Tag: Digital marketing

eCommerce Benchmarks

I have been following Dynamic Yield since it was purchased by McDonald’s in March 2019. Dynamic Yield works with over 350 global brands developing online customer personalisation. The tech firm has an excellent newsletter covering marketing, data analytics, and digital personalisation. It offers several free services on its website, including case studies, a learning centre, and an eCommerce benchmarking tool. 

Dynamic Yield provides monthly eCommerce benchmark data for seven key markers. The data can help companies keep track of what is going on in their industries, identify strengths and weaknesses in their eCommerce platforms performance, and aid the creation of marketing plans. The data is aggregated from over 200 million monthly users and 300 million sessions from Dynamic Yield’s customer base.

The benchmarks and their 12-month global averages:

  1. Device Usage – % of traffic per device: 65% mobile, 32.17% desktop, and 2.83% tablet
  2. Conversion Rate – % of completed purchases by visitors: 3.21%
  3. Add-to-Cart Rate – % of items added to cart after product page view(s) by visitors: 7.16%
  4. Cart Abandonment Rate – % of items left in carts and not purchased by visitors: 70.83%
  5. Average Order Value (AOVs) – Average dollar amount per order: $130 
  6. Units per Transaction (UPTs) – Average number of products bought per order by visitors: 2.87
  7. Average Transaction per User (ATPU) – Average number of transactions made per visitor: 0.09

Each benchmark can be filtered by device, region and one of eight industries. The data is updated monthly and includes the last twelve months worth of averages for identifying trends. The Conversation rate and Cart abandonment rate KPIs also have detailed explanations, strategies for improvement, and additional resources. 

You can find Dynamic Yield’s benchmark tool on their website. 

The digital marketing funnel

Smart Insights is a digital marketing publisher and online learning platform run by Dr Dave Chaffey. Chaffey is the author of the excellent book Digital business and e-commerce management, which I studied during my Information systems and management degree. I have been reading up on digital marketing this week, and I came across one of Chaffey’s frameworks that organise and simplify modern marketing.  

Smart Insights RACE framework lays out the marketing funnel to help people plan and manage a digital marketing strategy. The framework includes; plan, reach, act, convert and engage and shows the critical measures for target setting and evaluating each stage of the marketing funnel.

The Smart Insights RACE Framework

  1. Plan: Define your goals and strategy 
  2. Reach: Grow your audience using paid, owned, and earned media
    1. Buyer stage: exploration
    2. Key measure: audience volume, audience quality, audience value and cost
  3. Act: Prompt interactions, subscribers, and leads
    1. Buyer stage: decision making
    2. Key measure: leads/lead conversion rate, time on site, subscribers/likes/shares 
  4. Convert: Achieve sales online or offline
    1. Buyer stage: purchase
    2. Key measure: sales, revenue/profit, conversion and order value
  5. Engage: Encourage repeat business
    1. Buyer stage: advocacy
    2. Key measures: repeat purchase (lifetime value), brand satisfaction and loyalty, advocacy 

Find out more about the marketing RACE planning framework on the Smart Insights website.