April 11, 2018 // By David Frankenfield
The digital marketplace is the growing, and retailers are racing to tap into these channels effectively. For more than a decade, e-commerce sales have been increasing every year. With an annual growth rate of 15%, e-commerce sales represent 9% of the total retail market[i]. This expansion has lead brick and mortar retailers into unfamiliar waters, with varied success.
To make the most of your digital expansion, look no further than mobile sales. Mobile is the main catalyst for e-commerce market growth, accounting for 60% of all digital retail traffic and the fastest growing driver of orders overall[ii].
Breaking ground in the mobile retail market should not have to break the budget to make an impact. Companies that focus their resources on the right features for their mobile applications will yield amazing results. To maximize results and streamline your application’s speed to market, forward-thinking companies should focus on customers and their needs.
Platform: Quality over Quantity?
While Android has captured most of the global smartphone market[iii], it doesn’t mean it holds a monopoly on what makes up mobile retail sales. In fact, comparing the two operating systems, iOS users represent 70% of the traffic and order shares on retail applications. According to the Salesforce shopping index, Apple iOS users by and large comprise a clear majority of retail traffic and orders compared to Android users.
If resources are limited for mobile development, prioritizing iOS users will target a more mature market with higher spending power.
Optimize the Process
Make sure your customers find the products they’re looking for fast. Shoppers spend an average time of five minutes on apps, and that number is going down. While eye catching features are nice, an application with well-categorized products and an effective search engine will help convert shoppers to actual buyers.
While not all shoppers using search are looking to buy immediately, the 14% of shoppers that do represent a large portion of the buying audience. Twenty-nine percent of the total revenue of the mobile retail channel comes from shoppers who utilize the search feature. This essential group of buyers rely on accurate results, personalized recommendations, and product information that saves them time and creates a better experience.
Once a shopper finds the products they want to buy, streamline the checkout by making the process simple and efficient. Shoppers hesitate to buy when the path to purchase becomes too tedious. Eighteen percent of shoppers that expressed interest in buying will stop in the process of purchasing, with only 3% of shoppers finalizing their purchase. Consequently, concentrate on facilitating the buying process. Salesforce estimates that providing services such as Apple Pay or a native app checkout can increase conversion by 2-3 times[iv].
Physical and digital retail experiences have joined, blurred, and when successful, can create omnichannel experiences that improve sales and customer satisfaction. Experts estimate that Eighty-four percent of Millennials use mobile apps to assist with in-store shopping such as finding product reviews, in-store availability, or looking for discounts and codes[v].
Engaging customers through the mobile channel must integrate data collected from all possible digital touchpoints can facilitate a personalized experience. Using this data in conjunction with physical stores such as nearest store locators, in-store pick up, and stock availability in store and online will increase drive brand interest, increase customer satisfaction and ultimately increase sales.
Create an Exceptional Experience
Targeting the right app platform, creating an efficient, engaging from search to checkout and integrating the digital and physical worlds are what mobile shoppers desire most.
Magenic knows what matters most to your retail business and its mobile customers. Creating an exceptional mobile experience is about speed, efficiency, and quality. Our mobile team can help you envision, design, and develop your mobile application to create the best experience for your customers.