Even as the pandemic faded and shoppers were free to return to brick-and-mortar stores, online retailers managed to hold their gains in conversion rates.
In fact, if there is a single takeaway from all the data that Digital Commerce 360 collected about conversion rates in 2022, it is this: Not much changed.
No matter which merchant type, retailer size or product category we examined, the large swings we saw during the pandemic are no more. When there was change in 2022, it was incremental. And looked at in aggregate, conversion rates have held steady for three years at 2.8%.
The highest conversion rate in 2022, as in the two prior years, was among what we call “direct marketers.” There are 36 such retailers in the Digital Commerce 360 Top 1000. These are mostly retailers with roots in selling via catalogs, along with a handful that market their wares via TV shopping shows.
Looking at conversions by category, we see a similar situation: Rates remained largely unchanged no matter what a retailer sold in 2022.
However, it’s worth noting that the total conversion rate for Top 1000 retailers was higher than that of Top 2000 retailers (2.8% vs. 2.6%), suggesting that the larger players benefit from having the resources to invest in conversion-driving tactics and technologies.
This article is based on Digital Commerce 360’s 2023 Ecommerce Conversion Report. Digital Commerce 360 Gold and Platinum Members receive a complimentary copy of this report as part of their membership. Non-members can purchase a downloadable PDF of this report for $399. View the table of contents here.
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