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The best way to benchmark the performance of your ecommerce website is to compare your conversion rates against retail’s top performers.
Are you turning mobile traffic into revenue, or is there more you could be doing? By taking stock of your current mobile maturity, you can determine where to focus your budget and priorities for next year as you begin planning your mobile commerce strategy for 2017.
From a large volume of shopper data amassed from our customers, we compiled mobile conversion rate benchmarks for 2016 and segmented them by average order value (AOV). The data includes 709M visits, 18.3M transactions, and $2.3B in revenue.
Mobile Conversion Rate Benchmarks
Two Key Takeaways
1. There is an opportunity to close the gap between mobile and desktop conversion rates
Mobile conversions still lag behind desktop conversions, but there’s no legitimate excuse for it in today’s mobile-first world. Connected consumers are very comfortable buying on their phone, and the technology necessary to create an exceptional mobile experience is available.
The issue is that despite the technology being available, retailers aren’t able to keep up with the fast pace of innovation set by technology giants. Hence, they aren’t able to meet customer expectations.
Last year, mobile sessions grew at 10 times the rate of desktop sessions, whereas mobile revenue only doubled. This spread represents a big revenue opportunity for retailers who are able to keep up with customer expectations.
Brands are competing with everything else customers could be doing on their phone: Facebook, Pokemon Go, texting with friends – the list goes on. A responsive website will no longer cut it. You need app-like web experiences that surprise and delight your customers at each touchpoint in the buying journey, from awareness and browsing to research and payment.
Speed is also crucial as mobile moments are fleeting – 40% of customers will leave if a page takes 3 seconds to load, yet the average U.S. retail mobile site takes 6.9 seconds to load. Your customer will simply move onto something else if your website isn’t almost instantaneous.
Those retailers ready to step up and provide the experience expected by customers will close the gap between mobile and desktop conversion rates.
2. Retailers with higher AOVs need to re-engage customers to turn mobile traffic into revenue
More expensive items have a higher psychological barrier to purchase – we all know that intuitively – so what can you do about it? The key is re-engagement.
Customers may add higher priced items to their cart with the intention of doing more research, or just to sleep on it. Don’t lose track of them. Look for opportunities to re-engage these customers to capture that lost revenue.
You can nurture the longer sales cycle, or encourage customers to convert through a different channel where they may be more comfortable (like in-store).
- Facilitate the longer sales cycle by adding save-for-later options so that customers don’t lose track of the product.
- Set up web push notifications, which can be triggered automatically to engage customers in real-time when they’ve abandoned their shopping carts – delivering ongoing, impactful engagement to increase conversion rates.
- Use Store Drivers to capture lost revenue from those who prefer to purchase in-store.
Close the Gap
Consumers are on mobile – they’re chatting, gaming, shopping – and they expect a lot. A few retail giants (think Amazon, Apple, Wal-mart) are setting customer expectations and anything less won’t convince shoppers to click ‘Buy’ often enough.
The good news is that the traffic is there. By leveling up your mobile shopping experience, and remaining agile enough to keep up with evolving customer expectations, you can convert that traffic into sales.
Partnering with a mobile customer engagement platform can help you increase conversions to boost revenue, keep with with changing customer expectations, and future-proof your business to protect your competitive edge.