Analysis of 17.3 billion marketing emails reveals behavior-based emails can achieve up to 300.7x conversion rates compared to non-personalized emails

MoEngage, an insights-led cross-channel customer engagement platform trusted by over 1,350 brands, has released its flagship report, Email Benchmarks Report: Optimizing Email for 2025 and Beyond. The comprehensive report analyzes the performance of more than 17.3 billion marketing emails sent via MoEngage’s data-driven customer engagement platform to measure the effectiveness of different levels of personalization. Brand marketers can compare their results to MoEngage’s data on email delivery rates, open rates, click-to-open rates (CTOR), conversion rates, and unsubscribe rates.

The Email Benchmarks Report examines three types of personalized emails—attribute-based, journey-based, and behavior-based—and compares their performance to broadcast emails. The report also encompasses three industry sectors: Retail and Ecommerce, Media and Entertainment, and Banking and Financial Services (BFSI).

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The report reveals that behavior-based emails lead other email types in overall performance across most industries. Journey-based emails still performed well compared to broadcast or non-personalized emails, especially in the BFSI industry. Attribute-based emails are still better than broadcast emails, but should only be used for certain cases.

“The insights in the MoEngage Email Benchmarks Report will help brand marketers adjust their customer engagement strategies to achieve greater success with email campaigns in 2025,” said Raviteja Dodda, CEO of MoEngage. “The data is clear. Regardless of the industry sector, non-personalized and broadcast emails provide no value. To create meaningful connections with customers, marketers must invest in deeply personalized emails that are segmented for the right audience and based on each customer’s behavior and previous interactions with the brand.”

Other key learnings include:

• Behavior-based emails work best for the Retail and Ecommerce sector, achieving a staggering 60.7x conversion rate and a 22.6x CTOR—the highest among all industries analyzed.
• In the BFSI sector, broadcast emails have worsened compared to previous years in terms of open and unsubscribe rates, indicating that customers are growing less responsive to generic content.

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• Media and Entertainment boasts the highest email deliverability rating (99.95%) and also the highest unsubscribe rate for broadcast emails (6.35%).
• In the analysis of the best and worst months to send email campaigns, January is the best month for BFSI brands to send emails that get opened, while April is the best month to send emails that lead to conversions. This ties to customer behaviors, as January is typically when consumers focus on resettling their finances after the holidays, and April coincides with the end of tax season when consumers are more likely to make money moves like opening new accounts.