What's your name?
If you are a marketing (like me) in the world of ecommerce you need to know your stats. That’s because stats help form benchmarks to measure against. And marketers who track their progress win.
eCommerce site metrics
— 2020 findings: Wolfgang Digital analyzed 130 million website sessions, over €330 million in online revenue, and calculated the average session duration (time on site) for all of eCommerce at 2 minutes and 32 seconds (source).
To put this is in perspective, their 2019 report had the average session duration at 3 minutes 1 second.
This means the average time on site is going down year over year.
— In the same 2020 Wolfgang Digital report, they also noted that the average bounce rate for a retail ecommerce site is 41%.
— Databox did a survey of marketers and found that the average percentage of new visitors on a site is 68% (source). This means if you don’t convert the visitor on your site right now there is a 68% you’ve lost them forever.
— The global shopping cart abandonment rate for online retailers in 2020 was 88% – the highest it’s ever been. (Source)
— Shoppers are crazy distracted. According to Namogoo the most common thing consumers are doing when they’re shopping online is – drumroll – office work. So if you think you have 100% of their attention you are sadly mistaken.
— Your “why we exist” story really matters. KoMarketing did a survey where they asked “Once you’re on the homepage, what information do you want to see available?“. 52% said About / Company Information. (Source)
— More than half of customers—58 percent—change brands from one purchase cycle to the next (source). This is both a threat and an opportunity to convert new buyers.
Choice of words impact conversion rates
— Unbounce.com analyzed 40,000 landing pages and found that the conversion impact of copy is 2x that of design. (source).
— The average American is considered to have a readability level equivalent to a 6th/8th grader (12 to 14 years old). And even if your audience has a higher educational level because people are multitasking and distracted, from a conversion perspective, it’s best to write at an 8th-grade level. This basic idea is confirmed in a Nielsen Norman Group article.
— Dr. Brian Wansink found that descriptive menu labels increased sales by as much as 27 percent. He has divided descriptions into four categories: geographic labels like “Southwestern Tex-Mex salad,” nostalgia labels like “ye old potato bread,” sensory labels like “buttery plump pasta” and brand names source. This is why storytelling matters.
— Stories are 22 times more memorable than facts & figures alone.
— Personal stories and gossip make up 65% of our conversations (source: The Secrets of Storytelling). So, why don’t more marketers use storytelling as a conversion tactic?
— Why stories play such a big role in conversion optimization. As we’re digesting a story our brain waves start synchronizing with the storyteller, says Uri Hasson, professor of psychology and neuroscience at Princeton University.
— Research by Hyunjin Song and Norbert Schwarz demonstrated that people estimate instructions to be twice as difficult to perform when written in a fancy, complicated font versus a simple font (source).
— We send a lot of emails. Over 102.6 trillion emails every year. And the numbers keep going up, with 126.7 trillion expected to be sent by 2022. The average email subscriber receives 13 commercial emails a day.
— 98.05% of visitors close the popup message (source).
— Few interesting e-commerce email stats from MailChimp:
- Average Open Rate = 15.68%
- Average Click Rate = 2.01%
— Compared to traditional marketing efforts, email marketing is super cost-effective. Direct Marketing Association estimates that email marketing brings in $40 for every $1 spent.
— Shoppers hate popups. A survey of 1,300 online consumers by Namogoo revealed two-thirds (62%) say they would feel these ads mean the retailer does not prioritize the customer experience.
Interesting stats about ecommerce product reviews
— What percentage of eCommerce buyers leave a product review? Well, we know YOTPO’s post-purchase review request email has an 8.1% conversion rate. The industry average is much lower. (Source)
— Up to 80% of reviews originate from follow-up emails urging shoppers to review their purchases (Power Reviews, 2017)
— 4.2-4.5 stars is the ideal star ratings to maximize product page conversions. Surprisingly, perfect 5-star reviews are considered too good to be true. (From Reviews to Revenue, PowerReviews & Northwestern University)
— Negative reviews have an 11% chance of changing purchase intent (and not in a good way). (Source)
— Going from zero reviews to one review with 4.2 stars or better improves conversion rates (sales) by 20 percent. (Source)
— PETCO.com found that products without reviews have a 20.4% higher return rate than those with reviews, and products with 50+ reviews have a return rate that is half of those with less than 5 reviews. (Bazaarvoice.com research)
— Effect of product review count on conversion rates: the more reviews you add bigger the effect on conversion rates (Source)—
Investment into conversion optimization (CRO)
— For every $92 marketers spend on driving traffic to their site, they spend $1 on converting that traffic. (Source)
— Users often leave web pages in 10–20 seconds. But, if you have a clear value proposition that entices them to stay half a minute, there’s a fair chance that they’ll stay much longer — often 2 minutes or more, which is an eternity on the web (source). You can achieve this by optimizing your landing pages.
— Only 17% of marketers use landing page A/B tests to improve conversion rates. (HubSpot, 2020).
— In 2019, advertisers spent $134.81 billion on Google (source). Up 15% from the previous year. This ad spend is fighting for the $20,000 in annual discretionary spending for American families making $78,635/year (U.S. Bureau of Labor Statistics).
All of us are competing over this $20,000 pie. Improve your success rate by using principles of buyer psychology.
— An American household earning an annual income of $78,635 spent about $20,000 on consumer goods in 2018, according to the U.S. Bureau of Labor Statistics in the most recently available data published on Sept. 10, 2019.
More interesting ecommerce stats …
Impact of visuals
— Impact of product videos: StacksAndStacks.com claims visitors are 144% more likely to purchase after seeing a product video than those who don’t. (Source)
— Visuals are processed 60,000x faster in the brain than text. (Source: Neo Mammalian Studios)
— Researchers W. Howard Levie and Richard Lentz analyzed 55 studies to determine the impact of visuals associated with text. On average, visuals improved information synthesis by 36%. Are you using this conversion strategy? (source: Effects of text illustrations).
— Researchers estimate that 40% to 50% of our daily actions are done out of habit (Source: the book Atomic Habits by James Clear).
How does this relate to copywriters? By understanding this quirk you can craft copy to counter it.
— 15% of Google searches done by users on a daily basis have never been seen before. (Source)
— If mobile page load time changes from 1 second to 3 seconds, bounce rates increase 32% (source):
Interesting Amazon ecommerce stats
— 55% of people in the U.S. now start their online shopping trips on Amazon.com. That’s a 25% increase from the same survey last year when 44% of online shoppers said they turned to Amazon first. (source: ReCode)
— Amazon was running 200+ tests a month in 2004. That was the last time they revealed their testing data. Hint: they’re testing a heck of a lot more now. (Source: @TheGrok)
— Amazon prime is used by over 50% of US households. To put this into perspective:
— According to ApexChat live chat can increase online leads by an average of 40%. On top of that, chatbots can further increase sales 4x more than some human workers (source). So as you can see chat has a massive overall impact.
If you like these stats you’ll love the work of Frictionless Commerce.