Ecommerce Conversion Rate by Industry (2024)
One of the most important metrics all online brands need to monitor is their ecommerce conversion rate. It provides valuable insights into the performance of your digital sales and your target audience’s online shopping habits.
Even though there’s a standard figure across all online businesses, it helps to have a breakdown of the average ecommerce conversion rate by industry. This way, you’re able to better gauge your store’s performance against potential competitors and set more realistic business benchmarks and goals.
Here’s a look at the average ecommerce conversion rates sorted by industry.
Ecommerce conversion rate by industry: table
|
Industry |
Average ecommerce conversion rate (as of July 2024) |
|
Food & Beverage |
5.96% |
|
Multi-Brand Retail |
4.78% |
|
Beauty & Personal Care |
4.54% |
|
Pet Care & Veterinary Services |
3.42% |
|
Fashion, Accessories, and Apparel |
3.27% |
|
Consumer Goods |
2.93% |
|
Luxury & Jewelry |
1.24% |
|
Home & Furniture |
0.95% |
Average ecommerce conversion rate by industry
According to a recent report analyzing ecommerce conversion rate by industry, food and beverage currently has the highest rate across all sectors, at 5.96%. It is also the only industry whose ecommerce conversion rate is above 5%. The current conversion rate marks a 0.32 percentage point decrease from the previous month and is the industry’s third-lowest conversion rate in the past 12 months. The food and beverage sector’s best-performing month over the past year came in August 2023, when its conversion rate surged to as high as 7.46%.
After food and beverage, multi-brand retail is in second place. Online businesses in this sector have an average ecommerce conversion rate of 4.78%. This is followed by the beauty and personal care and pet care and veterinary services sectors, with 4.54% and 3.42%, respectively. The fashion, accessories, and apparel industry rounds out the five industries with the highest average ecommerce conversion rates, with 3.27%. As of July 2024, these five above-mentioned industries are the only ones with ecommerce conversion rates above the overall average of 3%.
Online businesses in the consumer goods industry have the sixth-highest ecommerce conversion rate, at 2.93%. Ecommerce conversion rates for stores in this sector had surged in the final two months of 2023, in line with the increased shopping activity during the holiday season. In November 2023, the average ecommerce conversion rate for these stores rose to 4.84%, before soaring upward to 5.41% in December. It’s also worth noting that ecommerce conversion rates for stores in the consumer goods sector have experienced a significant decline over the past year. In August 2023, this figure was 4.11%, which is 1.18 percentage points higher than its current rate.
The consumer goods industry is followed by ecommerce stores in the luxury and jewelry sector, with 1.24%. Home and furniture rounds out the list ranking the ecommerce conversion rate by industry, with 0.95%.