In today’s topic, we’re going to go over the average website conversion rate by industry using 2021 statistics.
Each year, Contentsquare publishes a report on the digital experience benchmark that aims to help businesses see how they fare against the leading brands. The report in the current year 2021 stands out due to the following reasons:
– It monitors and measures the shift in the consumers’ digital behaviors in 2020 as well as the acceleration of digital transformation that many brands encountered following the occurrence of the pandemic.
– The report includes evaluating over 20 billion user sessions in more than 25 countries for 11 and above industries making it the biggest data report that Contentsquare has ever done.
In the report, Contentsquare data uncovered a 1.82 percent all-industry website conversion rate average. The average mobile website conversion rate is only at 1.5 percent, which suggests that companies need to do something and must put in more effort in simplifying the customers’ mobile checkout experiences to boost conversion funnel optimization.
Let’s get in a little deeper on this data:
In general, the website conversion rate tells you the percentage of visitors that your site has pulled in and initiated the desired action that affects your site. This action turns your visitors into leads or customers.
The desired action could be booking a demo, downloading a mobile app, making a subscription, completing a purchase, signing up for a trial, downloading an ebook, or anything that brings a favorable outcome to your website.
Unlike cost-per-click or click-through rate, the conversion rate tells you how effective your marketing is at making visitors act the way you want them to, such as taking any of the desired actions stated above.
In the marketing world, it is known as converting. If you have a high conversion rate, you have effective marketing. Check out our 7 point digital marketing checklist for startups to start your marketing on the right foot.
You can calculate your conversion rate manually, but you need to know the number of people who visited your website and how many took the desired actions.
To calculate the conversion rate of your website, you need to divide the number of conversions or the number of people who took desired actions by the number of website visitors. Multiply the answer by 100 for the percentage.
For example, a thousand people visited your page that contains an offer to download an ebook. The offer lasted for a month. 50 of your visitors took the suggestion and downloaded the ebook. Following the formula, you need to divide 50 by 1,000, which will give you the answer .05.
To get the percentage, you need to multiply .05 by 100 and get 5 percent. This means that you have a 5 percent conversion rate for that page. If you hate math and dread to even think about calculations, you can sign-up to Google Analytics or other tracking programs to do the calculations for you so you can have it easy.
After setting up a tracking report, you need to add some code to your website. You can begin tracking your progress. Here is a guide to setting up your website with Google Analytics.
It should be expected that the average session duration of each industry varies. The industries of travel, auto, and grocery have the highest session duration among the sectors that were reviewed.
The financial services, telco, and B2B are some of the industries with the lowest average session duration. Based on the study that Databox has conducted, between 2 and 3 minutes is a rational benchmark for average session duration. Looking at the data, it is safe to assume that a good session duration may be more than 3 minutes.
The study included a survey, in which 55 percent of the respondent marketers reported more than 3 minutes average session duration. 27 percent of the respondents reported more than 4 minutes as their average session duration.
Now does that mean your website’s average session duration should be 2-3 minutes?
Not necessarily because it varies according to each niche. It depends on a variety of factors, but essentially, you want to increase the time users stay on your website in order to not only increase your conversions, but to rank higher on Google.
If you are already getting between 3 percent and 10 percent conversion rates, are you satisfied with that numbers already? Have you ever wondered about the conversion rate that can truly make you complacent?
What is rate of conversion should you aim for? The average conversion rate for landing page across industries is 2.35 percent. However, the landing pages that belong to the top 25 percent Conversion Rates enjoy a conversion rate of 5.31 percent or higher.
If possible, you need your landing page to occupy a spot within the top 10 percent that enjoys a conversion rate of 11.45 percent or above. On a study by Wordstream, thousands of accounts on Google Ads (also known as AdWords when it was first launched) that have combined annual spend of $3 billion were analyzed and the data revealed that the conversion rates of some advertisers are 2 or 3 times higher than the average.
Are you satisfied with having an average conversion rate or would you want to be better than the others that belong in the same industry as yours? By analyzing the enormous amount of data on conversion rates and landing pages, some of the top converting landing pages’ common traits have been identified.
You may be surprised to learn that it is much easier to get favorable conversion rates, but the manner to get there may be different from the conversion rate optimization knowledge that you know.
Between finance and e-commerce, the latter has much lower conversion rates. Those in the top 10% Conversion Rates enjoy between 3 and 5 times higher rate of conversions as compared to the average for every industry.
This proves that the rule remains the same regardless of industry. However, if you belong in an industry like finance that can be considered a high-performer, 5 percent is not an amazing conversion rate.
If you are to compare your performance against the average across all industries, you are only fooling yourself into believing that you are actually doing better than expected. To be blunt, the top 10 percent are performing almost five times better.
The Invesp internal metrics found out that an average of 13 percent of visitors turn into customers. The data is based on 35 various lead generation websites. The highest converting site has a sustaining rate of 28 percent.
When it comes to conversion rates, B2B is more complicated to deal with than the others. PropelGrowth conducted research to break down the conversion rates according to the qualification of the lead.
They revealed that there’s a 5 percent conversion rate from visitor to a marketing-qualified lead. The marketing-qualified leads to sales-accepted lead have a conversion rate that has jumped to almost 60 percent, while those that made it to the sales-qualified lead stage has jumped to more than 50 percent.
From sales-qualified to lead to customer purchase, the final conversion, almost reached 30 percent. Based on the given facts, you need to make sure that you are investing time and effort in the ones that will truly convert.
Otherwise, you are only wasting your team’s time on something useless and losing better opportunities.
The intent of your visitors in visiting your website can impact your conversion rate. Are they coming to your website with the intent of buying the things you offer?
Are they fishing information from your website and go to a brick-and-mortar store to make the actual purchase? It depends on the kind of product you present and how your visitors take them.
It is more on the visitor-centric data and not something that you can control, such as design, messaging, and others. If you are aware that your visitors come to your site to browse and no intention of buying, you need to think of ways to make them buy from your site instead of buying the product elsewhere.
If you want to prioritize your conversion rates, you need to focus on better-converting channels. Analyze your analytics report to find out the source of the most traffic. If social is your top channel, it shows that your direct traffic is small.
You may get better conversions if you divert your marketing resources in an email campaign or PPC. You may want to consider investing in an email marketing campaign. Promote Best-Converting Categories or Products Different product categories and physical products have different conversion rates.
Once again, look at your analytics to find out the pages that convert best. When you create your marketing campaigns, make the said pages your top priority. Another thing you can try is to go deeper into your A/B tests.
Some small changes can bring a huge impact on your conversion rates. It is also important to conduct some tests and monitor the improvements and other things that you need to improve to yield better conversion rates.
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