If you run an online store, you likely look at metrics like sales, traffic, and conversion rates on a regular basis. But how do you know if your numbers are good or bad? This is where ecommerce benchmarks come in handy.
Ecommerce benchmarks are performance indicators and metrics that are typical for online retail businesses. They allow you to measure your store’s success in various areas against pre-established industry standards.
Ecommerce benchmarks may be derived from third-party research reports. However, these are often expensive and hard to get. Proprietary tools like Varos have data from over 4000 thousands of companies for you to review. Our platform allows you to filter by industry, business size, and more.
The key is that they provide standardized data points for comparison rather than just looking at your raw metrics in isolation. Knowing where you stand against benchmarks reveals problem areas and opportunities for improvement. It also helps you set realistic goals tailored to your vertical, size, and business model.
Ecommerce benchmarks are invaluable for online retailers because they:
In summary, ecommerce benchmarks make your key metrics infinitely more valuable by adding context. You gain visibility into customer behavior and pinpoint weak spots. It allows you to set smart goals, enhance decision-making, and keep pace with competitors.
Now let’s explore some of the most critical ecommerce benchmarks online retailers should be monitoring.
Dozens of ecommerce benchmarks could provide value to your business. But unless you’re Amazon or Walmart, tracking them all will prove overwhelming.
Focus on a select group of metrics aligned with your current business objectives and growth areas. Here are some of the most useful ecommerce benchmarks to consider across four categories:
These metrics indicate how well you’re driving traffic and capturing attention:
Key indicators of sales performance and profitability:
Metrics revealing buyer loyalty, retention, and satisfaction:
Data showing how you’re performing across acquisition channels:
Performance metrics tied to site operations and infrastructure:
Which of these ecommerce benchmarks you focus on will depend on your current business goals and needs. But tracking the right metrics against industry data is a proven way to boost sales, retention, and growth.
Now that you know why ecommerce benchmarking matters, let’s discuss how to put this powerful tactic into practice:
With so many ecommerce metrics and KPIs to choose from, focus on benchmarks that matter most for your business goals and growth areas. Track too many, and you’ll get lost in the noise.
Use tools like Varos to find benchmark data filtered for your product category, business size, location, and model. Comparing yourself to the broader market won’t provide an accurate picture.
Stack your metrics up against corresponding benchmarks to identify gaps. Calculate variances and percentages to quantify how far above or below the standard you stand.
Don’t just compare numbers at face value. Dig into why benchmarks differ, examining factors like your product type, digital maturity, and marketing strategies.
Let insights uncovered from benchmarking shape your goals and drive website updates, campaign optimizations, and process improvements.
Thanks to ecommerce benchmarks, you no longer have to second-guess your website’s performance. Benchmarks add much-needed context, helping you set goals tailored to your business and empowering data-driven optimization.
Don’t leave growth and success to chance. Join thousands of online retailers who embrace benchmarking to drive results. With tools like Varos making benchmark data quick and easy to access, there’s no reason not to put this tactic to work for your ecommerce business.
Book a demo today to give it a try.
About the Author
Sarah Clowes-Walker
Head of Marketing at Varos
