Millennials and Generation Z hold a massive spending power in the Mobile commerce sector today.
With growing numbers of tech-savvy consumers leaning towards mobile commerce, it’s almost impossible for online eCommerce businesses to ignore optimizing their websites for mobile devices.
At its core, Mobile Commerce (mobile eCommerce or m-commerce) represents any form of buying or selling transaction that takes place on mobile devices, tablets, or even wearable devices.
However, mobile eCommerce has profoundly outgrown this basic definition today.
With the emergence of 'one-click buying' on digital wallets (or e-wallets), voice-enabled shopping (or voice commerce), and Augmented Reality (AR) shopping apps, mobile commerce has completely transformed what shopping meant to people just a few years back.
Business Insider published a forecast of how sales through mobile commerce would significantly grow in the coming years.
The study predicts m-commerce volume to rise at a 25.5% CAGR from 2019 to hit $488.0 billion, or 44% of e-commerce, in 2024. The U.S. volume is poised to increase from $128.4 billion in 2019 to $418.9 billion through 2024.
During the Covid-19 pandemic, there was an increase in retail consumers buying products digitally.
4.66 billion global internet users continue to grow at an annualized rate of over 7% in 2021. Clearly, there’s plenty of scope for eCommerce businesses to enhance the customer experience.
According to stats from Monetate, smartphone traffic worldwide to retailers is at 56.2%, and 34.5% for desktop.
However, this mobile traffic still converts at half the rate as on desktops, at 2.25% compared to 4.81% for desktops.
Even tablets showed better conversions than mobile devices, converting at 4.06% on average.
Clearly, the mobile conversion gap remains to be addressed even now. Let’s understand how you can optimize your eCommerce site for higher conversions.
The number one reason for low mobile conversion rates is that most online websites aren’t mobile responsive.
Is your eCommerce business ready to lose 6.4 billion customers simply because you don’t have a responsive website?
Smartphones need to be perceived as a platform to buy, not just browse. Your site should be mobile-responsive and easy to navigate.
Usually, when you think about a responsive web design or website, you think technically. A lot of companies strip down their sites to a bare minimum and only address certain design aspects.
Try to understand what you can do to better the experience for your customer not just by design but also by value. Use behavioral science principles to entice your customers.
If you only focus on reducing the number of clicks, you might compel the buyer to make quicker purchase decisions. This could work against your buyer’s journey cycle, especially for B2B eCommerce businesses.
But if you target the customers who are at the end of your sales funnel, then the one-click option might actually work! So act smartly depending upon the type of business you are in.
How many times have you impulsively bought things online without a second thought? Think about it: What compelled you to buy? Was it a limited-period offer, a cash-back guarantee, or both?
Did you notice how flash sales offers like these always have fast payment processes?
Smartphones and tablets will soon become primary devices for online shopping. Most B2C and B2B eCommerce companies already understand this and are spending massively on mobile marketing and advertisements.
Amazon had introduced a ‘buy now with 1-click’ option on its eCommerce website making it easier for buyers to make a purchase quickly without having to fill in details every single time they make a purchase.
Companies have also begun advertising on social platforms and adopted other omnichannel approaches to allow customers to buy easily without having to leave the platform.
Twitter too is testing new tweets that would directly link to e-commerce product pages using a new Twitter card format. Social media consultant recently Matt Navarra tweeted screenshots of the new experience that displays the product name, pricing, and other details along with a big “Shop” button directly into the tweet.
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A mere 0.1s improvement in load time can have a significant impact on every step of the customer journey.
Deloitte analyzed mobile site data of several brands across Europe and the US to realize that the 0.1s improvement in the site speed led to an 8% increase in conversions for retail sites, a 10% increase in consumer spending, and a 5.2% increase in retail customer engagement.
Source: Perficient
85% of mobile users expect pages to load as fast or faster than they do on desktop, while one study of UK consumers even found that 14% of shoppers expect pages to load instantly on mobile.
If you’re looking for an easier goal: 64% of smartphone users expect pages to load in under four seconds, while 74% of mobile users in the US would abandon mobile sites that don’t load within five seconds (kinsta.com).
It is therefore important to have an eCommerce platform that adopts a mobile-first approach.
Cart abandonment is a common problem that concerns most eCommerce businesses.
The average cart abandonment rate is just under 70 percent. Mobile Users have an even higher abandonment rate of 85.65 Percent
There are plenty of reasons why a customer would abandon their carts.
Long load times, forced form fillings, too many clicks to make a purchase, high costs, bad user interface, it could be anything!
Every customer is unique. So brainstorm ways to better understand the reason behind cart abandonment. To begin with, you can add behavior trackers to optimize your mobile commerce. An AI-powered eCommerce platform like ewiz commerce can work wonders for small to medium-sized B2B eCommerce businesses.
You can also set up abandoned cart emails to remind your customers about their shopping bags.
To improve your cart abandonment email open rates, create compelling subject lines, add limited-period offers, free shipping offers, or alternatives that would compel them to buy immediately. You can also use this as an opportunity to learn why they had abandoned the cart earlier.
Simply having an ‘add to cart’ button is not enough, but you have to play around a bit to get the design right. Quite a few brands are infusing innovative tactics to make the addition-to-cart experience both useful and fun.
A simple, easy-to-use cart page design with useful pop-up layers can create a win-win and improve sales.
When time is at a premium and customer attention too fickle, it’s important to woo them with the right products. You can create fully customized catalogs in minutes using modern eCommerce platforms. This lets you dynamically broadcast your new products to customers.
You can also know when your products were viewed, liked, and finally ordered. This kind of real-time data helps your sales teams identify customer interest and helps them make better product recommendations.
AI-driven eCommerce platforms give you the pace to curate marketing campaigns in no time. These campaigns hit the right note, providing faster roadmaps and bigger sales figures.
As per a Barilliance study, personalized recommendations were 2.2x more effective than generic ‘best-selling’ recommendations. Also, the conversion rate post product recommendations was a whopping 550%. Shoppers often ended the session only after the purchase process was complete.
The one thing every customer wants from an eCommerce site is a seamless checkout experience. While it is important to have a fast and effortless payment processing system, here too there is ample scope for personalization enhancements.
For instance, you can allow them to store shopping information, card details, etc. that can be used for future purchases. However, make sure that you ask for payment information at the very end so that there is no room for customer apprehension.
Include all popular payment gateways and give them the choice to choose their currency too. As brands continue to aim for global sales, this feature can work wonders for your sales. Opt for single-page checkouts since long forms and tedious details can put them off and push them toward your competitors.
Opt for auto-fill forms to minimize hassle and ensure faster checkouts. Last but not least, make sure that you secure the checkouts so that payment and personal information are never compromised.
There’s absolutely no time left to plan for the e-commerce revolution. It is already upon us, gaining momentum with each passing day. Optimize the shopping funnel with us by your side. Sharpen your e-commerce edge with us at ewiz commerce.
ewiz commerce is the world’s only B2B eCommerce platform with built-in AI-powered marketing tools to help you create personalized shopping experiences for your customers. Our actionable insights and solutions will help you scale your business while offering a seamless customer experience. We provide a host of AI-powered B2B eCommerce solutions to help you grow at the speed of thought.
Call us today to explore over 100 features for your unique business objectives, including 3X more sales.
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What is Mobile Commerce?
