What’s the average conversion rate for online-only vs multi-channel retailers? The client was asking us, "could we optimize our search and social campaigns to reduce bounce rate? As a result of this meeting, we said, "You know, we need a really scientific answer to that question about any of the website engagement metrics or any of the website channels and their influence on conversion." The metric with the strongest correlation to conversions: Number of sessions per user We've just released the 2019 E-Commerce KPI Report, and we have a standout finding, probably the strongest correlation we've ever seen between a website engagement metric and a website conversion metric. But if you can isolate the engagement metrics which deliver, which are the money-making metrics, then you can be much more intelligent about how you create digital marketing campaigns. The strongest correlation we've ever seen in this study is number of sessions per user, and the metric simply tells us on average how many times did your users visit your website. So I'm going to go to Google first, and I'm going to search for swimming holidays in Ireland. Then I'm going to spend a bit more time consuming their content and reading their book. I go to the swim where I can meet the tour guides. If you found that interesting, I'd urge you to go read the full report today.
The latest Wolfgang E-Commerce Report is now live. This study gives a comprehensive view of the state of digital marketing in retail and travel, allowing digital marketers to benchmark their 2018 performance and plan their 2019 strategy.
The study analyzes over 250 million website sessions and more than €500 million in online revenue. Google Analytics, new Facebook Analytics reports, and online surveys are used to glean insights.
Revenue volume correlations
One of the unique features of the study is its conversion correlation. All website metrics featured in the study are correlated with conversion success to reveal what the most successful websites do differently.
This year we’ve uncovered our strongest success correlation ever at 0.67! Just to give that figure context: normally, 0.2 is worth talking about and 0.3 is noteworthy. Not only is this correlation with success very strong, the insight itself is highly actionable and can become a pillar of your digital marketing strategy.
These are the top factors that correlated with revenue volume. You can see the other correlations in the full study.
- Average pages per session (.37)
- Average session length (.49)
- Conversion rate by users (.41)
- Number of sessions per user (.67)
- Percentage of sessions from paid search (.25)
Average website engagement metrics
| Number of sessions per user | Average pages per session | Average session duration | Bounce rate | Average page load time | Average server response time | |
|---|---|---|---|---|---|---|
| Retail | 1.58 | 6 | 3min 18sec | 38.04% | 6.84 | 1.02 |
| Multi-channel | 1.51 | 6 | 3min 17sec | 35.27% | 6.83 | 1.08 |
| Online-only | 1.52 | 5 | 3min 14sec | 43.80% | 6.84 | 0.89 |
| Travel | 1.57 | 3 | 2min 34sec | 44.14% | 6.76 | 0.94 |
| Overall | 1.58 | 5 | 3min 1sec | 41.26% | 6.80 | 0.97 |
Above are the average website engagement metrics. You can see the average number of sessions per user is very low at 1.5 over 12 months. Anything a digital marketer can do to get this to 2, to 3, and to 4 makes for about the best digital marketing they can do.
At Wolfgang Digital, we’ve been witnessing this phenomenon at a micro-level for some time now. Many of our most successful campaigns of late have been focused on presenting the user with an evolving message which matures with each interaction across multiple media touchpoints.
Click through to the Wolfgang E-Commerce KPI Report in full to uncover dozens more insights, including:
- Is a social media engagement more valuable than a website visit?
- What’s the true value of a share?
- What’s the average conversion rate for online-only vs multi-channel retailers?
- What’s the average order value for a hotel vs. tour operator?
Video Transcript
Today I want to talk to you about the most important online consumer trend in 2018. The story starts in a client meeting about four years ago, and we were meeting with a travel client. We got into a discussion about bounce rate and its implication on conversion rate. The client was asking us, “could we optimize our search and social campaigns to reduce bounce rate?”, which is a perfectly valid question.
But we were wondering: Will we lower the…
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