Recommended
Recommended
More Related Content
What's hot
What's hot (19)
Similar to The Future of Mobile Checkout
Similar to The Future of Mobile Checkout (20)
Recently uploaded
Recently uploaded (20)
The Future of Mobile Checkout
- 1. © 2016 Moov Corporation. All Rights Reserved. Confidential. The Future of Mobile Checkout and Instant Payments MOOVWEB WEBINAR FEBRUARY 14, 2017
- 2. © 2017 Moov Corporation TODAY’S SPEAKERS Brendan Miller Principal Analyst, Payments | Digital Commerce | eBusiness | Channel Strategy Chris Vitale Vice President, Digital Operations & eCommerce Laurent Meynier Vice President, MoovCheckout Amanda Lancellotti Director, eCommerce
- 3. © 2017 FORRESTER. REPRODUCTION PROHIBITED. Why You Should Prioritize Mobile Checkout in 2017 Brendan Miller, Principal Analyst February 14, 2017
- 4. © 2014 Forrester Research, Inc. Reproduction Prohibited 4 In 2017: • 4.9 billion individuals use mobile phones • 49.8% of global population are smartphone subscribers The global web will become majority mobile
- 5. © 2016 Forrester Research, Inc. Reproduction Prohibited 5 88% of U.S. smartphone owners’ time is spent in five downloaded apps.
- 6. 6© 2017 FORRESTER. REPRODUCTION PROHIBITED. When it comes to shopping, Apps are not the sole answer Source: Forrester’s Mobile Audience Online Survey, Q4 2015. (U.S.) n = 825 U.S. smartphone owners (18+)
- 7. 7© 2017 FORRESTER. REPRODUCTION PROHIBITED. Retailers are most focused on providing a browser experience to customers
- 8. 8© 2017 FORRESTER. REPRODUCTION PROHIBITED. Your mobile checkout is still broken The median conversion rate for mobile browser (1%) lags behind mobile Apps (2%), and desktop (3%). Source: “The State of Retailing Online 2017,” a Shop.org study conducted by Forrester
- 9. 9© 2017 FORRESTER. REPRODUCTION PROHIBITED. Retailers: Most important factors to mobile checkout Source: “The State of Retailing Online 2017,” a Shop.org study conducted by Forrester Research 70.0% 63.3% 60.0% 43.3% 40.0% 30.0% 26.7% 25.0% 15.0% Easy payment types offered (e.g. PayPal, Visa Checkout, Apple Pay, etc.) Free shipping Mobile-specific UI experience Guest checkout Enhanced form filling Reviews and recommendations “Add to cart” from search results Product quick buy buttons Clearly disclosed refund policy “Of the following checkout features, which do you consider most important to increasing cart conversion?” Note: not all choices shown.
- 10. 10© 2017 FORRESTER. REPRODUCTION PROHIBITED. Four pillars of great mobile checkout Streamline Task Flow Performance Digital Wallet Essential Utility You Lose More Than Half Of Your Customers After 3 Seconds* Measure Source: March 2016 “Optimize Performance For Global And Mobile eCommerce” Forrester report
- 11. 11© 2017 FORRESTER. REPRODUCTION PROHIBITED. Latency Kills Sample size: 3,035 US online adults who have a smartphone Source: March 2016 “Optimize Performance For Global And Mobile eCommerce” Forrester report 27% 24% 22% 16% 14% 12% 11% 10% 38% Websites load too slowly Content/text is too small Layout does not work on a small screen (e.g. multi- columns) Banner/pop-up ads overtake the screen and do not close easily Data input is a difficult/painful process (e.g. too many fields, pages) Navigation menus do not work well with touch interface Rich media content is not supported/will not load (e.g. Flash) Can't proceed/navigate to the full site (e.g. only directions or phone number are available) None of the above “While using your mobile web browser (e.g. Apple Safari, Chrome for Android), what are the most common problems that you encounter?” Note: not all choices shown.
