Emergence of Mobile Commerce
It has been more than 10 years since the phrase mobile commerce has been coined but only in the last 4-5 years, mobile commerce has emerged as an important platform to sell products and services.
If your customers still zoom and swipe in order to browse your products and add them in the cart, your site is already outdated, and it could be costing you thousands in missed revenue opportunities. Having a Mobile-friendly e-commerce website is no longer a choice for Vendors. If your e-commerce website is not optimized for smartphone and/or tablet viewing then you’re guaranteed to miss out on sales.
Importance of a Mobile Friendly Website
According to research firm, Forrester:
- Commerce transactions in the U.S completed on mobile phones and tablets are expected to total $114 billion in 2014.
- Two-thirds of those sales, or about $76 billion, will happen via tablet computers, while the remainder will occur on phones.
- 29 percent (nearly a third) of all e-commerce transactions will occur on a tablet or mobile phone this year.
- And by 2018, that percentage will shoot up to 54 percent of the total $414 billion in e-commerce sales expected.
“IBM’s 2013 Digital Analytics Benchmark study shows that For November through December 2013, tablet users spent an average of $118.92 per order, while smartphone shoppers charged roughly $106.36 per transaction.”
First Step into Mobile Commerce World
Responsive Web design
“A web design approach aimed at crafting sites to provide an optimal viewing experience—easy reading and navigation with a minimum of resizing, panning, and scrolling—across a wide range of devices (from mobile phones to desktop computer monitors).”
Customer retention directly impacts profitablilty and it is a mission critical component to any organization. Studies show that even a small increase of 5% in customer retention can cause a jump in profitability between 25% and 85% (in terms of net present value) depending upon the industry.
One of the best methods of increasing the Customer Retention rate is developing an effective Loyalty Program.
Results from various marketing surveys show:
- 46% of consumers modify brands they buy to maximize loyalty benefits.
- 85% of consumers say companies could have recognized or rewarded them for doing business with them.
- 57% of consumers modify when and where they buy in order to maximize the loyalty benefits.
- Email messages sent to loyalty program members result in 10% higher sales revenue per message compared to email results lacking a loyalty program.
- Loyalty program memberships are growing at 26.7% per year.
- 70% of members feel loyalty programs are part of their relationship with a company.
If your ecommerce platform is restricting you from entering the mobile-commerce world and offering Loyalty Programs to your customers, then now is the perfect time to switch over to a platform which offers all the features you need to compete in today’s tough market.