Benchmarking Mobile KPIs & Best Practices Among Retailers
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Benchmarking mobile KPIs and best practices among retailers
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Benchmarking Mobile KPIs & Best Practices Among Retailers
- 1. Trifecta Research 2014 | Privileged and Confidential Benchmarking Mobile KPIs & Best Practices among Retailers
- 2. Key Components of a Mobile Strategy in 2015 Essential KPIs for a Mobile Platform Integrating Mobile into the Journey
- 3. Key Components of a Mobile Strategy in 2015 Essential KPIs for a Mobile Platform Integrating Mobile into the Journey
- 4. Migrate KPIs toward measuring an expanded, more encompassing omnichannel retail environment
- 5. 0% 50% 100% 71% use engagement to define success (retailers) Source: “Use Analytics to Build Mobile Advantage,” Forrester, December 11, 2014; “The 2015 Mobile Opportunity: How Brands Are Shifting Their M-Commerce Strategies,” WBR Digital, Jumio and Urban Airship, November 2014; Forrester’s Q2 2014 Global Mobile Executive Online Survey 76% focus on financial KPIs (retailers) 47% have a mobile analytics solution to generate insights (retailers) 41% have defined mobile objectives (retailers) 47% leverage KPIs to measure progress against objectives (retailers) • <1 in 10 retailers are focused on new mobile KPIs • Very few retailers have begun using mobile strategy to proactively segment and target consumer cohorts • More than 3X mobile execs do not track mobile users across both online and offline channels
- 6. Metrics 1 Analytics 2 KPIs 3 Objectives 4 MEASURED PROGRESS Today… Tomorrow… Source: “Use Analytics to Build Mobile Advantage,” Forrester, December 11, 2014 Measure success relative to objectives Use analytics to create customer insights to deliver relevant, timely calls to action
- 7. Cross- Channel Enablement Customer Engagement In-store Journey Targeted Marketing Internal Enablement Improve experiences via curation and context Leverage consumer insights Delivering relevancy Sources: http://www.phunware.com/blog/5-retail-mobile-strategy-resolutions-2015/; http://www.psfk.com/2015/01/pablo-slough-mobile-retail- google.html; http://www.mobilecommercedaily.com/mobile-experts-weigh-in-on-commerce-in-2015; http://www.forbes.com/sites/samsungbusiness/2015/02/09/retailers-turn-to-omnichannel-strategies-to-remain-competitive/; http://www.appcelerator.com/blog/2014/10/retail-mobile-strategy/ Strategy Objective
- 8. Key Components of a Mobile Strategy in 2015 Essential KPIs for a Mobile Platform Integrating Mobile into the Journey
- 9. Top of the Funnel Middle of the Funnel Bottom of the Funnel • SMS Subscription Reporting • Active Users • Mobile Add-to-Cart Rate (mATCR) • Referrals per User • Lifetime Value (LTV) • Revenue per User (RPU) • Revenue/Visit • % Total Orders • Abandoned Checkout Rate • Retention Rate • Mobile Cart Completion Rate (mCCR) • Cart Abandonment Rate • Mobile Conversion Rate • Average Order Value (AOV) • Total Mobile Traffic • Bounce Rate • Avg. Pages per Visit • Avg. Time on Site • Location Information • App Launch/Load Time • Email Database Size • Avg. Page Load Times • App Sign Up Conversion Rates • App Sign In Conversion Rates • Catalog Click-Through Rate • Entry and Exit Page Histograms NOTE: The challenge for best practitioners is how to apply these as omnichannel rather than as a single channel – whether mobile, web or in-store
- 10. Key Components of a Mobile Strategy in 2015 Essential KPIs for a Mobile Platform Integrating Mobile into the Journey
- 11. 1. Measuring how mobile impacts in-store behavior 2. Understanding and measuring the role played by mobile along the entire customer journey: Knowing where they are at the moment they enter a store Knowing how best to serve up relevant content to them Ensuring experience propels them from one place in journey to next 1 2 3
Editor's Notes
- Mobile devices create an increasingly dynamic experience that generates constant data; the challenge, then, is to deliver relevant content for contextualized services to suit the tasks that consumers want to do on their devices – and do so in near real time.
