impact.com has released its 2025 Industry Benchmark Report, analysing performance data from more than 2,300 US retail brands. The findings reveal a clear shift in consumer behaviour: shoppers are researching more than ever before, converting less frequently, and spending more when they do complete a purchase.
The data shows clicks increased 2% year on year, while transactions declined 5% and conversion rates fell 6%, signalling longer and more comparison-led paths to purchase. At the same time, average order value rose 4%, from $118 to $123, driven by shoppers adding 8% more items per order, even as overall transactions dropped.
November emerged as a major research moment. Clicks surged 45% year on year, yet transactions were nearly flat, down 1%, and conversion rates reached their lowest point of the year. The pattern suggests consumers are spending more time browsing and validating their choices before committing to purchase.
Brands are also investing more heavily to remain visible during these extended consideration phases. Overall spend rose 1% year on year, despite consumer spend dipping 1%. Non-commission costs, including placements and bonuses, increased 3%, reflecting intensified competition during high-research periods.
Taken together, the data points to a structural change in the purchase journey. Consumers are increasingly turning to partners, from publishers to creators, to research deals, compare options, and build confidence before buying. This results in a longer discovery phase followed by compressed, high-intent purchasing windows such as Black Friday and Cyber Monday.
For brands, the implications are significant. Marketing budgets must become more flexible, adapting to research-heavy moments rather than focusing solely on conversion peaks. Performance models should recognise influence across the full funnel, not just last-click conversions. Success metrics may also need to evolve beyond transaction volume, placing greater emphasis on order value and the impact of individual partners.
Cristy Garcia, CMO at impact.com, commented: “We’re not seeing consumers pull back – we’re seeing them slow down and get smarter and more intentional. Shoppers are spending more time researching across creators, publishers, and deal partners, then moving quickly once they’re confident in the value. The brands performing best are the ones showing up earlier in that journey and recognizing the partners that influence decisions, not just the moment of conversion.”
The full report and its insights are available here.
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