personalization.
Top 3 Personalization Trends from Q1 of 2023
#1: The Continued (Slow) Death of Shopping on Tablets
As we’ve reported in our last couple of Ecommerce Quarterly Benchmarks reports, session distribution across tablets continues to fall as users abandon tablets in droves.
Tablet usage is down 18% YoY, although the losses have evened out since Q4 of 2022.
As tablet usage continues to drop, it may be wise for retailers and merchandisers to take the CX experience on tablets less into account and spend more time focused on the mobile smartphone and desktop experience which is drawing more sessions as the chart above reveals.
Session Distribution Splits
#2: Recessionary Forces, Inflation & Post-Holiday Slump
Although not totally unexpected, Q1 2023 data shows a significant drop off in purchasing behavior and CVR as recessionary forces take hold, and we moved out of the peak/holiday purchasing period.
During Q1 of 2023, we observed a 13% decrease in conversion rates YoY and down 17% after the holiday shopping rush.
So, this data suggests that after the holiday spending frenzy, many shoppers are re-tightening their purse strings and adjusting their budgets to recover from holiday/peak.
But as our next trend reveals, not all is lost and there are gains to be made despite inflation and an uncertain economic climate.
People are still shopping – they are just doing it differently and less frequently.
Conversion Rate
#3: AOV is Rising
Despite rising prices, AOV is going up across certain devices and sources.
For instance, AOV on desktop is up 1.5% YoY and up 3% from Q4, suggesting that for those more expensive purchases the desktop is still an important device to optimize and personalize the customer journey.
We also found that AOV from social was up +6% YoY, showing the increasing importance for brands to get the social experience right for consumers who look for product recommendations and make purchases from social channels.