HARDWARE & HOME IMPROVEMENT

ONLINE HARDWARE STORE & HOME IMPROVEMENT ECOMMERCE

Average hardware and home improvement sales grew in 2022

Online hardware and home improvement sales slowed slightly in 2022. The median conversion rate dipped a bit, from 3.3% in 2021 to 3.2% in 2022. Median monthly unique visitors nearly halved in the same period, from more than 700,000 in 2021 to 397,899 in 2022. That’s a 41% decline year over year.

Consumers who did visit home improvement websites spent more, though. Median average ticket grew about 10%, from $279 to $307.

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Online sales grew by over $5 billion

Online sales from all 83 category retailers in the Digital Commerce 360 Top 1000 reached $59 billion in 2022, an increase of about $5 billion from 2021. Those sales made up 11.2% of total combined in-store and online sales in the category. Penetration was up slightly from 10.8% the previous year.

The top 5 retailers in the category stayed the same, but top 20 rankings switched as Lowe’s moved from No. 11 to No. 12 in the Top 1000. Lowe’s was overtaken by W.W. Grainger Inc., which had the highest web sales growth of the 5 retailers in 2022 at 20.9%.

Online sales in home improvement and hardware grew faster than total sales for the category, despite fewer monthly online visitors. Total sales grew 6.3% in 2022, while online sales grew 9.7%.

Home improvement sales shifted to the oldest and youngest shoppers

Though home improvement online sales are spread across age demographics, they gained traction with some demographics in 2022.

The oldest and youngest consumers both gained share of online home improvement shoppers in 2022. Consumers 65 or older grew their share of shoppers by 1.9%, and 18-24-year-olds grew 1.6%. Middle-aged consumers made up fewer home improvement shoppers, with the greatest change at a 3% decrease for shoppers 35 to 44 years old.

Source: Digital Commerce 360 1. Digital Commerce 360 analysis of SimilarWeb traffic data. 2. Includes only U.S. sales from the sites of U.S.-owned retailers for consistency with the U.S. Department of Commerce’s methodology. 3. Digital Commerce 360 analysis of U.S. Department of Commerce retail data. 4. Medians won’t sum to 100%