This is a preview of a research report from Business Insider Intelligence. Current subscribers can read the report here.
Mobile commerce (m-commerce) isn’t just the future of online shopping — it’s absorbing more and more e-commerce in the present. Business Insider Intelligence projects m-commerce will account for nearly 40% of US online sales by 2023, totaling $447 billion. And 49% of shopping traffic from November 1 through December 6 in 2018 went through smartphones, according to Adobe.
Despite its popularity, m-commerce faces serious conversion issues that retailers need to improve on. In North America, mobile browsers posted a conversion rate of just 6% in Q2 compared with desktop’s 11%, according to Criteo. But mobile websites still accounted for 43% of all transactions in the region among retailers that actively promoted their shopping apps, showing that they deserve special attention.
So, although consumers spend more time accessing the internet on smartphones than any other device, e-tailers aren’t able to maximize that value. And considering mobile shoppers have a similar engagement rate as desktop shoppers, but the rates at which they select products and transact are lower, according to Qubit, mobile sites clearly need to improve their ability to convert — and top e-tailers have work to do.
In the Mobile Checkout Benchmark Report, Business Insider Intelligence scores the mobile checkout experience of top e-commerce marketplaces — which includes every action from the moment a consumer chooses a product to the final purchase when they add the product to their cart and check out — to determine the current leaders in the space.
It establishes key factors in the checkout process to appropriately score e-tailers and identifies what all retailers and brands can learn from their strengths and shortcomings to improve their own m-commerce conversion capabilities. The report also looks at what developing technologies and initiatives have the potential to bolster conversion in m-commerce.
The companies mentioned in this report are: Affirm, Amazon, BigCommerce, Discover, eBay, Klarna, Mastercard, PayPal, Pier 1, Shopify, Splitit, Target, Visa, Walmart, and Wish.
Here are some of the key takeaways from the report:
- Business Insider Intelligence’s Mobile Checkout Benchmark Study ranks top e-commerce marketplaces based on their conversion capabilities on their mobile websites.
- Target ranked first, leading in the adding to and reviewing the cart stage and performing well across the board.
- eBay led the overall efficiency and checkout and payment phases thanks to its simple process, but poor conversion capabilities on product pages and carts kept it from winning overall.
- Amazon underperformed as it focuses on gathering consumer data and adding Prime subscribers rather than one-time conversion.
- Speed and simplicity are top features to drive mobile conversion, according to experts interviewed by Business Insider Intelligence, and becoming faster and more efficient in various facets of mobile checkout will pay dividends for e-tailers.
In full, the report:
- Examines mobile websites’ struggles with conversion.
- Creates a benchmarking to score top e-commerce players’ websites conversion capabilities.
- Scores e-tailers’ performances and picks out key learnings from their strengths and shortcomings.
- Identifies developing technology that will be able to bolster mobile conversion in the future.
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