Benchmarking helps improve performance and best practices. It gives businesses insight into opportunities that they are missing, and it gives them context to support their data. For software companies using e-commerce to drive conversions and revenue, knowing what works in a global context is invaluable. This context helps businesses make decisions that give them a competitive advantage, and it keeps their goals realistic. By understanding industry benchmarks, companies who sell online can test, tweak and understand what makes customers convert and what makes them abandon cart.
Your business doesn’t exist within a vacuum. You and all your competitors are trying to increase market share. In certain ways, business is a zero-sum game. Every customer that your competitor captures is one less for you. So if you can learn what your industry considers successful in terms of performance and best practices, what do you have to lose?
E-commerce Benchmark Data: Key Insights for Improving Your Online Sales Strategy
This e-commerce benchmark report from cleverbridge gleans a tremendous amount of practical advice from an insanely large database of commercial transactions. Online merchants from a vast swath of industries would do well to consider the e-commerce benchmark data presented here. It can help them expand into new regional markets and increase revenues from customers there. Show this to your boss to demonstrate that you’ve got the inside information on improving e-commerce performance for your online store.