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New data from Monetate reveals 75 percent of all purchases are made within first 60 minutes
PHILADELPHIA, Pa. – Monetate, the leading provider of multi-channel personalization to the world’s best retail brands, announced today the release of its latest global Ecommerce Quarterly report (EQ3 2014). The new report reveals that retailers have a 60-minute window to capture a website visitor’s attention. Within that timeframe, nearly 75 percent of consumers visit a site, decide what to buy and complete the checkout process – and if they don’t, they will likely move on. In the report, Monetate breaks down these critical first 60 minutes and offers retailers actionable insights to help speed up conversions.
Within the first minute of an online shopping session, brands lose 30 percent of their site visitors. All bounces occur within “minute zero,” creating an opportunity in this brief window for marketers to boost performance and more directly drive visitors to the items they’re looking for. EQ3 2014 also revealed that, during this timeframe, 77 percent of consumers are in product discovery mode; 18.9 percent visit product detail pages; 4 percent place an item in their shopping carts; and 0.01 percent make a purchase. Personalizing each initial experience based on the visitor’s likely intent can reduce bounce rates markedly.
Most shoppers who convert visit a site with a focused intent. Nearly 52 percent of all purchases are made in the first 15 minutes of a shopping session, with the majority occurring between the fifth and eighth minutes. During these first 15 minutes, 65.5 percent of consumers are in product discovery mode; 26.5 percent visit a product detail page; 7.7 percent place an item in their shopping carts; and 0.22 percent make a purchase.
"The path and pace of a visitor’s journey to purchase are the story elements in a marketer’s success,” said Lucinda Duncalfe, CEO, Monetate. “This latest edition of our Ecommerce Quarterly takes an in-depth look at how customers behave on-site, in what time frames. Our enormous dataset enables us to provide ecommerce professionals with the best advice to convert the most customers possible, now."
The middle 30 minutes of the hour-long window reveal a dwindling number of site visitors. At this point in an average shopping session, a visitor has either left the site, made a purchase or is a dedicated browser. Though fewer, the remaining visitors convert at a higher rate, relative to the general visitor population, than at any other time – 0.62 percent during minutes 16-30 and 0.66 percent from minutes 31-45. A marketer’s tactics at this stage should be very different than in the earlier stages when visitors were less motivated.
At the 45-minute mark, 68 percent of all purchases have been made. Meanwhile, minutes 46-60 deliver another 6 percent of converting shoppers – the final bulk before shopping tapers off entirely. Toward the end of the first hour of a shopper’s session, the motivation to buy begins to wane. In fact, following the first hour, ecommerce companies earn just 14 percent of their customers. Because conversion performance continues to fall off after the 60-minute mark, checkout page optimization becomes increasingly important. Marketers must eliminate distractions and reduce friction in the customers path to purchase.
Download the full EQ3 2014 report for additional insights into this crucial first 60 minutes and additional benchmark data for key ecommerce KPIs.
The EQ analyzes a random sample of more than 7 billion online shopping experiences using “same store” data across each calendar quarter. Averages throughout the EQ are calculated across the entire sample. Key performance indicators, such as average order value and conversion rate, vary by industry and market type. These averages are published only to support the analysis in each release of the EQ, and are not intended to be benchmarks for any ecommerce business.
Monetate, the global leader in personalization software for consumer-facing brands, enables marketers to create truly individual experiences that surprise and delight every customer, increasing engagement and improving performance.
Monetate’s approach to personalization starts with the understanding that each individual is unique, and instantly chooses the best interaction for each one. Unlike testing, which identifies the best choice for everyone, or segmentation, which defines the best choice for a group of people, Monetate’s 1-to-1 personalization engine reflects the full diversity of human beings and creates an experience for each one, in each moment.
In order to deliver true 1-to-1 experiences, Monetate’s platform is:
Founded in 2008, with offices in the U.S. and Europe, Monetate is used by leading brands around the world and influences billions of dollars in revenue every year for QVC, Newegg Inc., J. Crew Group Inc., The North Face, and hundreds of other market leaders.