4 Things You Must Know to Succeed in Mobile eCommerce [Webinar Recap]
Magento hosted a webinar on July 30 with Forrester, PayPal, and HiConversion that uncovered new findings on the value of community-driven mobile optimization and what they mean for everyone involved in eCommerce.
Whether you’re a merchant, SI, tech solutions provider, or otherwise, you need to be aware of exactly how mobile is changing eCommerce and what you can do to leverage this unstoppable shift.
Here are 4 points to consider in your overall strategy to close the Mobile Revenue Gap and prepare for the new age of customer experience.
1. How is mobile eCommerce affecting my business?
It’s no secret that mobile is preferred, but is your mobile revenue up to par with desktop? If not, you’re missing out on a major growth opportunity that will only continue to expand.
Mobile conversions are simply lagging far behind mobile traffic. Conquering the Mobile Revenue Gap is currently the #1 priority for online businesses, otherwise you risk spending more money over time to generate the same amount of revenue.
2. What’s my cost of mobile optimization inaction?
The most common ROI question when it comes to the optimizing mobile experiences and the Mobile Revenue Gap is:
“What is it truly costing us?”
The impact is dramatic and has massive revenue consequences for every online brand.
In this example, a relatively small online brand with ~$11M in annual revenue is failing to capture over $11M in new revenue from mobile visitors:
In other words, they are missing an opportunity to grow 101% per year by being able to get the same revenue rates from mobile they are getting from the desktop visitors.
Even capturing 10% of this problem across merchants, you can start to see how big the mobile revenue opportunity is.
So, ask yourself the question:
“Can I afford not to optimize my mobile experience?”
As shown in the chart above, mobile optimization isn’t the only challenge face by eCommerce professionals.
Payment, AI, shipping, the list goes on and on….
Yet, no eCommerce organization is equipped to keep up and effectively compete on their own.
3. What’s my competitive mobile-optimized strategy?
According to James McCormick, Principal Analyst at Forrester Consulting, customer-obsessed companies are poised to take advantage of the myriad growth opportunities presented by the evolution of eCommerce.
What differentiates them is their competitive strategy – a new way of behaving in the marketplace.
These companies deliver impactful experiences across all parts of the customer life cycle, from marketing, commerce, and services to product delivery and support.
They achieve this scale by linking experiences to insights, in addition to continually learning and optimizing based on how customers are reacting to the experiences provided.
These are insights-driven businesses, and they’re here to stay.
4. Am I able to execute my mobile-optimized strategy?
Keeping up with the rapidly evolving state of eCommerce requires thinking outside the box and a collaborative effort focusing on:
- Market Knowledge – Where do you stand in the market and what makes your product or service valuable? How can it become more valuable?
- Best Practices – They aren’t best for everyone. Exactly how well are they working for your business?
- Agile Solutions – Do you have access to technology and expertise that empowers you to not only solve problems quickly, but learn from the experience and make sure the same issues don’t happen again?
Testing and optimization are just a small piece of the massive eCommerce puzzle. We have to not only learn from our own businesses, but our peers, as well in order to overcome a challenge as daunting as the Mobile Revenue Gap.
Join the Mobile Optimization Initiative today and become part of a growing community of merchants, SIs, and tech providers working together to make eCommerce better for everyone.
The world’s first community-powered innovation platform helping eCommerce businesses accelerate growth. HiConversion powers the Mobile Optimization Initiative, an eCommerce movement bringing together merchants, system integrators (SIs) and technology partners to deliver competitive advantages across the entire customer experience.