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30 Conversion Rate Optimization Statistics & Facts in 2024

Conversion Rate Optimization (CRO) has been in CMOs’ agenda since the first days of internet, yet, increasing competition and mandatory shift to digital commerce due to COVID-19 pandemic made conversion rate optimization crucial for organizations.

This article is a collection of 30 Conversion rate optimization statistics from the surveys and researches.  If you want to see top CRO vendors, feel free to check out our data-driven vendor list.

In this research, you will find CRO stats about:

Why CRO matters

  • Global Conversion Rate Optimization (CRO) Software Market was valued at USD 771 Million in 2018 and is expected to witness a growth of 10% from 2019-2026 and reach USD 1,932 Million by 2026. (Verified Market Research)
  • For every $92 spent acquiring customers, only $1 is spent converting them. However, only about 22% of businesses are satisfied with their conversion rates.  (Econsultancy, Econsultancy*)
  • 57% of B2B marketers say conversion rate is the most useful metric for analyzing landing page performance. (Ascend2)
  • According to VentureBeat study (where 3,000 marketers took part in the survey), the average ROI of using CRO tools is 223%. Only 5% of participants did not generate ROI while 173 marketers said they gained returns higher than 1,000%.
  • For most websites, 26-70% of users bounce (i.e. leave the website without taking any action). (CrazyEgg)

Business Adoption

  • On average, companies are spending as much as $2,000 a month on CRO tools. (Forbes)
  • About half of businesses don’t pay significant attention to CRO
    • A majority of companies (53%) spend less than 5% of their total marketing budgets on optimization activities (Econsultancy**)
    • About half of landing pages don’t get tested to improve conversions. (Marketing  Experiments)
    • 44% of clicks for B2B companies are directed to the business’ homepage, not a special landing page (MarketingSherpa’s Landing Page Handbook)
  • B2B companies that are using landing pages, 62% have six or fewer total landing pages. (MarketingSherpa’s Landing Page Handbook)
  • A/B testing is the most popular tool for CRO. When marketers were asked which approaches they used for CRO, 58% claimed to use A/B testing and 35% plan to use A/B testing for conversion rate optimization. (Invesp)
conversion rate tactics
Source: Econsultancy

Challenges

  • According to 2020 State of Conversion Optimization Report, which highlights CRO experts’ challenges after COVID-19 pandemic, the need for better processes and buy-in from decision-makers are two biggest challenges with CRO as previous years. However, decreasing traffic due to COVID-19 has hurt some websites (eg. travel agencies).
CRO challenges based on survey results
Source: CXL
  • According to marketers, website personalization is the hardest CRO method. 79% of marketers think that website personalization is either very difficult or somehow difficult. (Econsultancy***)
cro challenges by technique
Source: Econsultancy

CRO tactics that work

  • Companies experience a 55% increase in leads when increasing their number of landing pages from 10 to 15. (Hubspot)
  • Videos on a landing page can increase conversions by up to 86%. (Eye View Digital)
  • User-generated content (UGC) can increase conversion rates by as much as 200% (Yotpo)
  • 96% of B2B marketers agree that segmentation is the most valuable method for improving conversion rates (SessionCam)
  • Landing pages with multiple offers get 266% fewer leads than single offer pages. (Wishpond)
  • Companies with mobile-optimized sites triple their chances of increasing mobile conversion rate to 5% or above. (Adobe)
  • Personalized CTAs convert 202% better than default versions. (HubSpot*)
  • Faster websites convert more. 1 second delay in website load time means a 7% reduction in conversions. (Liveseysolar)

Customer surveys on factors that impact conversion

  • Less is more. 87% of consumers say that a ‘complicated’ checkout process will make them abandon their shopping cart. (Facebook)
  • Trusted websites convert better. 17% of users have abandoned a checkout flow during the last 3 months because they “didn’t trust the site with their credit card information and respondents also state that any symbol indicating security on the checkout page can increase user trust. (Baymard Institute)

CRO tools

Analytics tools CRO experts use
Source: CXL
Testing tools pro experts
Source: CXL

CRO benchmarks

  • Conversion rate of online shoppers worldwide by device are (Statista)
    • Desktop: 3.9%
    • Tablet: 3.5%
    • Mobile: 1.8%
  • Average conversion rates for a (Wishpond*)
    • B2B landing page: 13%
    • B2C landing page: 10%
  • Referrals have the highest average conversion rate among all acquisition channels. (Marketo)
  • 3 to 4 Buyer Personas usually account for 90+% of a company’s sales. (Mark Schaefer)
  • Average completion rate of multipage forms is 14%, while that of single page forms is 4.5% when comparing forms of similar length and complexity. Multi page forms can provide larger fonts and progress bars, making it easier to fill them.  (Formstack)

If you still have questions on conversion rate optimization, feel free to read our comprehensive whitepaper on CROs.

Get CRO whitepaper

And if you are looking for CRO vendors, feel free to check our vendor list on AIMultiple.com or contact us:

Find the Right Vendors

Source: 2020 State of Conversion Optimization Report, AdobeBaymard Institute, CrazyEgg, CXLEconsultancy, Econsultancy*, Econsultancy**, Econsultancy***, Eye View Digital, FacebookForbes, FormstackHubspot, HubSpot*,  Invesp, LiveseysolarMarketingSherpa’s Landing Page Handbook, Mark SchaeferMarketo, StatistaSessionCamVerified Market Research, VentureBeatWishpond, Wishpond*Yotpo

Access Cem's 2 decades of B2B tech experience as a tech consultant, enterprise leader, startup entrepreneur & industry analyst. Leverage insights informing top Fortune 500 every month.
Cem Dilmegani
Principal Analyst
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Cem Dilmegani
Principal Analyst

Cem has been the principal analyst at AIMultiple since 2017. AIMultiple informs hundreds of thousands of businesses (as per similarWeb) including 60% of Fortune 500 every month.

Cem's work has been cited by leading global publications including Business Insider, Forbes, Washington Post, global firms like Deloitte, HPE, NGOs like World Economic Forum and supranational organizations like European Commission. You can see more reputable companies and media that referenced AIMultiple.

Throughout his career, Cem served as a tech consultant, tech buyer and tech entrepreneur. He advised businesses on their enterprise software, automation, cloud, AI / ML and other technology related decisions at McKinsey & Company and Altman Solon for more than a decade. He also published a McKinsey report on digitalization.

He led technology strategy and procurement of a telco while reporting to the CEO. He has also led commercial growth of deep tech company Hypatos that reached a 7 digit annual recurring revenue and a 9 digit valuation from 0 within 2 years. Cem's work in Hypatos was covered by leading technology publications like TechCrunch and Business Insider.

Cem regularly speaks at international technology conferences. He graduated from Bogazici University as a computer engineer and holds an MBA from Columbia Business School.

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1 Comments
Gopi
Jun 08, 2022 at 09:57

This was quite helpful. Thanks for summarizing!