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Understanding the Mixpanel 2023 Report for E-Commerce

On 15 Feb, 2024
By Rajesh Chokhani
With 0 Comments

Even though it’s mid-February of 2024, it’s never too late to dive into insights from the past year. Today, we’re going to unpack the Mixpanel 2023 benchmark annual report, which offers some invaluable data points for the world of E-Commerce.

At THINGS, we’re avid users of Mixpanel for its deep insights into user behavior, alongside other analytics tools like Google Tag Manager, Google Analytics, and Microsoft Clarity. Let’s delve into the highlights of the Mixpanel report:

Acquisition – MoM Growth: In 2023, the average month-to-month growth in active users was 3.5%, with a remarkable 7.5% growth rate for top performers.

Retention: Unfortunately, the percentage of users returning after one week dropped from 39% in 2022 to 22% in 2023, indicating fiercer competition.

Engagement – Stickiness: E-commerce platforms boasted an average stickiness rate of 29%, reflecting how frequently users return to the platform. Stickiness is measured as the ratio of Daily active users / Monthly active users (DAU/MAU).

Depth of Engagement: Users performed an average of 212 key actions per user in 2023, highlighting the active nature of E-Commerce interactions.

Engagement Throughout the Week: Saturdays saw the highest engagement, closely followed by Fridays and Sundays.

Mobile Vs. Desktop – Users tend to spend more time engaged on mobile platforms, with an average session duration of 11.4 minutes compared to 9.9 minutes on desktop. The top 10% of engagements (P90) saw users spending up to 30.5 minutes on mobile platforms and 25.6 minutes on desktop.

Conversion: Paid ads yielded a higher average conversion rate (7%) compared to organic search, social, and email channels (5.9%).

This is just a glimpse into the insights provided by the Mixpanel report. It underscores the dynamic nature of E-Commerce and the importance of adapting strategies to changing trends.

Feel free to explore the complete Mixpanel report here for a deeper dive into the data. Here’s to leveraging data-driven insights for smarter marketing decisions in 2024 and beyond!

Cheers! Share your thoughts in the comments below.

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