Mobile commerce (m-commerce) is going to play a large role in e-commerce’s future, but it's already playing a significant role and retailers should start prioritizing it now. M-commerce is set to make up almost 40% of US online sales by 2023, according to Business Insider Intelligence's forecasts. However, it also accounted for 49% of online shopping traffic during the beginning of the 2018 holiday season, from November 1 through December 6, according to Adobe, and mobile websites accounted for 43% of all transactions in North America among retailers that actively promoted their shopping apps, according to Criteo, showing that they deserve special attention.
But conversion issues are hampering m-commerce’s potential. Mobile websites don’t convert as well as desktops or apps, posting a conversion rate of 6% compared with desktops’ 11% and apps’ 20% in North America in Q2 2018, according to Criteo. This means retailers aren’t maximizing mobile sites’ potential due to a lack of speed, transparency, and simplicity.
Business Insider Intelligence's Mobile Checkout Benchmark Study scored top e-commerce marketplaces — Amazon, eBay, Target, Walmart, and Wish — on whether they support features that boost conversion rates in checkout. The study examines those marketplaces' mobile checkout experiences in order to identify which checkout features are most important to drive conversion and which providers lead in offering them. The study scores each marketplace across three sections: overall speed and efficiency, adding to and reviewing the cart, and checkout and payment. These three categories correspond to friction points in the conversion flow.
Target won overall in the study, with leading capabilities to convert mobile browser shoppers. The retailer earned the best or second-best score in each category, giving it the top spot and showing that it has a reliable conversion experience from start to finish.
When it comes to speed and efficiency, eBay came out on top, offering the fastest and most efficient checkout experience by pairing fast load times with the simplest process. Speed is a top issue for mobile checkout, as many consumers will abandon a slow experience. eBay not only minimizes load times but limits the number of clicks and inputs it takes to check out.
Target set itself apart from other competitors for adding to and reviewing the cart by being transparent about pricing and shipping [...]