Email Marketing Benchmarks: July 2026

These are our July 2026 email marketing benchmarks: real data from 12 e-commerce brands and 5.6 million emails. The headline: the portfolio flow multiplier compressed from 25.9x to 12.4x, its sharpest one-month move in this series. Campaign revenue held flat on 20% fewer sends while flow revenue fell 27%, and both moves pulled the ratio in the same direction.

Across 12 brands and 5.63 million emails in July, the portfolio generated $646,294 in email-attributed revenue, down 13.0% from June. Campaigns drove 60.4% of email revenue, flows 39.6%. Campaign revenue was essentially flat month-over-month (+0.1% at $390,146) while flow revenue dropped 27.4% to $256,148, pushing the flow share down from 47.5% to 39.6%.

The campaign side is the efficiency story of the month: 20.1% fewer campaign recipients, yet conversion rate rose 29.4% and revenue per recipient rose 25.3%. Smaller, sharper sends earned the same money from far fewer emails. Email drove 24.9% of total store revenue, up 0.8 points from June even as total store revenue fell 16.1%. Owned revenue held up better than the stores did.

July at a Glance

Portfolio: 12 brands · 7 verticals · $646,294 total email revenue · 5.63M recipients

Revenue split: Campaigns $390,146 (60.4%) · Flows $256,148 (39.6%)

Roster note: 12 active brands this month vs. 13 in June. One Growth-tier Apparel brand left the portfolio at the end of June. All prior-month comparisons in this post are restated to the 12 continuing brands (and reflect Klaviyo attribution settling since the June edition published), so they differ from the 13-brand totals in the June post.

Scorecard

vs. June: Total email revenue fell 13.0% ($743K → $646K on the restated 12-brand basis) as the portfolio's seasonal brands moved deeper into their summer trough. Campaign revenue held flat ($389.9K → $390.1K, +0.1%) while flow revenue dropped from $353.0K to $256.1K (-27.4%), cutting the flow share from 47.5% to 39.6%. Campaign recipients came down 20.1% (6.70M → 5.35M) while flow recipients rose 20.6% (234K → 283K). Campaign RPR jumped from $0.058 to $0.073 (+25.3%); flow RPR fell from $1.51 to $0.91 (-39.9%). That two-sided move compressed the flow multiplier from 25.9x to 12.4x. Email attribution rose from 24.1% to 24.9% even as total store revenue fell 16.1%.

vs. Industry Benchmarks

How does this portfolio compare to Klaviyo's published industry averages?

Campaign open rates sit about 6 points above industry even after easing month-over-month. Click and conversion rates remain below industry averages, the audience-breadth tradeoff we documented in February and March: the portfolio is weighted toward very large campaign audiences, which compress rate metrics. The flow open rate slipped to 39.56%, still trailing the 48.57% industry flow benchmark.

Email attribution came in at 24.9%, just under the ~27% industry benchmark but up 0.8 points from June. Store revenue fell 16.1% across the portfolio this month; email revenue fell only 13.0%, so email's share of the smaller pie grew. Individual brand attribution ranges from 9.5% to 80.9%.

Klaviyo Benchmark Ratings (Campaigns)

Klaviyo benchmarks every account against similar-sized senders. Here's how our 12 brands stacked up on campaigns:

Flows distribution:

The familiar split holds: deliverability metrics skew Good or Excellent, performance metrics skew Poor, the audience-breadth math we explored in February's Spotlight on the click rate gap. The bright spot this month is campaign click rate: 7 of 12 brands rate Good or Excellent, up from 6 of 13 in June, consistent with the tighter targeting behind the smaller sends. Flow click rate remains the weakest line, with 8 of 12 brands rating Poor. Flow bounce rate improved on paper mostly by subtraction: June's worst offender (a flow bounce rate over 8%) left the roster, and 8 of 12 remaining brands now rate Good or Excellent.

The Flow Multiplier

We track what we call the Flow Multiplier: flow RPR divided by campaign RPR. For every dollar a campaign generates per recipient, how many dollars does a flow generate?

