Conversion Rate Benchmarks by Industry 2024
In 2024, conversion rates vary significantly across industries, reflecting the differences in customer behavior, product types, and decision-making processes. Here’s a snapshot of the average conversion rates for various industries:
B2B SaaS: 1.1%
Legal Services: 7.4% (the highest in B2B)
Manufacturing: 2.1%
Construction: 1.9%
Biotech: 1.8%
For B2C sectors, where purchase decisions are typically quicker, conversion rates are generally higher:
Food & Beverage: 5.96% (the highest across all sectors)
Multi-Brand Retail: 4.78%
Beauty & Personal Care: 4.54%
Fashion and Apparel: 3.27%
Home & Furniture: 0.95% (the lowest in B2C) First Page Sage Oberlo Speed Commerce.
Detailed Conversion Rate Breakdown by Industry
Conversion rates are one of the most important metrics to assess the performance of online campaigns. Below is a more detailed breakdown of average conversion rates across different industries:
B2B Conversion Rates (2024)
B2B SaaS: 1.1%
Biotech: 1.8%
Construction: 1.9%
Legal Services: 7.4% (highest among B2B sectors)
Financial Services: 1.9%
Manufacturing: 2.1%
IT & Managed Services: 1.5%
The B2B SaaS sector tends to have lower conversion rates due to longer sales cycles and the higher complexity of products. On the other hand, Legal Services sees high conversion rates because clients often come with strong intent to secure legal support First Page Sage Invesp.
B2C Conversion Rates (2024)
Food & Beverage: 5.96% (highest among B2C sectors)
Multi-Brand Retail: 4.78%
Beauty & Personal Care: 4.54%
Pet Care & Veterinary Services: 3.42%
Fashion and Apparel: 3.27%
Home & Furniture: 0.95% (lowest in B2C)
Luxury Goods: 1.24%
The Food & Beverage sector performs well due to the growing comfort of consumers with online grocery shopping. On the other end of the spectrum, Luxury Goods and Home & Furniture have lower conversion rates due to the higher consideration time required for big-ticket purchases Speed Commerce Oberlo.
Key Factors Impacting Conversion Rates
Several factors influence conversion rates, including traffic sources, pricing, and user engagement:
Traffic Sources: Websites that gain traffic through social media or existing customers often see higher conversion rates than those relying on ads or blogs, which attract first-time visitors less likely to convert immediately Speed Commerce.
Product Pricing: Conversion rates are typically lower for high-value items, which require more time and consideration. In contrast, low-cost or impulse-buy products have higher conversion rates Invesp.
Visitor Engagement: Higher engagement, such as viewing multiple product pages or spending more time on the site, tends to lead to higher conversion rates. Additionally, websites with a seamless user experience and fast load times also tend to convert better Speed Commerce.
Conversion Rates by Marketing Channel
Different marketing channels can yield varying conversion rates. Here are some benchmarks for 2024:
Email Marketing: 2.8% for B2C, 2.4% for B2B
Paid Search (Google Ads): 4.8% on average, with variation by industry from 1.8% (IT & Managed Services) to 6.5% (HVAC)
Organic SEO: 2.1% for B2C, 2.6% for B2B
Social Media: Facebook conversion rates can be as high as 9.21%, especially for sectors like fitness, while Pinterest averages around 1.16% First Page Sage Invesp Oberlo.
The conversion rate benchmarks for 2024 highlight how performance varies across industries, with B2C sectors such as Food & Beverage and Beauty & Personal Care outperforming B2B sectors like SaaS. However, each sector has unique challenges and opportunities, making it essential for businesses to compare their performance against industry-specific benchmarks. Leveraging these benchmarks allows businesses to refine their marketing strategies and optimize their conversion funnels for maximum success.
