The Future of Conversion Rate Optimization
In the ever-changing world of eCommerce, conversion rate is king – but for how much longer?
We can’t ignore the unstoppable shift we face with the mCommerce gap. Consumers are spending more of their time on mobile than on any other device – yet that additional time is not resulting in increased revenue for merchants.
In fact, 62% of all eCommerce site visitors come from mobile – but only 23% of total dollars spent comes from mobile.
The question is, is conversion rate optimization alone enough to turn this massive challenge into an even greater opportunity for the merchant community as a whole?
The Power of Community
While optimizing your conversion rate is important, closing the mCommerce gap is too large of a beast to be taken on alone – and that is where the Mobile Optimization Initiative (MOI) comes in. The MOI was formed to tackle the obstacles consumers face on their journey to conversion using a collaborative, community-driven approach with the goal of maximizing revenue per visit (RPV), instead of just conversion rate (CR).
Unlike standalone conversion rate optimization platforms that utilize AB testing and other traditional methods to run isolated experiments, HiConversion is the only customer experience optimization solution that unites the merchant community through shared, anonymized data.
Closing the Mobile Revenue Gap
The Mobile Optimization Community helps you not only learn more about your own business, but what works for other similar merchants, too. Standardizing experiments and sharing data across the community helps merchants optimize their sites dramatically faster than they could in isolation.
Timex, for example, added 20.40% in new revenue while uncovering a winning ensemble of optimization treatments that generated a 36.35% lift.
Going Beyond Conversion Rate
So what does all this mean?
Conversion rate is just a single piece of the customer experience puzzle, and with the mobile cart abandonment rate during the checkout phase sitting at 86%, merchants need more than just another optimization platform to close the mobile revenue gap.
HiConversion is the only Collaborative Customer Experience Optimization (C-CXO) platform that combines embedded analytics, adaptive algorithms, and standardized experiments to maximize the revenue per visit (RPV) of your online store. HiConversion is the official platform of the Mobile Optimization Initiative, a movement by Magento, BigCommerce, Shopify, Salesforce Commerce Cloud, PayPal, and other eCommerce leaders to close the mobile revenue gap.