Monetate’s Q3 2022 Ecommerce Quarterly Report Shows Interesting Shopper Behaviors and Habits Between Essential and Big-Ticket Items
The latest edition of Monetate’s Ecommerce Quarterly Benchmarking Report covering Q3 of 2022 is now available for download.
Q3 of 2022 was an exciting time for retailers. Not only were preparations for peak season underway, but worldwide inflation and a looming recession have impacted consumer behavior across the board. This pushed retailers and brands to figure out clever ways to encourage shoppers to continue shopping and making purchases.
For big-ticket shopping categories (defined as Luxury and Electronics), Monetate’s data shows that there are more people viewing and engaging with products online, but fewer are converting. This suggests that shoppers are presently wanting to buy but are hesitant. That said, when those shoppers are purchasing, they are spending considerably more (or paying more, due to inflation) on average.
What is interesting about the findings in our latest report is that shoppers seem to be looking for a little retail therapy or a boost of dopamine from the shopping experience, even if they aren’t making purchases. So, what can brands do to encourage conversions and increase AOV?
The answer lies in personalization and in making the digital customer journey relevant and impactful to shoppers who are keeping a closer eye on their budgets due to economic factors.
4 Key Findings from this Report:
- Traffic for essential or everyday industries is flat or slightly down, but big-ticket spending traffic is up.
- Average Order Value (AOV) is down for everyday spending but is trending up over the year for big-ticket spending.
- Add-to-Cart (ATC) rates for everyday spending are declining for big-ticket items.
- Tablet traffic has declined down -20% overall YoY.
Monetate analyzes billions of customer sessions across a sample of 250+ retailer brands worldwide to interpret this data and set benchmarks across regional data from the United States, Great Britain, EMEA, and other.
The Q3 2022 Ecommerce Quarterly Benchmarks report helps retailers assess how their own KPIs (key performance indicators) stack up against their peers across the following metrics:
- Bounce Rate
- Average Page Views
- Abandoned Cart
- Conversion Rate
- Average Order Value
Download our latest report and check out the full impact that Q3 2022 had on our customers. You’ll also find suggestions and ways that you can leverage personalized experiences to help customers convert and continue to make purchases with your brand.