Mopowered - Jim Rudall - Mobile Retail Summit


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Jim Rudall from MoPowered - The Challenges of Mobile - What to consider when deciding on your strategy?

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Mopowered - Jim Rudall - Mobile Retail Summit

  1. 1. The Challenges of Going Mobile 1 What to consider when deciding on your strategy. One America Square London 5th June 2014 Jim Rudall, Sales Director, MoPowered PLC
  2. 2. Hello… • The MoPowered PLC story • M-commerce Challenges • Key Challenge I – Checkout Abandonment : Monetising Mobile • Key Challenge II – How do I Future-Proof My Business • Key Challenge III – Build vs. Buy 2
  3. 3. 3 The MoPowered PLC story
  4. 4. 4 2007 2009 2012 2014+ 120 customers across mobile web/apps/tabletDeveloped the MoPowered m-commerce Platform Additional in-App commerce functionalityPioneered Mobile Banking “MoBank” The MoPowered PLC story
  5. 5. Partners with Leading e-commerce Technology Companies 5
  6. 6. 120+ retailers on our platform and over 50 more. 6
  7. 7. Mobile Channel Landscape and Challenges While 55% of UK businesses have a mobile site or a mobile App. 45% do not!
  8. 8. Anyone heard this before…?!? • 2008 – this is the year of mobile • 2009 – THIS is the year of mobile • 2010 – this IS the year of mobile • 2011 – this is THE year of mobile • 2012 – this is the YEAR of mobile • 2013 – this is the year of MOBILE • 2014 – this is the year of mobile SHOPPING 8
  9. 9. Consumer adoption vs. Mobile Shopping lag Population Time Mobile Adoption Mobile Shopping 9
  10. 10. 10 The Biggest Mobile Commercial Challenges Mobile forms a significant part of our traffic We feel we need to address the issue quickly There is little or no CAPEX available for development Tough to define a business case for investment Any investment needs to deliver an ROI How can I test and learn in a cost effective way What’s the best way to harness the long term opportunity
  11. 11. 11 Key Challenge I – Monetising the Mobile Channel • What is my site looking to achieve? Revenue Uplift? Customer Experience? Engagement? Consumption? • How do I demonstrate an ROI? • What do I need to address to achieve the above? In mobile, you need to rethink payment and provide the best user experience M-commerce is set to quadruple to 2017
  12. 12. Lots of ££ spent on branding & acquiring traffic… Paid Display Paid Search Affiliate Sponsorship Earned SEO WOM Buzz Viral Owned Websites Mobile Blogs Social Accounts ROI Traffic acquisition spend “For every £80 spent on acquisition only £1 is spent on conversion.” Forrester Research Low relevance and poor experience produces low: • Engagement • Conversion rates • Average order value • Retention 3% 12
  13. 13. By not having a mobile site retailers are losing traffic they have already paid for Checkout Leakage
  14. 14. 14 What is affecting my Conversions on mobile? 97% Mobile shopping basket attrition rates are around 97%
  15. 15. 15 Understanding the Mobile Channel Business Case
  16. 16. Creating the ROI Business Case 16 Q Unique Visitors 944,994 Mobile traffic 13% 122,849 Mobile conversion 0.24% Average mobile basket £96.82 Mobile sales (current) 294 Current Sales Revenue £28,465 MoPowered Conversion Rate 0.75% New Uplifted revenue £89,171 Q Incremental revenue £60,706 Bounce Rate on Mobile drops 56% - 41% AOV on Mobile – uplift of 42%
  17. 17. 17 Factors that affect success on Mobile Speed/performance Navigation Checkout • Page weight • Image size • Web technology • Simple/mobile specific • Task driven • Quick/text light • Mobile payment options
  18. 18. Solve the Problem by Addressing the Issues 18 Every 100ms delay costs 1% of sales • Turn frustrated browsers into happy buyers through speed and performance improvements • Develop navigation on mobile which is contextual and follows best practice • Tailor your checkout to the mobile experience “There’s a direct correlation between page load speed and conversion”
  19. 19. Streamlining Checkout – Fast. Light. Easy = £££
  20. 20. So much to do so little time… 20 Key Objectives: • Increase traffic • Increase conversion rate • Reduce abandonment • Create a great user experience
  21. 21. What’s the best solution? Mobile users want different things – information or action Dedicated mCommerce sites load quickly and convert better Responsive design allow users to access more content blog and other information but are clunky. For information / content sites responsive design is a good approach
  22. 22. Challenge I - Summary 22 • Select a partner with demonstrable mobile experience with live “successful” sites • Ensure any partner is willing to commit to an ROI based on conversion uplift • Ensure the cost of support and maintenance is in-line with an on-going ROI – no nasty surprises! Before Difficult to view, browse, checkout After Easy to shop and purchase
  23. 23. How times have changed… 23
  24. 24. 24 Key Challenge II – How do I Future-Proof My Business If possible, leverage off the existing integration / mobile site when building for new devices The mobile landscape changes rapidly
  25. 25. 25 Key Challenge II – How do I Future-Proof My Business “Development approaches Must accommodate Future scenarios…” “Mobile application experiences demand a more tailored approach, one that is unique to mobile phones…” eBusiness pros Need a Five-year plan.. “Delivering Convenience Means Mobile experiences Must diverge From Those on PC…”
  26. 26. 26 The Sophistication Of Mobile Services Will Evolve Key Challenge II – How do I Future-Proof My Business
  27. 27. NFC Heartbeat Service Availability QR Codes Uptime MI Vouchers Messaging CMS Data Access Layer Business logic HMTL rendering/device API A truly modular architecture, delivers across mobile CLIENT 27 iBeacon
  28. 28. Summary 28 • Ensure whatever solution you select allows you to test and learn • Be thinking mobile first but always with the mind that mobile is a separate channel • A mobile specific approach will ensure you make the best of the opportunity and are prepared for what’s round the corner
  29. 29. 29 Key Challenge III – Build vs. Buy The Age-Old Question
  30. 30. Mobile website framework Semantic analysis of HTML source code on a client’s existing web shop Data queries configured within the WebFlow console to aggregate catalogue data Recreation of shop in mobile friendly format MoPowered offer merchants a rapid, scalable data transformation to enable mCommerce
  31. 31. Making it easier for Merchants 31 Tiered Solution to suit all Retailers • Pure Platform »Platform + Customisation » Enterprise Bespoke Build • Flexible commercials based on risk/reward • Low integration and customisation reduces need to find any CapEx • Partnerships with all PSPs = focus on mobile conversions / transactions • Working with retailers to develop business case through ROI • Constant platform innovation and future-proofing
  32. 32. Continuous Improvement Plan Creative Design UX Payments Integration Support ConsumerTouchPoints £ Revenue Conversion Performance Road Map Innovation
  33. 33. Thank you… Jim Rudall 07826 67 461 @mobilepowered 33