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Industry benchmarks - beyond numbers
Our analytics tools make it easy to measure your performance by the numbers. Our benchmarks add another layer by going beyond the numbers to tell you exactly how you’re performing compared to stores just like yours.
In this article, you’ll learn about our methods for collecting benchmarks, how we calculate benchmark scores, and how to improve your scores.
Benchmarks currently appear in analytics for SMS campaigns, and will soon appear in additional analytics pages.
Our intuitive scoring system shows you exactly how you’re doing. Our benchmarks, provided for CTR (clickthrough rate), CVR (conversion rate), and unsubscribe rate are represented by the following grades:
- Excellent - Your performance is top-class and much higher than average
- Good - You’re performing slightly better than stores like yours
- Average - You’re performance is similar to that of stores like yours
- Poor - You’re underperforming and should take action to improve your score
How we score
Your performance is compared to stores similar to yours. We group stores into clusters with similar characteristics to your store, starting with their order volume. In addition, clusters are defined by their industry (such as “Sports & Outdoors”), product catalog, purchase behavior, etc.
We base our data on results for the equivalent quarter from the previous year, and then we normalize the data based on current market and revenue trends.
Our scores represent percentage brackets above and below the averages. These brackets change in size depending on the metric, the size of your store, fluctuations due to special events (such as holidays and Black Friday), and additional considerations.
How to improve your scores
Depending on the metric, there are different ways to improve your scores. Here are just a few examples.
The clickthrough rate tells us how many customers clicked on a message. This helps us understand the SMS content's effectiveness, including its copy and links.
To improve the CTR of a campaign, you can:
SMS & email
- Personalize your messages with warm greetings. Add a personal touch by adding your customer's first name to your opening line.
- Be brief and straightforward. Tell customers what it’s all about - a flash sale, free shipping, etc.
- Send customers directly to the target page, such as your store's signup or promotion page, rather than your homepage.
- Add some urgency. Examples: ‘Sale ends soon’, ‘Hurry, sale for limited time only’. Don’t forget to include discounts.
- Segment your target audience based on behavior or other descriptive features instead of sending the same campaign to everyone. This personalized offer will make them more interested in clicking on your link.
- Add visuals by including images or animated GIFs (available as MMS in some countries).
- Include multiple links and keywords. You can add call-to-action links and keywords to increase engagement and offer more options to your customers.
- Add more links but don’t go overboard. Add links to various places in your promotion to make it easier for the customer to find and access them, such as to the top and bottom of the email.
- Make links stand out. Create links that are prominent in the email. Use buttons that stand out rather than text links.
The conversion rate tells us how many customers completed the sales funnel by purchasing a product or service. To improve the CVR of a campaign, you can:
- Send customers directly to your offer with direct links. Don’t make them click around.
- Include more than one offer in a single message
- Make sure your landing pages are mobile-friendly
- Include discounts and free shipping for a limited time only to drive revenue
The unsubscribe rate tells us how many customers opted out of marketing messages. To reduce the unsubscribe rate of a campaign, you can:
- Don’t spam the user with too many messages
- Keep your content relevant and to the point
- Use segments to target the right customers at the right time