- 12. 12© 2017 FORRESTER. REPRODUCTION PROHIBITED. Consumers Have Interest in Digital Wallets 55% 54% 42% 42% 41% 39% 36% 70% 65% 53% 41% 40% 39% 33% Coupons, discounts and special offers Loyalty program points and rewards Price comparisons for items I want to buy Bank account or payment card (e.g., credit, debit, prepaid, gift) Digital receipts (i.e., electronic receipts for purchases instead of paper) Saved shipping address and preferences for easy, 1 click checkout Digital tickets (e.g., concerts, movies, travel) "Which of the following are you interested in having in a mobile digital wallet?" (“Interested” or 4 or 5 on a scale of 1 [not interested at all] to 5 [very interested]) US EU-5 Base: 12,366 US online adults (18+) and 6,031 European online adults (18+) who are interested in or already use a mobile digital wallet Source: Forrester’s North American Consumer Technographics Online Benchmark Survey (Part 2), 2016 and Forrester’s Consumer Technographics European Online Benchmark Survey (Part 2), 2016.
- 13. 13© 2017 FORRESTER. REPRODUCTION PROHIBITED. Apple Pay Source: North American Consumer Technographics Online Benchmark Survey, Part 1, 2016 Base: US Online Adults 18+ (Online Weekly or More); n= 20,027 iOS users › USE, FREQUENCY OF USE, INTEREST & AWARENESS AMONG iOS USERS 11% 89% 32% 31% 26% 11% Frequency of use when the payment method is available: Every time Frequently Sometimes Hardly ever 19% 50% 26% 5% Unaware Aware, not interested Aware, interested Used, but not in P3M Interest and awareness among non-users: Users: Non-users:
- 14. 14© 2017 FORRESTER. REPRODUCTION PROHIBITED. Retailers’ plans to implement specific payment types Apple Pay is positioned to outpace PayPal by end of 2017 Base: 47-59 retailers Note: Percentages do not total 100 because of rounding. Source: The State of Retail Payments 2016, a NRF study conducted by Forrester Research
- 15. 15© 2017 FORRESTER. REPRODUCTION PROHIBITED. Measure Your Success › Develop a modified conversion metric for mobile • Implement multi-touch attribution models › Speed and load times › AOV and items/cart mean less on mobile checkout • Focus on completed mobile checkouts, speed of checkout and CLV
- 16. 16© 2017 FORRESTER. REPRODUCTION PROHIBITED. Closing Thoughts › Mobile web growth is outpacing desktop › Mobile browser traffic is outpacing apps › Utilize the 4 Pillars of Great Mobile Checkouts: • Optimize Checkout Task Flow, Performance, Digital Wallets, Utility • Reduce form fields and optimize for mobile task flow • Make pages lighter so they load faster, optimize backend • Be strategic about digital wallet implementations • Add features and utility that don’t distract from the conversion path
- 17. FORRESTER.COM Thank you © 2017 FORRESTER. REPRODUCTION PROHIBITED. Brendan Miller bmiller@forrester.com › Boost Conversions with Checkout Financing (March) › Close The Mobile Web Conversion Gap (April) › Mobile Web Checkout Benchmark (June) Upcoming Reports
- 18. © 2016 Moov Corporation. All Rights Reserved. Confidential.© 2017 Moov Corporation Audience Poll
- 19. © 2016 Moov Corporation. All Rights Reserved. Confidential. The Mobile Checkout Opportunity Laurent Meynier, Moovweb
- 20. © 2017 Moov Corporation WHY PRIORITIZE MOBILE CHECKOUT IN 2017? 1. Missed Opportunity for Mobile ROI 2. Foundation for What’s Next in Retail Tech
- 21. © 2017 Moov Corporation CHECKOUT CONVERTS CUSTOMERS TO BUSINESS VALUE Consideration Intent Checkout Completed Purchase Brand Awareness
- 22. © 2017 Moov Corporation 0%10%20%30%40%50%60%70% The credit card was declined There weren't enough payment methods Returns policy wasn't satisfactory Delivery was too slow I didn't trust the site with my credit card… Website had errors / crashed I couldn't see / calculate total order cost… Too long/ Complicated checkout process The site wanted me to create an account Extra costs too high (shipping, tax fees) WHY CUSTOMERS ABANDON INTENDED PURCHASES Source: Baymard Institute “E-Commerce Checkout Usability Study” 61% 35% 27% 24% 22% 18% 16% 10% 8% 5%
