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An analysis of 17.3 billion marketing emails reveals that behavioral emails can achieve up to a 300.7x conversion rate compared to non-personalised emails.
MoEngagethe insights-driven cross-channel customer engagement platform trusted by more than 1,350 brands has released its flagship report, Email Benchmarks Report: Optimizing Email for 2025 and Beyond. The comprehensive report analyzes the performance of more than 17.3 billion marketing emails sent through MoEngage’s customer engagement data platform to measure the effectiveness of different levels of personalization. Brand marketers can compare their results with MoEngage data on email delivery rates, open rates, click-to-open rates (CTOR), conversion rates, and unsubscribe rates.
The Email Benchmarks Report examines three types of personalized emails—attribute-based, journey-based, and behavioral—and compares their performance to broadcast emails. The report also covers three industries: retail and e-commerce, media and entertainment, and banking and financial services (BFSI).
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The report reveals that behavioral emails lead other types of emails in overall performance across most industries. Path-based emails still performed well compared to broadcast or non-personalized emails, especially in the BFSI industry. Attribute-based emails are still better than broadcast emails, but should only be used in certain cases.
“The statistics in the MoEngage Email Benchmarks Report will help brand marketers adjust their customer engagement strategies to achieve greater success with email campaigns in 2025,” he said Ravite DoddCEO of MoEngage. “The data is clear. Regardless of the industry sector, unpersonalized and broadcast emails have no value. To create meaningful connections with customers, marketers must invest in deeply personalized emails that are segmented for the right audience and based on each customer’s behavior and previous interactions with the brand.”
Other key findings include:
- Behavioral emails perform best for the retail and e-commerce sector, achieving a staggering 60.7x conversion rate and 22.6x CTOR – the highest of any industry analysed.
- In the BFSI sector, broadcast emails have deteriorated in terms of open and unsubscribe rates compared to previous years, indicating that customers are becoming less responsive to generic content.
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- Media and Entertainment boasts the highest email deliverability rating (99.95%) as well as the highest unsubscribe rate for broadcast emails (6.35%).
- In an analysis of the best and worst months to send email campaigns, January is the best month for BFSI brands to send emails that get opens, while April is the best month to send emails that lead to conversions. This has to do with customer behavior, as January is typically when consumers focus on re-aligning their finances after the holidays, and April coincides with the end of tax season, when consumers are more likely to make money, such as opening new accounts.