Dynamic Yield, the Experience Optimization platform, announced the release of eCommerce Benchmarks – a new free tool enabling marketers to compare their conversion KPIs with aggregated anonymized industry data from other companies. This tool provides brands with valuable context, helping them set meaningful targets, gain insights into trends occurring across their industry, and find out how their metrics outperform or underperform in comparison.
The benchmarking data, which is based on more than 200M monthly unique users collected over 300M total sessions, is available for seven key conversion metrics – including shopping cart abandonment, conversion rate, and add-to-cart rate – across location, device, and industry.
“Our new industry benchmarks tool helps businesses focus on what’s working and improve on what’s not. It is designed to help them prioritize experience optimization opportunities, set realistic goals, and maintain their competitive analysis,” said Yaniv Navot, VP of Global Marketing at Dynamic Yield. “Our customer base consists of hundreds of global brands who have been testing, optimizing, and elevating online experiences for years, and can provide a strong baseline to aspire to and surpass.”
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The eCommerce Benchmarks tool uncovered interesting insights and trends between May and October of 2020 including:
- The Food & Beverage industry saw the highest add-to-cart rates in May, nearing 13%, as shoppers scurried to purchase their groceries amid COVID-19, dropping in June only to rise again over recent months, where it’s hovering at about 11%.
- Similarly, Consumer Goods (which includes Consumer Electronics and Office & Gifts) skyrocketed in June, with average order values seeing a 92% uplift as laptops, office furniture, and other purchases may have been prioritized for increased time working remotely.
- Over the past six months, Beauty & Personal Care has seen the highest conversion rates, peaking in October at 6.19%, making it the hottest industry as we head into the holiday season.
- Order values among Home & Furniture have remained steady, averaging $277.81 across a six month period, with a 10.43% spike in October indicating shoppers may be spending a little more to prepare for life at home this winter.
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“Creating an optimal customer journey is not a simple task, it takes a complete understanding of not only your own data but of where you stand with your competitors,” said Robbie Reaves, Product Manager at Build.com. “The eCommerce Benchmark tool allows us to compare ourselves with other retailers in the same industry and helps us better understand what customer experiences we need to prioritize.”
In the future, Dynamic Yield plans to increase the historical date range being used for analysis, which currently extends six months, to include year over year (YoY) changes.