Looking for updated conversion rate optimization statistics? Go through this post to find out 17 insightful conversion rate benchmarks.
Conversion rate is the percentage of your website visitors who have completed the desired action. The action could be anything from filling up the form, raising a quote, subscribing to your newsletter, following your social channel, or making a purchase. Conversion rate is your key element while planning an all-channel marketing strategy and if you are not able to convert lookers into buyers, what are you planning for?
The achieved Conversion rate can help marketers analyze the performance of their marketing campaign across various channels. This metric helps shape a strategy that works out for the business. These rates are particularly important to scale the expected ROI (Return On Investments). One thing about Conversation rates is that they would not always be clicks, some also refer to conversion events further down the marketing funnel. For instance, a business can have a rate at which users are installing their application or buy a subscription plan. When observed effectively, conversion rates can tell you a lot about the aspects of your marketing campaigns that are your best bet out there. If the conversion rate is lower than expected, marketers can identify key issues that are hindering the Call-To-Action.
There may be an issue with your website’s loading time and any areas of improvement. It is common knowledge that a single conversion rate cannot signify actual growth or lacking. Researching more about your campaign’s platform and industry conversion rate benchmarks can help you prepare a plausible plan.
What is Conversion Rate Optimization?
Conversion Rate Optimization (CRO) is the process of optimizing the outcomes of various strategies like clicks on an offer, open rates of an email, purchases in a store, or, downloads of an application. Desired action or CTA is the key to calculating conversion rates.
For instance, the Conversion Rate is calculated by dividing the total of ‘Desired Action’ taken preferably known as conversions by the total number of visitors on your website or advertising space and multiplying it by 100 to get a percentage.
The standard emphasis of CRO is on numbers, clicks, percentages, and averages. But the best strategy to increase website conversion rate is to effectively understand your visitors and customers and serve them with what they need. When you look at the numbers on your conversion marketing campaign spreadsheet, it is important to understand the interest of users behind it. There are specific things that DRIVE users to your site, specific things that HINDER the action, and specific HOOKS that persuade than to take an action. When you are looking to increase conversions, every number is an impression of their thoughts.
Marketers spend a huge amount of time planning and implementing campaigns and analyzing the results later to shape a better strategy for the future. The real challenge is to convert those visitors into customers. Analyzing your conversion rates is important because even the slightest change can tell you a lot about the improvements that can be made. Learning about top conversion rate optimization statistics can help marketers improve their strategies and achieve a higher conversion rate.
Conversion Rate Optimization Statistics 2023
1. What is a good conversion rate for eCommerce? The average landing page conversion rate across all industries stands at 2.35%. The figure varies from website to website but it’s still time to relax if you are converting your visitors at 2-3%. The top 25% of the websites have twice the rate of average websites and unicorn websites stand at 11.45%, an impressive number indeed.
|Average Conversion Rate
|Top 25% of Websites
|Top 10% of Websites
3. Organic leads are generating more than 90% of the web traffic and have a conversion rate of 14.6%. This figure is significantly higher than any paid lead obtained through ads campaigns or multi-platform activities. Conversion rates for paid leads are at 1.7%. Therefore, websites should focus on driving more organic traffic.
4. According to the latest data available on the average conversion rate in selected verticals worldwide, Food & Beverage industry has the highest conversion rate of 4%. More details about the average eCommerce conversion rate by industry verticals are provided in the chart below:
5. A bounce rate is a rate at which a website sees a ‘single session on their site’ or a ‘bounce’. It happens when users visit only one page of your site and leave without taking any action. Most websites are estimated to have bounce rates of around 26% to 70%. The higher the rate, the lesser the conversion rate a website will have.
6. The average Facebook ads conversion rate is 9.21% across all industries. The conversion rates across all industries vary and you should be aware of your industry benchmark. Fitness studios have the highest of them at 14. 29%; education is 13.58%; Employment & Jobs at 11.73% and Healthcare at 11.00%. More details are provided in the chart below:
8. The average B2B conversion rate is an important benchmark to compare your marketing performance with that of your competitors. Legal services have conversion rates of 7.4% followed by Point Of Sale (POS) services at 7%. Important industry statistics include 2.8% for Commercial Real Estate, 2.1% for Rehabilitation & Recovery, and 1.9% for Investment and Health Management. The lowest average B2B conversion rate is for Computer Product Manufacturing at 1.1%.
9. Marketers need to know that the higher a website ranks, the higher CTR. Click Through Rate is the ratio of users who click on your ad campaign compared to the users who visit/view your website, email, or advertisement on any platform. If you rank first on Google SERP, your CTR is nearly 30%. The number goes down as you rank lower.
10. In a survey, it was revealed that more than half of the businesses spend less than 5% of their total budget on conversion rate optimization. That’s very little money!
11. Businesses are increasingly understanding the importance of Conversion Rate Optimization and 55% are planning to increase their CRO budget.
12. CRO tools are becoming popular day by day. Companies are spending an average of $2000 on CRO tools to help increase their Conversion rate.
13. Long Landing pages have 220% more leads than shorter landing pages. Companies should check what works best for them.
14. 75% of businesses have problems finding the right expertise for their CRO strategy.
15. CRO tools have an average Return On Investment of 223%.
16. Website loading speed severely affects the conversion rate. A slow-loading website can reduce your conversion rate by 7%.
17. The most popular form of CRO is A/B testing with 56% of the marketing experts using it. A/B testing involves comparing two the results of two versions of the marketing funnel with just one element changed. The version that yields the best results is adopted.
With that, we conclude our list of CRO statistics. These numbers can help you improve your marketing campaign and analyze the trends in your industry. We are sure that you were able to extract some valuable information from our research.