There’s a myth emerging that 2 – 3 % conversion is an average. The problem is that there are so many variables and ways of managing your conversion rate that it’s near impossible to quantify these figures as an ‘average’. So what really is a good website conversion rate?
What are you measuring?
Conversion rates can be very contextual. For instance testing two versions of a certain page will only track the visitor on that particular page and not those that are deeper into the website. Some companies will review a 2% conversion as traditionally low comparable to other companies however generate significant profits due to their nature of product and high price points. Other companies are operating upwards of 40% however this is attributed to repeat custom and again is a difficult metric to benchmark against competition.
Measure by Average Order Values
One interesting way to look at the data is to plot conversion rates by the sites current performance (i.e. Average Order Value). If you take into account price points on product as well as the conversion rates this provides a better metric for measuring performance (Conversion Rates) of your company vs. others. (It’s easier to sell something on a website for $5 then £5,000!). Using the Average Order Value in combination with conversion rates provides a closer understanding to how you website is performing against direct peers and websites in different industries.
What companies are on your website now?
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