What Is a Good Conversion Rate for Your Online Business?

Ashish Kasama|September 16, 2020|4 Minute read|
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A good conversion rate is one that’s higher than it is now.”                                                                                                       -Brandon Weaver

To know the best conversion rate for your ecommerce business, you need a baseline. What is your current conversion rate? And what conversion rate do you want to achieve in the next 30 days? The next six months? The next year?

Industry benchmarks aren’t always an accurate comparison guide. However, let’s look at some of the industry numbers so you can put your mind at ease.

What Is a Good Conversion Rate for Ecommerce?
Ecommerce represents a huge chunk of online businesses.
According to a 2017 study, the average conversion rate for e-commerce is just 1.6 percent.Average order value

To put that into perspective, if 1,000 people visit your product page, only 16 of them will convert. That’s kind of depressing. But in an ecommerce business, you need to consider how many products the business sells or what are the price points compared to competitors etc.

What Are Good Conversion Rates for B2B Websites?
PropelGrowth breaks down conversion rates based on lead qualification. According to the company’s research, conversion rates from visitor to marketing-qualified lead hover at around 5 percent. The conversion rate from marketing-qualified leads to sales-accepted lead jumps to nearly 60 percent, and more than 50 percent of those make it to the sales-qualified lead stage.
The final conversion — from sales-qualified lead to actual sale — reaches nearly 30 percent.

What Is a Good Conversion Rate for Landing Pages?
It depends on the industry. The best conversion rates for landing pages were nearly 30 percent, while the median conversion rates hovered at around 4 percent across industries.

Good Conversion Rate

What Is a Good Conversion Rate for Facebook Ads?
The average conversion rate for Facebook Ads across all industries in a Wordstream study was 9.21 percent.

average conversion rate for facebook ads

Conclusion
There are many "best practices" out there when it comes to CRO but, ultimately, you need to find out what your customers respond to, and what drives results for your business.
Follow these steps for optimizing your own website’s conversion rate:
  • Calculate your conversion rate and compare it with the industry benchmark to check potential for improvement.
  • Experiment with CRO strategies to discover what works for your business.

Read our other articles in our Series on Ecommerce Conversion Rate Optimization:

Lucent Innovation is a full-service Shopify web design and development company. We build eCommerce websites that are ready to sell, scale, and grow.-- 
Contact us for your next project:

844-582-3681
shopify@lucentinnovation.com
https://www.lucentinnovation.com/

Ashish Kasama

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