One the most effective ways to gauge the performance of your mobile website is to benchmark it against other top players in your retail category.
The results will shed light on whether improving mobile metrics should be a priority this year, and arm you with data to make mobile a renewed focus internally within your organization.
Using conversion rate data from the Internet Retailer 2014 Mobile 500, and Monetate’s E-Commerce Quarterly Report for Q3 2013, we’ve sourced the ‘mobile’, smartphone and tablet conversion rates across 16 e-commerce and retail verticals.
With this data, you’ll quickly be able to see whether your site is well-positioned to capture and convert the increasing smartphone and traffic website that is undoubtedly hitting your website, or whether there’s more you could be doing to drive revenue from mobile channels.
Use this data to see how your business compares and assess what sort of mobile opportunity your business might have in 2014.
Average E-Commerce Mobile Conversion Rate Benchmarks for 2014
Two Key Takeaways
1. Even in 2014, smartphone conversion rates are still very low.
It doesn’t matter which category your business is in, it’s highly likely that your mobile conversion rates are still below 1%, even with a smartphone-optimized site. Is this something to be concerned about?
The answer is: Yes… and no.
Overall, more detail is needed to understand visitor behavior on smartphones and tablets, as well as the journey your users take through multiple devices. Given that 90% of users switch between devices to complete a goal, there’s a strong chance that customers are visiting your website on their smartphone and then completing the transaction on a desktop or tablet.
The implications of this are important: a low smartphone conversion rate is less concerning if customers are shifting to other devices in their journey towards a purchase.
For this reason, it is critically important to attribute revenue according to a visitor’s journey. Rather than simply looking at the last touchpoint, make sure you are attributing the interactions on smartphones, tablets and desktops in the path to conversion.
2. Conversion rate on tablets are high, despite a low number of tablet-optimized sites.
While tablet conversion rates are almost always higher than their smartphone counterparts, many of the Top 500 websites that were indexed by Internet Retailer do not yet have an optimized experience for tablet customers. However, optimizing for tablets should definitely be on your radar in 2014.
Why? Most importantly, the quality of traffic represented by these tablet owners is remarkably high; research shows that tablet owners typically come from high-income households, and are prepared to spend as much as 20% more per purchase than regular desktop visitors.
To capture this audience, you need to make sure your website is responsive to the common interaction patterns of tablet users, and ensure that the customer journey from discovery to purchase is both easy and enjoyable.
This means providing a great shopping experience on a device that is tailored to the unique context of a large touchscreen. After all, users swipe, prod, rotate and hold their tablets like a book while lounging, walking, chatting and watching TV. These actions don’t automatically translate from a desktop environment!
By optimizing for your most valuable market segment, the gains are likely to be impressive — as long as you can keep the total cost of tablet initiatives low.
It’s clear that even in 2014, there’s a lot that can be done to improve conversion rates across mobile channels. As a first step, retailers need to prioritize mobile projects that will maximize revenue and continue to deliver massive mobile growth.
Perhaps it’s augmenting existing marketing efforts by attributing the customer journey across devices. Or continuing to quickly iterate on smartphone optimizations. Or optimizing for tablets (so that your tablet conversion rate is above desktop!).
Alternatively, if it turns out that your mobile web experience currently fares better than industry standards, don’t let that hold you back from mastering your mobile strategy.
We know that mobile traffic will continue to increase at break-neck pace over the next few years, and this is a massive opportunity for e-commerce businesses. Be the front-runner in your category by providing a best-in-class mobile experience and widen the gap between you and your slow-adopting competitors.
Our advice: start by diving into your analytics, see how you compare against the top Internet Retailers in your category, and calculate the ROI of your next mobile initiative!
If you’re looking to improve your website’s mobile conversion rates, check out The 2014 Mobile E-Commerce Strategy Playbook.