CRO is an important part of any digital marketing strategy, as it can help businesses generate leads and sales from their existing website traffic.
Reports reveal that 22% of companies who are satisfied with their conversion rates spend a good amount of their budget doing CRO.
We understand the importance of a well-laid and financially backed CRO strategy, which is why we have curated this statistical post that will help you curate a well-converting strategy for your business smartly!
CRO Statistics 2023: Top Picks
- 79% of generated leads don’t convert into sales.
- According to 55% of marketers, finding leads that convert is one of the biggest challenges they face.
- CRO can cost 30% of your overall marketing budget.
- The average ROI of companies using CRO tools is 223%.
- Companies spend an average of nearly $2,000 every month on CRO tools.
- The average conversion rate of the paid searches is 3.2%.
- 63% of consumers will buy online from you if they’ve had a positive in-store experience.
General Conversion Rate Optimization Statistics
- 40% of the companies have no one in particular accountable for conversion rate optimization.
Meanwhile, 30% of the respondents stated that a team is in charge of optimization, and 29% said that a single dedicated person works on optimization at their place of work.
Source: VWO.
- 79% of the generated leads do not get converted into sales.
Besides, 56% of the leads generated are not ready to buy.
Source: WebFx.
Bonus: Here, we have mentioned the Best Sales Funnel Software that will streamline the sales process and boost conversion rate.
- 63% of the shoppers will buy online from you if they have experienced a positive in-store purchase.
Source: WebFx.
- 55% of the marketers reported that finding leads that convert is one of the biggest challenges in generating new leads.
Source: WebFx.
- 82% of marketers said that learning how to track and test conversion rates successfully is highly or moderately challenging.
Source: Transaction Agency.
- Post-Covid, the two biggest challenges with CRO are buy-in from decision-makers and the need for better processes.
Source: 2020 State of Conversion Optimization Report, CXL
CRO Adoption Statistics
Considering its benefits, a large number of businesses have adopted CRO strategies.
Let’s look at the share of businesses that have adopted CRO and its different techniques.
- 69% is the highest adoption rate of tools and techniques for increasing conversion rates and measuring experiences.
This number indicated that many firms have not adopted the CRO tools and techniques.
- 68% of the small businesses haven’t yet adopted CRO strategies.
- The most used content optimization tool by firms is experience testing.
64% of marketers utilize UX testing for conversion rate optimization. Meanwhile, personalization is used by 61% of marketers and 57% prefer using content testing, respectively, as a part of the CRO technique.
- 53% of companies allocate less than 5% of their marketing budget to optimization activities.
- On average, companies spend $2,000 per month on CRO tools.
- 39.6% of the companies worldwide document their CRO strategy.
- Less than 0.11% of online websites use CRO tools or run tests to optimize conversion rates.
Source: 99 firms, optimizely.com, Martech, Webfx, Invespro, Techreport, Outgrow.
How much is spent by marketers on CRO
- CRO can cost marketers almost 30% of the overall marketing budget.
- CRO tools that help manage the conversion rate and optimization can cost anywhere from $10 to $500 per month.
- On average, Companies spend nearly $2,000 a month on the CRO tools.
Besides, companies spend an average of $800 to $10,000 monthly on a CRO service agency.
- The average monthly cost of CRO tools is between $10 and $500.
However, large companies must spend an average of $2,000 monthly on CRO tools and services.
- The global market for CRO software is predicted to grow at a CAGR of 10%.
In 2018, the global market for CRO software was estimated to be worth $771 million. The market is further expected to reach $1,932 million by 2026.
- The average ROI of companies using CRO tools is 223%.
According to a survey conducted by Venture Beats, 173 marketers said they could generate returns higher than 1,000% after implementing the CRO tools.
On the other hand, 5% of participants in the same study did not even generate an ROI of 223%.
Sources: WebFx, VWO, Notify Visitors, PPC masterminds, research.ai multiple.
Average Conversion rate
- An average website conversion rate is between 2% to 5%.
