In 2022, the conversion rate is regarded as one of the key metrics for online store success, because it shows the percentage of people who bought something from you. But what is the conversion rate in 2022 in eCommerce?
Covid and eCommerce boom in 2021 shifted purchasing habits. This affected the conversion rate with many businesses going in and out of the online business.
What is a good conversion rate in 2022?
It depends on your price point, the quality of your site and user experience, quality of the traffic and the market. On average 3%-6% conversion rate is a good price point for mid-range stores. If you are running a luxury brand, a 1%-3% conversion rate is expected. Low price point stores can often score a 7%-20% conversion rate.
What is a bad conversion rate in 2022?
The eCommerce conversion rate of less than 0.1% – 0.6% would mean your store isn’t converting well. And if you go below 0.1%, it means there is something seriously wrong. Keep in mind, conversion rate DOES NOT only depends on the effectiveness of your website. We often see that poor quality products, massively overpriced products, a great number of bad reviews on Trustpilot or other sites, and a long shipping time can cause a bad conversion rate. It is important to look at the causes holistically and take appropriate measures.
What can cause a low conversion rate in 2022?
There can be a number of reasons for the low eCommerce conversion rate. Some of the most common reasons are:
- the website is difficult to use
- website is not trustworthy
- technical issues
- benefits of the product are not clear
- there is no need for such a product
- it’s too expensive compared to competitors
- product is of poor quality and has a lot of negative reviews
- shipping issue
- wrong targeting
How to increase a low conversion rate in 2022?
Once you get to the root cause of the low conversion rate, you need to create a conversion optimization plan that will tackle all the uncovered issues. Some of the fixes can be:
- improving navigation and product discoverability
- implementing trust boosters
- fixing bugs
- Improving the copy
- Matching your product to the appropriate market
- Improving product and shipping time