Ecommerce Conversion Rate by Industry
One of the most important metrics all online brands need to monitor is theirecommerce conversion rate. It provides valuable insights into the performance of your digital sales and yourtarget audience’sonline shopping habits.
Even though there’s a standard figure across all online businesses, it helps to have a breakdown of the average ecommerce conversion rate by industry. This way, you’re able to better gauge your store’s performance against potential competitors and set more realistic business benchmarks and goals.
Here’s a look at the average ecommerce conversion rates sorted by industry.
Average ecommerce conversion rate by industry
According to arecent reportanalyzing ecommerce conversion rate by industry, multi-brand retail has the highest rate across all sectors, at 4.08%. Incidentally, it is also the industry with a rate that’s above the global average of 3.44%.
Ecommerce conversion rates for stores in the multi-brand retail sector have been fluctuating over the past 12 months. In April 2022, the average ecommerce conversion rate for these stores was 5.25%. It rose and fell for four consecutive months after and in September 2022, it hit 4.56%, a six-month low, after two straight months of decline. The industry’s highest rate from the past 12 months came in November 2022, when conversion rates for the sector peaked at 6.67%.
After multi-brand retail, pet care and veterinary services is in second place. Online businesses in this sector have an average ecommerce conversion rate of 3.01%. This is followed by the food and beverage and fashion, accessories, and apparel industries, with 2.81% each.
Online businesses in the beauty and personal care industry have the fifth-highest ecommerce conversion rate, at 2.66%. As of March 2023, these above-mentioned industries are the only ones with ecommerce conversion rates above 2%.
This is followed by ecommerce stores in the luxury and jewelry sector. At 1.73%, it is the best-performing month for the industry so far in 2023. But it remains 0.68 percentage points less than its peak of 2.41% in December 2022, during one of thebusiest shopping events of the year.
Consumer goods and home and furniture round out the list ranking ecommerce conversion rate by industry, with 1.72% and 1.18%, respectively.