Facebook is one of the biggest paid social platforms for retail advertisers. With a reported 1.85 billion active daily users in Q4 2020, Facebook holds a world of opportunity for retailers of all verticals and sizes. Unlocking that opportunity starts with understanding Facebook benchmarks specific to their business.
In the 2021 Benchmarks Report, we looked at how retail marketers performed on Facebook and Instagram Advertising over the last 24 months. Use these findings to benchmark your own business’s performance and identify areas where you are succeeding and where you can improve.
The Facebook benchmarks below are just a snapshot of what’s covered in the full report. Access the complete 2021 Benchmarks Report to view more vertical- and spend-specific data that matters to you.
ROAS & CPCs Are Key Facebook Benchmarks
Facebook is historically a high engagement platform. This was again the case in 2020 as the average conversion rate in the channel was 6.57%. Take note of the ROAS growth across the channel, too. ROAS increased 29% year over year, largely due to several verticals being positively impacted by the COVID-19 pandemic. Verticals like Mass Merchant and House & Home saw ROAS grow 372% and 202%, respectively, likely seeing more return from at-home shoppers under quarantine restrictions.
When looking at other KPIs, the average Facebook CPC in 2020 was $0.57. That marks an 18% dip year over year.
Higher Instagram Conversion Rate
Instagram may own higher CPCs than Facebook, but the platform typically has higher conversion rates. The average Instagram CVR in 2020 was 8.07%, the highest among the five platforms analyzed in the 2021 Benchmarks Report. That marks a 6% year-over-year increase from 2019.
Retailers can credit verticals like house & home, automotive parts & accessories, and toys & hobbies for the tick up in conversion rates in 2020. Additionally, these three verticals also saw a spike in ROAS and AOV year over year, indicating retailers saw strong return for their investment throughout the year.
Get More Facebook Benchmarks for Retail
Want more Facebook benchmarks like this? Access our complete 2021 Benchmarks Report now. In this year’s report, you’ll find:
- Vertical-specific data for Facebook, Instagram, Google Shopping, Google paid search, and Amazon
- Performance by monthly ad spend in all five platforms
- Monthly KPIs for each platform, including CPC, CVR, CTR, ROAS, AOV, and CPA