From our experience a new B2B ecommerce company might see conversion rates of around 1% to 2%, with desktop significantly outperforming mobile. For well-established online B2B business, conversion rates can be 6% to 8%, with desktop conversion rates (8% to 9%) being higher than mobile (2% to 3%).
Many companies use their ecommerce conversion rate as an important performance measurement and invest in conversion rate optimisation to improve their overall business success.
However, are conversion rates really what they appear to be?
B2B ecommerce is a complex process, so it’s not surprising that there’s more to conversion rates than the simple proportion of visitors to your ecommerce site who buy products or services.
We thought it would be interesting to take a look at some of the ideas that are influencing B2B thinking about conversion rates in 2018.
It’s important to set the right objectives. You might be looking for quality online leads to pass on to your sales team or for direct online sales.
You might want to track the leads you generate to see which ones finally make purchases. Will you treat this as one or two different conversion rates? (the lead and/or the sale).
If you choose to treat the sale as your measurement, what will that tell you about your online lead generation process?
So, depending on your objectives, a conversion might not be a sale. You might want subscribers, downloads, completed online forms or a specific response to a call to action.
In general, you might choose to look at a conversion as a step in the process that builds a relationship with your current and potential buyers. To measure your results, you could put a nominal value or weight on each step.
Should you include all visitors to your site, even those who leave immediately?
One action you can take to make your conversion rate meaningful is to set criteria for the types of visitors and their actions during their journey through your site.
This might include new versus returning visitors as well as those who select specific added value content during their visit. You could set different criteria for visitors to specific campaign landing page and those who arrive on your homepage through an organic search result.
Looking across B2B ecommerce in the UK or your own business sector can lead to confusion if you don’t know the objectives behind the figures.
For example, one company might be very happy with a 2% to 3% conversion rate because they are measuring new business. Another might find this a worrying result because their figures include all their existing online customers.
Fast, reliable testing is essential if you want to improve your conversion rates and stay ahead of your competitors. However, it’s important that your theories are based on solid evidence.
Your ecommerce platform can provide you with a lot of data, but you need to turn it into useful information. Tools included on your platform should help you with this. You also need to be clear about what you want to happen when buyers visit your site so understanding their behaviour is important too.
If you would like to know more about how Cloudfy can help you improve your conversion rates, please contact one of our experts.