Website speed, long known to be connected to conversion rates and eCommerce revenue, has a direct connection to deeper mobile engagement, higher conversions, and top-line growth. That’s the key finding of the its 2016 Q2 Mobile Insights Report from mobile engagement firm, Mobify.
The study is based on an analysis of large volumes of data amassed from eCommerce sites across the Mobify customer base in Q2 (1 April 1 – 30 June 2016). The data illustrates the specific impact of decreases in homepage load and checkout speeds, as well as the effect of an additional page view per user, which delivered a 5.17 per cent increase in user-based conversion.
The report further indicates that the average company’s annual revenue increased by $398,484 (£301,063) when the average page view per user went up by one (based on a $100 Average Order Value customer with 15,000 daily sessions.
Understanding consumer behaviour and linking it to engagement, conversions and revenue are critical because mobile commerce excellence now hinges on mobile engagement, with customer expectations changing rapidly, according to research from Forrester: The Forrester Wave: Mobile Commerce And Engagement Platforms, Q1 2016.Mobify’s Insights Reports provide quarterly updates as well as actionable next steps for retailers and brands that want to better understand mobile engagement. This latest Mobify Insights Report analyzed 306m visits and 6.2m transactions worth a total of $878m.
“Retail has rallied around the idea that successful eCommerce hinges on evolving quickly to support mobile engagement, but there is little data to support it and limited large volume data from leading retailers. With Mobify Mobile Insights, we aim to fill that gap, offer eye-opening data, and as importantly, provide specific guidance for retailers so they can act on what they learn,” said Vik Kambli, senior director of strategy at Mobify.