The Crucial Mobile Commerce Metrics To Focus On In 2018
With the increasing number of visual screens in consumers' daily lifestyle, the latter have started to balance their time between tablets, smartphones, TV, and laptops. Subsequently, multi-screening trends are presenting some surprising stats.
The smartphone clearly leads the table, claiming more sessions than tablets and desktop sessions combined. The audience attention is shifting rapidly from TV-based marketing to mobile marketing: According to the E-Commerce Benchmark KPI Study 2017, 59% of e-commerce website traffic comes from mobile devices. The report states that higher revenue and higher value orders result from having a sound mobile strategy. A more intriguing stat states that the value of order placed will be in direct proportion to the amount of time spent by the tablet user on the mobile site.
In addition to these, there are a few more mobile commerce metrics to focus on. Here are the 5 most important ones:
1. The Bounce Rate And The Refusal Rate
The first key indicator is the bounce rate. It is essential to follow if you own any kind of eCommerce/mCommerce business: It is the portion of the total number of visitors on your website who visit only one page of your site, thus they rebound. If you find your bounce rate high for your app/site it means that the content presented by your app or site doesn’t match the customer’s expectations, or that you must change your target demographics. For different sectors bounce rate is different, as a study by Captain Commerce states: For Services to Companies it stands at 52.3%, while for Sport, Tourism, and Travel it is 36.6%.
The differences between bounce rate aren’t limited to just different sectors; in fact, different brands in the same sector can have different bounce rate. Most sectors have rebound rate between 35%-40%. A bounce rate of more than 50% is considered high.
Refusal rate is another aspect of bounce rate. It is the number of visitors who after logging on to your site will not proceed with any order process. Regardless of the number of page views offered, they do not make any purchase. Thus, for calculation purposes, only consider visitors which do not come under rebound.
2. The Dropout Rate
This metric is another term for cart abandonment rate. It is the number of visitors who don’t complete the purchase despite putting the products in the shopping cart. This rate can help you figure out if your conversion tunnel’s final few steps are obstructive or non-user friendly in any way (this includes validation, registration, payment, etc.)
There are 11 main causes which lead to consumers abandoning shopping carts without completing their purchases according to Business to Community:
- The process of checkout isn’t broken down to bite-sized steps.
- Failure to capture the intent.
- The checkout process is tedious.
- Inadequate incentive providing.
- A very unoptimized mobile check out.
- An unhelpful and non-user friendly layout.
- Promo code regrets induction.
- No option for free shipping.
- Lack of trust building effort on your part.
- No effort to reduce the friction to overcome buyer remorse.
- Skipping on providing live customer support chat.
3. Page Views
It is important to focus on this metric.This can help formulate new digital marketing strategies and increase revenues. Another finding by the KPIs study in 2017 states that engaging a user on your mobile commerce platform for >35 seconds can increase the conversion rate by a whopping 10%.
So, how to implement this conclusion? Simple answer points towards remodeling your Facebook page.
It was found that mobile commerce platforms which had traffic redirected by Facebook had high time-on-site stats, according to stats by Wolfgang Digital. Statista’s new Digital Economy Compass supports this finding; an absence from Facebook can make it extremely difficult to turn social media into a profitable business.
4. The Conversion Rate Into A Page
The number of steps needed to place an order can determine the effectiveness of your sales funnel. Four, five, or even ten can be detrimental; on the contrary, a single command to complete a transaction can be very beneficial. Identify what channels brought these visitors as they order swiftly, and don’t require additional convincing. Maximize these profiles to boost your conversion rate.
5. Push Notification Opt-Ins
mCommerce Push notifications are the most powerful messaging channel. Via Push notifications, you can reach your consumer directly on their device. One limitation of this tool is the facility of opt-ins, i.e the users have to enable opt-in to receive Push messages; they can turn them off if they are not interested. Thus the channel’s communication and consumer relation strengthening is obstructed. Push notification opt-ins show how many consumers signed up to receive alerts and messages from your mobile commerce platform. This gives you an actual idea of the reach of your mobile eCommerce app.
Summary
mCommerce is expanding rapidly and at equally brisk pace is the competition rising in the sector. The above mobile commerce metrics can help chalk out an effective marketing strategy for your mCommerce app. Integrating these during app development or upgrading it in accordance with consumers works either way. 2018 has brought along changes, and preparation with respect to these metrics can have long-term benefits for any mCommerce.