Range: 1.3x to 35.6x across all 12 brands. Median: 14.1x. The portfolio aggregate compressed from 25.9x to 12.4x, the sharpest one-month move in this series, and unusually, both sides of the ratio drove it. Flow RPR fell 39.9% ($1.51 → $0.91) while campaign RPR rose 25.3% ($0.058 → $0.073). Two brand-level stories explain most of the flow side: the largest brand's (Home Goods) flow RPR halved as its seasonal trough deepened, taking its own multiplier from 65.9x to 26.7x, and one Health & Wellness brand pushed roughly 65% more flow volume at about $0.20 per recipient, diluting the weighted flow average. That one brand's flow expansion is bigger than the entire portfolio's net flow-recipient increase.

Distribution: 1 brand at 30x or higher, 8 brands in the 10x–30x range, 1 brand in the 5x–10x range, and 2 brands under 5x. The top multiplier belongs to an Apparel brand whose large campaign audience earns under $0.02 per recipient while its small flow audience captures concentrated buying intent. The 1.3x at the bottom is a campaign-strength story rather than a flow failure: that Food & Bev brand's campaigns earned $1.69 per recipient this month (95th percentile in Klaviyo's ratings), nearly matching its flows.

The Benchmarks

Here are the full email marketing benchmarks for July, broken down by revenue, engagement, deliverability, and the flow vs. campaign split.

Revenue

Total email-attributed revenue across the portfolio: $646,294.

Campaigns drove $390,146 (60.4%). Flows drove $256,148 (39.6%). The flow share fell from 47.5% in June to 39.6% as the largest brand (Home Goods) moved deeper into its seasonal trough: its flow revenue fell 44% month-over-month, which accounts for 82% of the portfolio's entire flow-revenue decline.

Campaigns went to 5.35M recipients. Flows went to 283K. Flows generated $0.91 per recipient vs. $0.07 for campaigns, a 12.4x portfolio-level gap, less than half of June's 25.9x.

Revenue by Vertical (Email-Attributed)

The largest Scale-tier brand remains the gravity well of the portfolio: $300K of $646K in email revenue (46%), 3.24M of 5.63M recipients (58%). Its seasonal trough, felt hardest in flows, is the single biggest driver of the portfolio's revenue step-down, and its weighting still drives most of the aggregate rate calculations.

Notable vertical stories this month: the Jewelry brand more than doubled its email revenue ($13.3K → $28.4K) with campaign RPR up from $0.23 to $0.56 and the portfolio's top email attribution at 80.9%. A small Food & Bev brand doubled campaign revenue on 19% fewer campaign recipients, posting a $1.69 campaign RPR at the 95th percentile.

Engagement

Open Rate: Portfolio weighted average 43.81% (campaigns 44.04%, flows 39.56%). Range: 22.36% to 60.87% for campaigns.

Open rates eased on both sides month-over-month: campaigns from 45.55% to 44.04%, flows from 42.20% to 39.56%. Seven of 12 brands rate Good or Excellent on campaign open rate. As always, Apple's Mail Privacy Protection inflates these numbers; the signal is downstream, and downstream is where July improved.

Click Rate: Portfolio weighted average 0.66% (campaigns). Range: 0.29% to 2.30%. Klaviyo's industry average is 1.29%.

Campaign click rate rose 16% month-over-month (0.57% → 0.66%) even as opens eased, the signature of tighter audiences. Three of 12 brands rate Poor for campaign click rate, the larger-list senders where the audience math compresses rates, the same pattern from February's Spotlight on the click rate gap.

Conversion Rate: Campaign average 0.03%. Flow average 0.49%. Flows convert at roughly 15x the rate of campaigns, a narrower gap than June's 25x because campaign conversion rose 29.4% while flow conversion fell from 0.64% to 0.49%.

Month-over-month: The pattern is concentration. Campaign recipients fell 20.1%, and every campaign quality metric rose: click rate 0.57% → 0.66%, conversion rate up 29.4%, RPR up 25.3%. The flow side went the other way: flow recipients rose 20.6% while flow click slipped (2.68% → 2.52%) and flow conversion fell, meaning the added flow volume reached lower-intent audiences.

Deliverability

Unsubscribe Rate: 0.17% portfolio average, up from 0.14% in June. Seven brands rate Good or Excellent on campaigns, and three rate Poor. Still healthy overall, but the campaign-side tick up (0.13% → 0.15%) is worth watching alongside the tighter targeting.