The websites with a conversion rate of over 5% are considered good or above average.
However, the conversion rates may vary depending on the industry and the business.
- The top 25% of websites have conversion rates of 5.31% or higher.
Besides, the landing pages of the top 10% of websites have conversion rates of nearly 12% or higher.
- The best-performing websites are recorded to have an average conversion rate of 11%.
- The conversion rate for desktops is recorded to be 14%.
At the same time, the conversion rate for tablets and smartphones is 3.36% and 1.53% respectively.
- The average conversion rate of Facebook ads is 9.21%.
- 75% of B2B marketers find conversion rate an important metric for understanding a landing page’s performance.
- The average conversion rate of the paid searches is 3.2%.
- The highest paid search conversion rates are recorded in financial industries.
It has an average paid search conversion rate of 5.2%. Here are the conversion rates of some other industries:
- Professional services industry: 5.0%.
- Agency industry: 4.8%
- Legal industry: 4.3%.
- The lowest paid search conversion rates are recorded in the B2B services.
The B2B services have an average paid conversion rate of 0.9%. Apart from that, other industries with the lowest conversion rates are:
- B2B tech industry: 1.5%
- B2B ecommerce industry: 1.7%
- Travel industry: 1.7%
- Healthcare industry: 1.9%
- Inbound marketing can potentially increase the conversion rates for an average website by 6% to 12%.
Source: Popsmart.com, Geckoboard.
Average Conversion Rates by Industry
In this section, we will go through the average conversion rates recorded in different industries worldwide.
- B2B eCommerce has a conversion rate of around 4%.
Conversion rates vary depending on factors like Industry, Business model, Pricing, Shoppers, Marketing, Products, etc.
Here are further details about the conversion rates recorded across different industries.
- Ecommerce: 1.84% to 3.71%
- B2B: 2.23% to 4.31%
- Legal: 1.07%
- Finance: 5.01% to 11.19%
- Automotive: 2.5%
- B2B eCommerce: 4.0%
- B2B Services: 7.0%
Source: Popup Smart, Geckboard.
- The Arts and crafts market has the highest conversion rate of 3.79% in the ecommerce industry.
Besides, the conversion rate of different markets in the ecommerce industry is as follows:
| Market | Conversion Rate |
|---|---|
| Arts and crafts | 3.79% |
| Health and well-being | 3.62% |
| Pet care | 3.28% |
| Fashion clothing and accessories | 2.44% |
| Food and drink | 2.37% |
| Electrical and commercial equipment | 2.23% |
| Home accessories and giftware | 2.16% |
Sources: Scale crush, Tribe of Brands, Word Stream, Robosize, Adobe.
What Is The Average eCommerce Conversion Rate?
- The average eCommerce conversion rate is around 2.5% to 3%.
Source: Shopify.
- The fashion, accessories, and apparel sector has a conversion rate of 3.2%.
At the same time, The health and wellbeing market has an average conversion rate of 2.8%, and the luxury kitchen and home appliances market has an average conversion rate of 0.8%.
Source: VWO.
Email Conversion Rates
- The average conversion rate of email marketing is 17.75%.
- The average conversion rate for email marketing campaigns based on the number of click-through rates is 15.22%
- Emails with personalized subject lines are 22% more likely to be opened.
Besides, the emails without a subject line have an open rate of 8% higher than emails containing a subject line.
Source: Porch Media, Fit small businesses, Adoric, Constant contact, SNOV.
Landing Page Conversion Stats
- A good benchmark for a successful landing page is a conversion rate of 2% to 5%.
However, the top-performing landing pages can have an average conversion rate of
- 57% of the B2B marketers stated that conversion rate is the most useful metric in analyzing a landing page’s performance.
- The average landing page conversion rate across all industries is 9.7%.
- The e-commerce landing pages have an average conversion rate of 12.9%.
Meanwhile, the entertainment landing pages have an average conversion rate of 18.1%.
Source: HubSpot, Unbounce, SeedProd, Growth Marketing Pro.
Related Reads:
