Benchmarking is about comparing your store’s performance against those of another businesses considered to be the best in your industry.
The goal of benchmarking is to:
Determine what improvements/fixes should be implemented and where
How the stores performs in different aspects of performance
Use these insights to enhance overall performance in a way fit for the specific strengths and weaknesses of the store
How benchmarking works in Conversific?
We gather data from your most relevant competitors (we compare apples to apples). At the time of this article is being written Conversific handles data coming from 5000+ stores.
There is 4 categories where you get compared in and you can see where each of your different KPIs stand against your competition's.
Performance indicates your performance compared to other stores's visually.
You can see the results of Top 25%, the Average and the Bottom 25%. These are calculated from all of sites' data you are benchmarked against.
1. Overall Performance
Conversion Rate is the percentage of visits which result in e-commerce transactions (sales).
Average Page Load Time is the average amount of time it takes for a page to show up on your screen.
Repeat Revenue % is the share of revenue that can be attributed to repeat customers.
Revenue Change is the ratio of total sales change compared to the last same length time period.
Visits Change is the ratio of total traffic change compared to the last same length time period.
Orders Change is the ratio of total successful transactions change compared to the last same length time period.
Cart Abandonment Rate is the ratio of the number of abandoned shopping carts compared to the number of completed purchases.
Bounce Rate is an important KPI. It is the percentage of visitors leaving your site after coming across one of your pages. It's most relevant for the value proposition of a specific page.
Average Time On Page is calculated by the average time difference between the point when a person lands on the page and when they move on to the next one.
Page Per Session is a measure of how many pieces of content (Web pages) a particular user or group of users views on a single website.
Product List Click Through Ratio is the ratio of how many people clicked on a product measured against the total number of a product being shown to visitors.
Product Page Add-To-Cart Rate is the ratio of how many people added a product to cart against the total number of a product page being visited.
Cart-To-Checkout Rate is the ratio of how many people started the checkout process against the total number of carts created.
Checkout Completion Rate is the ratio of how successfully completed transaction compared against the total number started checkout processes.
Organic Traffic is the total amount of sessions coming from organic sources.
Organic Conversion Rate is the average conversion rate of traffic coming from organic sources.
Organic Session Value is the average amount of money a single session / visit means for your site. This is a calculated metric, so you won't actually receive money after every individual visit.
It is derived from all of your revenue vs all of your sessions coming from organic sources. Let's say you had 10 000 visitors in March and you generated 5000$ in March. This means that your average session value is going to be 50 Cents. But you won't receive 50 Cents after every single visit, rather 2000 visitors won't buy anything but the 2001st is going to spend 1000$ in your store.
Paid Conversion Rate is the average conversion rate of traffic coming from paid sources.
Paid Session Value is the average session value of traffic coming from paid sources.
Social Conversion Rate is the average conversion rate of traffic coming from social sources.
Social Session Value is the average session value of traffic coming from social sources.