How to Calculate Your Sale Conversion Rate
by Niki McMorrough, Director, Made by Niki.
Online lingerie sales are growing, is your website growing your sales or letting you down? One way to tell if you’re on track is to look at your conversion rate. Is it increasing or declining? Is your conversion rate as high as it should be? Do you even know what ‘conversion rate’ is?
Here at the Lingerie Journal, we’ve decided to try and help you, and the industry at large, to answer these questions.
What is sale conversion rate?
It’s the number of online orders you get, compared to the number of visitors to your website in a given period. For instance, if 1 in 100 visitors places an order, that’s a 1% conversion rate.
What should my conversion rate be?
We know that over the last 2 years, average online conversion rate has increased from 2% to 3%. We also know that ‘fashion apparel’ has a higher than average conversion rate, at 3.9%. But we don’t know what is the average ‘lingerie apparel’ sale conversion rate. Selling lingerie has special nuances that could affect conversion rate, such as fitting, size stocks, and intimacy. With a little help from you, we are going to find out what the average ‘lingerie apparel’ sale conversion % should be.
How does it work?
The information you enter into this tool will remain confidential, no-one else will find out what your conversion rate is, but everyone will find out what is the average conversion rate from all the businesses who used this tool.
Enter your average monthly unique visitors. This is the number of people who’ve visited your site in a month, regardless of whether they’ve visited you more than once. You can get this from Google Analytics.
Enter your number of completed orders for the same period. It’s important that you enter number of orders and NOT value of orders. And it’s important that you use the same time period that you used for step one. For instance:
– if you took an average monthly visitor value over a whole year, then use your average quantity of monthly orders over the same year.
– If you just took your unique visitors for February, then take your number of orders for February alone.
Press submit, and discover your website’s sale conversion rate versus the average industry %, collated from everyone else who has used this tool. Don’t forget to check back here later, as the more people who use the tool over time, the more robust the data will be.