- 23. © 2017 Moov Corporation 01 All Consumer Data 02 Generalized Best Practices 03 Launch One-time Design Project TYPICAL APPROACH TO CHECKOUT
- 24. © 2017 Moov Corporation 01 All Consumer Your Unique Customer Data 02 Generalized Best Practices for Your Business Objectives 03 Launch, Test and Iterate One-time Design Project “10x ROI” APPROACH TO CHECKOUT
- 25. © 2017 Moov Corporation IMMEDIATE IMPACT OF MOBILE CHECKOUT +38% MOBILE CONVERSION RATE +29% REVENUE PER VISIT +25% MOBILE CONVERSION RATE +64% MOBILE CONVERSION RATE +36% MOBILE CONVERSION RATE 39% MOBILE CONVERSION RATE
- 26. © 2017 Moov Corporation MOBILE CHECKOUT IS THE FOUNDATION FOR WHAT’S NEXT Text and Social Voice Email ROI Focused Mobile Checkout
- 27. © 2016 Moov Corporation. All Rights Reserved. Confidential. X Chris Vitale & Amanda Lancellotti Pep Boys
- 28. © 2017 Moov Corporation ABOUT PEP BOYS • Founded in 1921 • Leading national automotive aftermarket chain • More than 7,500 service bays in over 800 locations in 35 states + PR • Pep Boys product and service offerings: • Name-brand tires • Automotive maintenance and repair • Parts and expert advice for the Do-It-Yourselfer • Commercial auto parts delivery • Fleet maintenance and repair. • IR Ranking 152 X
- 29. © 2017 Moov Corporation 30%INCREASE IN MOBILE TRAFFIC 131%GROWTH IN MOBILE SALES 85%INCREASE IN MOBILE CONVERSION RATE PEP BOYS RESULTS ON MOBILE X
- 30. © 2017 Moov Corporation PEP BOYS CHALLENGE: MOBILE SITE NOT PERFORMING Too long for customers to find what they need Checkout flow not facilitating purchase Cumbersome forms frustrating customers X Functionality not supporting business priorities
- 31. © 2017 Moov Corporation 01 02 03 04 05 EXECUTIVE SUPPORT • Goal: Prioritize mobile commerce commensurate with potential ROI ENGAGE EXPERTS • Goal: Transform mobile site quickly and expertly CORE MOBILE OPTIMIZATION • Goal: Quickly improve mobile performance and lift conversion through adaptive design CHECKOUT SOLUTION • Goal: Target cart abandonment and conversion rate lift without developer resources NEXT: INSTANT CHECKOUT • Goal: Gain additional lift and delight customers using best available technologies PEP BOYS STRATEGY TO SOLVE MOBILE PROBLEM X
- 32. © 2016 Moov Corporation. All Rights Reserved. Confidential.© 2017 Moov Corporation CTA BUTTONS OFFER BANNERS SIMPLIFIED NAVIGATION HIGH RETURN CORE MOBILE OPTIMIZATIONS X
- 33. © 2017 Moov Corporation PEP BOYS MOBILE RESULTS 50% 55% 60% 65% 70% April May June July Aug. Sept. Oct. Mobile Checkout Completion Rate +8% MOBILE CONVERSION RATE X Double Digit Lift after One Month Incremental Lift Month after Month Raises Revenue Permanently +85% MOBILE CONVERSION RATE
- 34. © 2017 Moov Corporation PEP BOYS MOBILE RESULTS 50% 55% 60% 65% 70% April May June July Aug. Sept. Oct. Mobile Checkout Completion Rate +85% MOBILE CONVERSION RATE X Example Optimizations: – Autoscroll and Autofill – Appointment confirmations – Address selection – PayPal optimizations – Dynamic CTAs
- 35. NEXT FOR PEP BOYS: INSTANT CHECKOUT X
- 36. © 2016 Moov Corporation. All Rights Reserved. Confidential.© 2017 Moov Corporation Audience Poll
Editor's Notes
- Source: Forrester Data “Mobile, Smartphone, and Tablet Adoption Forecast, 2016 to 2021” (Global) Image source: http://www.engadget.com/2015/10/01/starbucks-app-uk-mobile-order-pay/ Note: not at all mobile phone users have smartphones
- Source: Forrester’s Mobile Audience Data, January to June 2015. A lot of time and energy has been spent the last few years by retailer building apps. BUT THERE IS PROBLEM The average consumers 88% of my time in 5 of them. Purchasing a product? An app is statistically even preference with the mobile web
- Source: Forrester’s Mobile Audience Online Survey, Q4 2015. (U.S.) n = 825 U.S. smartphone owners (18+) Your App won’t garner enough of your customers’ mobile moments.
