Econsultancy and RedEye teamed up to churn out this fantastic infographic, visualizing key data from the Fourth Annual Conversion Rate Optimization Report. Conversion Rate Optimization (CRO) is of paramount importance to online retailers regardless of industry or customer base—it’s the difference between competitive businesses and struggling ones. Before we dive in, it’s important to make the distinction between acquisition and conversion tools in the e-commerce lexicon. Plenty of organizations allocate large budgets towards allocation, and rightfully so: getting eyes on your page is a necessary first step towards any desired outcome. On average, the problem (as outlined below) is that for every $92 spend on acquisition, only $1 is spent on conversion. No wonder conversion rates are in the toilet!
Conversion Rate Optimization Statistics
Let’s pull some figures to bring clarity to the dilemma:
• The average e-commerce conversion rate in 2012 declined 3.8%, down 8.4% year over year.
• Just 29% of online retailers perform cart abandonment analysis.
• Only 40% of online retailers incorporate customer surveys and feedback in conversion optimization.
• Multivariate Testing (MVT) was rated the most difficult yet the most effective CRO method by online retailers.
With due acknowledgment to Linda Bustos at GetElastic for her coverage.