While e-commerce continues to grow at an unprecedented rate, the latest trend in the market is M-commerce.
Considering the rise in dependency on mobile devices, this is not something shocking. According to a study, people on average tap, swipe, or otherwise touch their phones about 2,617 times PER DAY! This number is doubled for the top 10% of users. The average US consumer spends approximately 4 hours a day on their phone, with $930 billion being spent on mobile payment applications.
These stats are expected to rise exponentially, with the number of smartphone users projected to reach 2.87 billion by 2020. This increase in usage means that M-commerce is no longer just another trend, but is fast becoming a way of life.
Breaking Down M-Commerce
M-commerce is the use of wireless technology to conduct online commercial transactions, like the purchasing and selling of products, services, etc. With around 25% of Americans depending solely on mobile devices to access the internet, many users are switching to mobile shopping.
The rapid growth of mobile commerce has been a direct result of an increase in the computing powers of handheld devices. The easy availability of M-commerce applications, and added convenience, allows people to shop right out of their palms.
Why Does M-Commerce Matter?
M-commerce accounts for 34.5% of total e-commerce sales, and that number is predicted to rise to a whopping 54% by 2021. It’s high time that online stores can be easily accessed through mobile devices – more importantly, retail mobile applications should now focus on improving user experience. Otherwise, online stores could miss out on a high number of sales.
Despite increased traffic, and time spent on mobile devices being much higher than desktop, conversion rates for M-commerce are still lower. Retailers are calling this the ‘mobile gap.’ While retail apps and websites are some of the fastest growing mobile categories, sales continue to be much lower than expected.
This is where CRO (Conversion Rate Optimisation) and UX (User Experience) come in. Through a combination of CRO and UX, online retailers can really up their mobile game, and start providing users with excellent browsing and shopping experiences.
CRO and UX for Improving M-Commerce Conversion Rates
CRO is a systematic process that directs users towards a certain action, like checking out your cart, or filling out an order form. By providing consistent UX across different devices and adjusting their presence in accordance to mobile restrictions, M-commerce retailers can easily increase their conversion rates.
According to a study by Venture Beat, 34 of 36 CRO tools deliver impressive returns. As these tools are usually affordable, they are ideal for increasing revenue. In short, m-CRO can help you deliver a significantly better user experience, thereby increasing your ROI.
Stages of CRO Application
CRO generally has four stages; different tools can be used to optimise each stage to increase traffic and conversions.
Stage 1. Measure Current Performance
Before starting customisation, you need to pay attention to past performance in order to correctly identify areas of improvement. Additionally, this will allow you to establish baseline measures, which can be used to draw before and after comparisons.
The best CRO tools for this step are Woopra, Google Analytics, and Mixpanel.
Stage 2. Generate Valuable Insights
This step involves tracking mobile visitor’s actions on your pages. This determines where, and why, they are dropping off your site, instead of converting. It will further tell you what customers expect, and what drives them to make a final decision to buy from you.
With this type of data, you can gain valuable insights into the needs of your customers.
Some great tools that can be utilised to generate user insights include ClickTale, UserTesting, and Qualaroo.
Stage 3. Brainstorming and employing best practices
Stage three involves testing different variations of the different elements on your page. Designers and digital marketers are guided by data, which can be used to enhance conversion rates. Emphasis should also be placed on promoting your brand’s creativity, in order to leave a mark in the m-commerce market.
The best way to carry out these performance tests is through Optimizely, Ion, and Unbounce.
Stage 4. Assessment and Implementation
The final stage is based around assessing results obtained through testing. In other words, you can use data from your tests to determine what performs best, and apply your learning site-wide.
You can use AppsFlyer and Yozio, which are great tracking tools for your mobile applications.
These tools, if used correctly, can really increase your ROI by helping you improve the overall user experience of your mobile application/site. If you’re new to the world of M-Commerce, then you should start with a few simple A/B tests, and track all your results through mobile app analytics.