Conjura launches Daily Benchmarks for eCommerce businesses
With daily updates from Conjura’s optimized eCommerce Benchmarking tool, businesses can focus their attention on competitive gaps and extend their advantages
DUBLIN, IRELAND, October 6, 2022 /EINPresswire.com/ — Conjura, the leading eCommerce data analytics company, announced today that its eCommerce Benchmarking tool has a new feature that will enable businesses to access and leverage industry benchmark data on a daily basis. The feature will allow businesses to collect and analyze daily eCommerce analytics and benchmarking metrics and transform them into realized impacts as quickly as 24 hours – empowering them to make ad hoc adjustments and evolve quickly to meet the needs of a continually changing market.
Given the current state of the economy, many businesses have had to choose between taking a margin hit or passing these costs along to consumers through inflated retail prices. And while the eCommerce market has stayed strong and showed growth by $22B in 2021 and $32B since 2020, according to Adobe’s 2021 Digital Economy Index, this is in large part due to higher retail prices rather than more online purchases. To stay competitive despite market turmoil and the rise of more cost-conscious consumers, eCommerce brands must be strategic and find creative ways to differentiate themselves from the competition.
“It’s critical for eCommerce businesses to view and benchmark their performance on a day-to-day basis in order to continually make strategic adjustments and remain competitive,” said Fran Quilty, Co-founder & CEO of Conjura. “This is especially true during major sales events like Black Friday and leading up to holidays like Christmas and New Year’s when consumers are actively searching for products and businesses are tasked with bringing their A-game, every day, in order to stand out from the crowd. Conjura’s eCommerce Benchmarking tool, soon to be available with daily updates, allows eCommerce businesses to continually put their performance in market context and keep their finger on the pulse of competition.”
Conjura’s benchmarking tool enables brands to access all of their performance metrics and benchmarks in one simple, intuitive view. Brands can deploy the tool in minutes and filter their dashboard searches by region, vertical, average selling price, revenue rank, and more to reveal instant competitive insights that show how their businesses stack up against industry benchmarks. With this critical, on-demand information, brands are better equipped to understand market trends, validate their strategies, and uncover potential gaps.
Here are some key eCommerce trends extrapolated from Conjura’s industry benchmark data over the first ten months of 2022:
– The importance of the Black Friday week (i.e. Cyber Week) is growing every year, with the weeks leading up to it and following it, driving less revenue than in previous years.
– It has been a tough year for UK eCommerce businesses with every month down in revenue year-on-year (YoY), for the average business.
– UK eCommerce traffic has been up YoY, across all months of 2022 but this has not translated into growth in revenue.
– US Direct-to-Consumer (D2C) businesses continued to experience growth in 2022 – averaging up 14.5% year-to-date (YTD) vs. 2021-, although this growth is lower than the 2021 growth vs. 2020, which was 31%.
– 2022 has been a tough year for the Home and Garden vertical, with every month outside of August averaging a decline in growth compared to 2021.
– Health, Beauty and Fashion businesses on average have grown in 2022, although each vertical has seen slower growth than in 2021.
– In the US, paid search shopping Customer Acquisition Cost (CAC) has increased steadily since July 2021. The trend has been different in the UK, where paid search shopping CAC declined in Q2 and Q3 2022.
– The opposite is true for paid social (Facebook and Instagram). CAC in the US is down YoY for Q2,Q3 2022; CAC in the UK continues to increase in 2022, as it did in Q3,Q4 2021.
To start your journey with Conjura and benchmark for free, visit: https://conjura.com/solutions/e-commerce-benchmarking/
About Conjura
Conjura is pioneering the next generation of e-commerce data analytics, harnessing advanced AI to equip businesses of all sizes with enhanced visibility over their entire business operations. The Conjura platform helps businesses integrate, benchmark and action their data to unlock growth opportunities.
Conjura was founded in Ireland in 2018 and supports leading high-growth e-commerce brands across multiple sectors. For more information visit: https://conjura.com/.
Francesca Pezzoli
Conjura
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