The eCommerce conversion rate is a crucial KPI to measure when you have an online store.Here's all the information you need about this KPI, what it is, why it's important, how to calculate it, and way more!
What is an eCommerce conversion rate?
The eCommerce conversion rate is the proportion of people who did the desired action among your total number of visitors over a specific period of time. In eCommerce, it’s the ratio of transactions to sessions in percentage. It’s an important metric to measure profitability and give a good indication of whether your marketing strategies are working or not.
How to calculate the eCommerce conversion rate
To calculate your eCommerce conversion rate, you take the total number of conversions and divide it by the number of website visitors related to your eCommerce website. You can track this rate on your Google Analytics account.
eCommerce conversion rateFormula:
The number of eCommerce conversions ÷ the number of visits
What is a good conversion rate for eCommerce?
It all depends on your retail industry because it could slightly impact the eCommerce conversion rate benchmarks, but the average eCommerce conversion rates are around 2.5-3%. A higher conversion rate than 3% is considered better than average. Keep reading if you want some tips on how to optimize it as much as possible.
What is a bad eCommerce conversion rate?
Below 2% is a low conversion rate, and you should put more effort into conversion rate optimization (CRO). Maybe edit your call to action (CTA), optimize the user experience for your online shoppers, or rethink your marketing efforts.
eCommerce conversion rate KPI examples & templates
Your eCommerce conversion rate can be added to multiple different types of reports.
Ecommerce report template
Ecommerce report templateA report with all the most important metrics for your eCommerce site, like shopping cart abandonment, click-through rate (CTR), total sales, product checkouts and of course, your eCommerce conversion rate.
Digital marketing report template
Digital marketing report templateThis report gives you a good view of your eCommerce marketing strategy metrics and average conversion rate from SEO to social media and PPC.
Google analytics report template
Google analytics report templatePlug your conversion goals, track your website conversion rate, new customers, and much more.
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eCommerce conversion rate best practices
There are a few things to remember when tracking your eCommerce conversion rate. Here are the best practices to keep in mind:
Make your eCommerce store unique
Make your eCommerce store uniqueThere are many online retailers and online stores, so you want to stand out. Add unique functionalities to your site, don’t neglect your smartphone users, and ensure your eCommerce business is optimized for mobile devices.
User experience and conversion optimization
User experience and conversion optimizationYou can do many things to improve the online shopping experience for your site visitors. For example, you could do a/b testing on landing pages for different product categories, write better messaging for product pages, play with pop-ups and optimize the checkout process.
Send out emails
Send out emailsPotential customers might love your product but leave your site with a full cart. So why not remind them how excellent your products are by setting up a marketing email campaign. Collect email addresses from a form on your website, save them when they make a purchase, or sign up to your eCommerce store.
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