- Source: “The State of Retailing Online 2017,” a Shop.org study conducted by Forrester
- North American Consumer Technographics Devices And Telecom Online Benchmark Recontact Survey, 2015
- Source: Forrester’s North American Consumer Technographics Online Benchmark Survey (Part 2), 2016 and Forrester’s Consumer Technographics European Online Benchmark Survey (Part 2), 2016 Coupons/loyalty/special offers have held steady over the last few years – Been large growth in other services wanted showing expectations
- Apple Pay is much improved experience, but still usage is lagging.
- We asked respondents about their plans to implement specific payment types Didn’t ask InApp, Web, vs. Proximity Dark blue =2015, light 2016, green 2017 and beyond, grey is no way. PayPal acceptance rules the roost But not for long – Apple Pay acceptance is outpacing PayPal by end of 2016 – NFC PayPal is going NFC at least on Android – Recent Visa deal cemented that No love for
- That stitch user behavior and conversion across devices.
- Audience Poll: Is mobile checkout a priority for your business in 2017? Yes, it is a top priority. Yes, but not a top priority. Maybe, it could be a priority. No, it is not a priority.
- Mobile checkout must be a priority for e-commerce managers and retailers because it is the point at which the investment in your customers converts to business value. If you consider the customer journey with your brand, you have to make investments across a huge variety of channels--on mobile, on line and offline—to cultivate awareness and consideration. And we know that an increasing amount of that interaction is taken or influenced on mobile. You’ve probably heard the statistic from RetailTouchPoints that 90% of shoppers use their phones while they are shopping in stores and roughly half of customers are using their phones for product research and price comparisons. Our experience has been that retailers invest heavily in the awareness and consideration phases and that there is exceptional opportunity to improve conversion down funnel. Once shoppers have reached the intent phase, you have the opportunity to control the rest of that customer experience and convert that intent to purchase. Checkout is the key part of the user experience that ensures that intent converts to purchase, and to business value for you.
- MoovCheckout Instant is the foundational technology that is going to prepare your business for the distributed commerce that are coming down the pipe. Instant Checkout on mobile is already in the early majority phase of adoption and has been particularly appealing to high-value shoppers on iPhone. Next, we’re seeing the beginning of shopping ecosystems centered around voice-controlled technology, led by Amazon Alexa. So not only is Amazon competition with traditional retailers on price and supply, Amazon is continually making it easier to purchase from them over any other shopping option. Google and Apple, through Siri, will catch up fast and iterate quickly as early adopters embrace these technologies that use our most natural form of communication to make purchases in an instant. Finally, there is emerging and experimental technology that is just starting to take hold that lets consumers make purchases in ads and apps that weren’t necessarily built for shopping. The apps that mobile users spend most of their time in are messaging and social media apps, so it’s a natural evolution, especially for visual channels like Instagram and Pinterest—and now even messaging—to make it possible for consumers to see something they want and purchase it instantly. MoovCheckout Instant is meant to be the foundational technology that will prepare your e-commerce operation to quickly adopt these new and emerging technologies so you never lose business to a competitor that is making mobile purchases easier.
