Struggling to improve your conversion rate?
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Retailers continually grapple with the quest for an optimal conversion rate. IMRG, the UK's eCommerce association, unravels the complexities surrounding industry conversion rates. Join us as we explore the revelations and insights shared during this eCommerce Expo session, providing a clearer understanding of the dynamics that mould the landscape of online retail conversions.
A Data-Driven Exploration
IMRG commenced the session by presenting a comprehensive analysis of online conversion rates across various industries. This data-driven approach laid the foundation for understanding the nuanced challenges faced by retailers in the digital realm.
Peaks and Valleys
Highlighting the impact of major retail events, IMRG showcased spikes in conversion rates during key periods such as Black Friday and Christmas. These peaks served as crucial benchmarks, illustrating the potential for heightened consumer engagement during specific seasons.
Navigating the Cost of Living Crisis
The session ventured into the aftermath of the cost of living crisis that unfolded in early 2022. In the wake of a pandemic-driven decline, overall conversion rates plateaued, presenting a landscape where retailers grappled with the dual challenge of economic uncertainties and changing consumer behaviours.
Sector-Specific Insights
Diving into sector-specific nuances, IMRG unveiled that gifts and health/beauty retailers boasted the highest conversion rates, underscoring the consumer affinity for these categories. Conversely, the home and garden sector faced challenges in translating visits into conversions.
Budget Retailers Rise
In a fascinating turn of events, IMRG shed light on the resurgence of budget retailers. As consumers tightened their belts in response to economic shifts, budget retailers experienced a growth in conversion rates, showcasing the adaptability of consumer behaviour in the face of financial constraints.
Benchmarking and Shared Struggles
IMRG provided benchmarking insights, offering a comparative lens for retailers to assess their performance. However, a notable point was made – everyone in the industry was grappling with conversion challenges. This shared struggle underscored the complexity of the eCommerce landscape and the universality of the quest for improved conversion rates.
Watch the Full Session
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