Add-to-Cart Rate: The add-to-cart rate has experienced a YoY growth, particularly notable between 2021 and 2022 with an increase of approximately 13.68%, and from 2022 to 2023 at 11.11%. This, combined with a CAGR of 7.72%, suggests that consumers are increasingly willing to engage with online platforms and consider purchases, highlighting successful enhancements in user interface and product offerings.
Average Order Value (AOV): The AOV reflects a YoY increase, with a peak growth of 5.49% from 2020 to 2021, though a slight decline of -4.54% from 2021 to 2022, followed by a rebound of 5.45% in the subsequent year. The overall CAGR stands at 2.02%, indicating a healthy trend in consumer spending.
Cart Abandonment Rate: The cart abandonment rate has seen a rising trend YoY, with a significant spike of 16.90% from 2021 to 2022 and a further increase of 15.66% into 2023. This suggests a key area for improvement, despite a substantial CAGR of 10.58%, pointing towards the need for a more streamlined checkout process and a better overall shopping experience.
Conversion Rate: The conversion rate has remained constant YoY, with no change reported, resulting in a CAGR of 0%. This stagnation indicates potential for businesses to explore new conversion optimization strategies to convert visits into sales.
Discount Rate: There has been a consistent increase in the discount rate YoY, with the highest jump of 4.68% from 2021 to 2022, and a modest increase of 0.56% in the following year, leading to a CAGR of 2.53%. This demonstrates a strategic deployment of discounts to drive consumer purchases, which requires careful monitoring to sustain profitability.
Return Rate: The return rate has witnessed minor YoY variations, with a slight increase of 1.95% from 2020 to 2021 and a decrease of -3.18% from 2021 to 2022, before increasing again by 4.61% the following year. The overall CAGR is 1.07%, indicating that while return rates are relatively stable, there is room for improvement in matching products to consumer expectations and satisfaction.