- Needs proper Pep Boys logo
- PLACEHOLDER SLIDE. SUGGEST USING THE STANDARD “ABOUT PEP BOYS” CORPORATE SLIDE. Joe mentioned that Pep Boys was IR rank 312 before the relationship with Moovweb. Is that something you’d be open to mentioning?
- [These numbers are from the approved case study Moovweb did with Pep Boys. Do you have any updated metrics?] Pep Boys has seen exceptional results through our mobile optimization and mobile checkout focus. You can see it in the numbers… A 30% increase in mobile traffic. An 85% increase in mobile conversion rate. And 131% growth in mobile sales. These results more than justified the investment in mobile. I’m going to tell you how we got there.
- [This slide is based on the Pep Boys case study. Please feel free to change it as you see fit!] First, let’s talk about some of the pain points we were experiencing…
- [With this slide, I wanted to hit a few key points: First, Prioritization of mobile projects—mobile optimization is a high ROI project and deserves prioritization Then, getting out-of-house expertise accelerates time to ROI Third, When Pep Boys first began this project, you gained lift from overall optimization. This Core Mobile Optimization phase was a project that involved developer resources. Fourth, the focus on mobile checkout was a different project than overall mobile optimization. Both were about increasing conversion, but focusing on checkout was about creating a purchase experience that optimizes for YOUR business needs, testing and iterating on small changes that lead to sustained lift over time. Final phase of the strategy is to be a market leader with new technologies proven to further lift conversion.]
- [The idea behind this slide is to briefly touch on some of the non-checkout optimizations that were very impactful for Pep Boys before turning the focus to checkout] For Pep Boys, once we had gotten the right experts to help us, we got to work on optimizing our site overall to better serve our customers on mobile. Here are just a few of the high value changes we made to our site. Depending on how mature your mobile site is, some of these types of optimizations may be things you are already doing. But when we started the process of overhauling our mobile site, we found that customers had a much smoother journey when they could clearly see the Call to Action buttons that led them to the products and services they came to the site to find. Creating banners to showcase promotions helped direct customers to the products and services we wanted to buy and made those promotions more successful. And a very simplified navigation
- So after we had completed this first phase of our mobile optimization, we learned that Moovweb had been running the numbers on its platform and had built software that would allow us, the business users, to get even more lift by focusing squarely on mobile checkout. Because even with a highly optimized site, we found that cart abandonment when customers clearly wanted to purchase was still an issue. And that’s business we’re losing because we were making it too hard to buy from us. So we began to focus on mobile checkout and the pains our customers were experiencing there. And the results were powerful. It’s important to understand that it was incremental changes over time that got us to this big conversion lift number. It’s the cumulative effect of little changes, tested repeatedly over time that makes a difference.
- [This series of three slides where we detail some of the checkout optimizations was an area I thought Chris and Laurent could discuss conversationally as opposed to a straight read from Chris]
- [These numbers are from the approved case study Moovweb did with Pep Boys. Do you have any updated metrics?] Pep Boys has seen exceptional results through our mobile optimization and mobile checkout focus. You can see it in the numbers… A 30% increase in mobile traffic. An 85% increase in mobile conversion rate. And 131% growth in mobile sales. These results more than justified the investment in mobile. I’m going to tell you how we got there.
- Audience Poll: Is mobile checkout a priority for your business in 2017? Yes, it is a top priority. Yes, but not a top priority. Maybe, it could be a priority. No, it is not a priority.