- Cross Channel Enablement – Replicate the same brand experience across all channels Real-time inventory management across multiple channels Innovate with cross-channel app experiences Support cross-platform mobile solutions Customer Engagement Make mobile experiences seamless and easy Personalize the (app) experience Customer Segmentation/Acquisition/Retention Yes, Conversion… AND Loyalty and Engagement In-store Journey Augment front of store merchandising strategies by targeting time and place Drive foot traffic (by using push notifications, beacons, etc.) Guide customers through the journey, not just the store Targeted Marketing Tailor offers with mobile technology (e.g. beacon) Creative responsive marketing design specifically for improving the mobile experience Internal Enablement Enable employees on the sales floor Enable store management to move more quickly and efficiently Increase efficiency of in-store POS
- The top of the funnel is where new (mobile) users enter the sales process, and therefore the consumer journey. This phase progresses from basic awareness to initial consideration of products or services. For app users, the download and initial open occur at the top of the funnel. App Sign In Conversion Rates: Signing in or Signing Up; The very first sign that the user has intent to buy. Catalog Click-Through Rate: % of home screen views that result in a product being clicked, resulting in an app user navigating to the product detail screen. Catalog click-through rate is a reflection of the success of the home screen. It also signals that an app user has a level of interest in a particular product that they may ultimately decide to purchase. Average Page Load Times: Close to three quarters of consumers expect mobile pages to load in five seconds or less. A one-second delay in mobile page-load time can produce an 8.3% increase in the bounce rate and a 3.5% reduction in conversion rate Entry and Exit Page Histograms: If most or all mobile visitors are entering via the home page, there may be a problem. In the mid-funnel, (mobile) users are engaging in active evaluation of a brand and its products. Shopping, browsing, information gathering, and comparison are all common activities. This phase of the funnel typically culminates when mobile users add products to their cart. Referrals per User: The average number of in-app referrals made per user. This metric can shed light on how engaged app users are with the brand, and is correlated with purchases and an increased length of time spent in app. Mobile Add-to-Cart Rate (mATCR): The percentage of product detail screen views that result in a product being added to the shopping cart. Add-to-cart conversion rate is an integral part of the buying process that signals interest in a product and intent to purchase. In addition, add to cart conversion rate is a reflection of the success of the product detail screen. Users are more likely to add a product to the shopping cart if they were able to discover all necessary product information from the product detail screen. Lifetime Value (LTV): The value of a mobile user as compared to a non-mobile user. User LTV is a KPI that gets more attention than almost any other because it’s a very good way to understand the relative health of a mobile business. Most LTV formulas add up the total amount of revenue generated from different streams, such as advertising and purchases, and divide it by the total number of users. The revenue per user number is then multiplied over the lifetime of a user. Understanding LTV is critical for optimizing marketing channels to focus on finding the The bottom of the funnel is where conversion happens. It’s where browsers become buyers and then customers. Focus is on conversion rate, average order value and revenue per user. Referrals per User: The average number of in-app referrals made per user. This metric can shed light on how engaged app users are with the brand, and is correlated with purchases and an increased length of time spent in app. Mobile Conversion Rate: The product of the Mobile Add to Cart Rate (mATCR) times Mobile Cart Completion Rate (mCCR) Cart Abandonment Rate: % of transactions that are not ultimately purchased after having reached the cart. Whether the user opted to purchase the product on the web, offline, or not at all, this metric is paramount to fully understanding buying, or non-buying behavior. Average Order Value (AOV): Some experts choose this metric over Total Mobile Sales volume, because this KPI is actionable. Monitoring AOV over time empowers mobile merchandisers to make better decisions. If you manage AOV and conversion rates
- Customer Adoption: -- While there are infrastructure challenges, there are also challenges related to the customer’s willingness to embrace technologies like beacons, in-store SMS, opening their apps in store, etc. A lot of retailers go 2-3 steps ahead of where adoption actually is with consumers. They get ahead of themselves and of the technical ramifications. -- Mobile and digitizing kiosk/shelf talkers are things that will eventually happen but slowly. Taking them off the floor and digitizing them is probably more desirable by the retailers so they can free up physical clutter, but challenge is the adoption of the guest to understand it; the guest is more educated every day but adoption is still a ways out. 2) Value Proposition: -- There is more adoption of SMS than location-based services right now. Most people do have location turned off on their phones. A compelling value proposition is required to get them to turn on location services and interact with apps and mobile in a different way. 3) Crowded Channel Space Retailers would love to digitally own the airwaves of their shopper experience. However, be mindful that your shoppers are also using technology that is not your own; Be aware of those technologies; understand those technologies, and perhaps partner with those technologies. Be where your shopper is. 4) Appropriate KPIs: -- Know where the customer is in her journey through her search process before she enters the store. Then when she enters the store, know how to serve her the right content to help her proceed to the next step. -- Retailers need the right metrics and back-end systems to provide them the data points to determine who are your true MVPs in one platform, and then cross-tie back effectively to other platforms, maximizing all of the channel and cross-channel opportunities. --- This can include usage metrics(in general, repeat usage), Session Length, length of digital engagement, push messaging that starts to incur reaction (click this button to download this coupon and put it in your wish list); Page load time; qualitative checkpoints, etc. 5) Be Agnostic Use data and KPIs to emphasize and leverage where the touch points are happening so you can maximize them. But, think of solutions after you analyze the data; let the data and your strategy guide you to the right technical solution; Syniverse can help with that process.