Receiptful has some interesting new research out based on data from 2,687 ecommerce sites, 1.34 million monthly orders, and $848 million in annual sales. It found that the average product page conversion rate (PCR) among ecommerce stores is 7.91%.
The firm also found that ecommerce “unicorns” convert nearly half of their product page traffic into sales and that at the low end of the spectrum, ecommerce brands only convert 0.10% of the traffic that hits their product pages.
“When we cross-tabulated the data, we found a positive correlation between store revenues and product conversion rates,” Receiptful’s Danny Wong tells us in an email. “On average, eCommerce brands with higher sales, up to $500,000 annually, had a better PCR than smaller-sized stores.”
“In eCommerce, one of the most crucial yet underappreciated hurdles to sales is driving visitors to click and view products,” he says in the report. “Unfortunately, the data reveals that, on average, eCommerce stores have a 33.9% bounce rate. This suggests that approximately a third of all of the visitors that hit your homepage abandon the site without ever browsing through your inventory of products. On the bright side though, once a shopper clicks to view a product, you increase the likelihood of closing the sale.”
The full report is available here.