Bounce Rate: 0.34% campaign portfolio average, essentially flat. Seven brands rate Good or Excellent for campaigns, and one rates Poor. Flow bounce rates remain the watch-list item: three brands rate Poor on flows, led by an Apparel brand at 3.14%. June's worst offender (over 8%) left the roster, so the concentration is smaller but not gone.

Spam Complaint Rate: 0.007% campaign portfolio average, effectively unchanged and well below the 0.1% ISP danger line. Seven of 12 brands rate Good or Excellent on the campaign side, and seven on the flow side, five of those Excellent.

Deliverability remains the strongest section of the portfolio. The list hygiene work continues to show in stable bounce and unsub metrics across roster changes.

Flows vs. Campaigns

The core comparison:

The per-recipient gap halved to 12.4x (from 25.9x), and for once both sides of the ratio moved. Flow RPR fell 40% as the largest brand's flows hit their seasonal trough and new flow volume went out at lower per-recipient value. Campaign RPR rose 25% on smaller, better-targeted sends. The underlying relationship still holds: flows earn far more per recipient, campaigns reach far more people, and a healthy program runs both.

How to Read This Report

This report aggregates anonymized data from 12 e-commerce brands managed by our agency. Brands are identified by vertical and revenue tier:

• Emerging: <$25K/mo in email-attributed revenue
• Growth: $25K–$100K/mo
• Scale: $100K+/mo

Klaviyo Benchmark Ratings compare each brand's metrics against Klaviyo's industry percentiles:

• Excellent = 75th–100th percentile
• Good = 50th–75th percentile
• Fair = 25th–50th percentile
• Poor = 0–25th percentile

Weighted averages weight each brand by recipient count, so larger senders have proportionally more influence on portfolio metrics. The largest Scale-tier brand, with 3.24M of the portfolio's 5.63M recipients, carries the most weight.

Revenue figures are Klaviyo-attributed (last-touch email attribution with Klaviyo's default attribution window). These numbers represent revenue that Klaviyo attributes to email, not total store revenue.

This is the seventh edition of our monthly email marketing benchmarks report. Historical comparisons reference June 2026 data, May 2026 data, April 2026 data, March 2026 data, February 2026 data, and January 2026 data.

Frequently Asked Questions

Why did flow revenue fall 27% while campaign revenue held flat?

Two things happened at once. The portfolio's largest brand (Home Goods) went deeper into its seasonal trough, and its flow revenue fell 44% ($180K → $100K), which accounts for 82% of the portfolio's entire flow decline. Meanwhile one Health & Wellness brand expanded flow volume roughly 65% at about $0.20 per recipient, adding flow sends without adding much flow revenue. Campaigns held $390K flat on 20.1% fewer recipients because per-recipient value rose 25.3%.

What is the flow multiplier and why did it compress to 12.4x?

Flow multiplier is flow RPR divided by campaign RPR: how many dollars a flow earns per recipient for every dollar a campaign earns per recipient. It fell from 25.9x in June to 12.4x in July, the sharpest one-month move in this series, because both sides of the ratio moved. Flow RPR fell from $1.51 to $0.91 (-39.9%) while campaign RPR rose from $0.058 to $0.073 (+25.3%). The July per-brand range was 1.3x to 35.6x, with a median of 14.1x.

Did sending fewer campaign emails actually work?

This month, yes. Campaign recipients fell 20.1% and campaign revenue held flat at $390K, because conversion rate rose 29.4%, click rate rose from 0.57% to 0.66%, and RPR rose 25.3%. Audience quality, not audience size, did the work.

Why is click rate so far below the industry average?

Audience size. Click rate has a mathematical relationship with how many people you send to: the larger the audience, the lower the rate. Klaviyo's industry average (1.29%) is computed across senders of all sizes; our portfolio is weighted toward larger lists where rate metrics naturally compress. July's 0.66% did rise 16% month-over-month as sends got smaller, which is the relationship working in reverse. Total clicks and total revenue are the metrics that actually matter at scale, which we explored fully in February's Spotlight.

How does this benchmark compare to my own brand?

Compare your own metrics against the table in this post and against your Klaviyo benchmark percentiles. The most useful single comparison is your flow multiplier: flow RPR divided by campaign RPR. The July portfolio range was 1.3x to 35.6x, with a median of 14.1x. If you want a deeper read tailored to your brand, get in touch.