Phoning it in: eCommerce shifts to mobile devices

Phoning it in: eCommerce shifts to mobile devices BUY Smaller screens don't mean smaller sales. In the next four years, nearly $626 billion will be spent globally on mCommerce. As more consumers discover the convenience that eCommerce offers, more are turning to the devices they usually have on hand: mobile phones and tablets. eCommerce lets consumers buy what they want, where they want, exactly when they want it all from their small screen devices. Today: eCommerce and Small Screen Devices $71.2b 24 6.2% In 1Q of 2014, eCommerce sales in the U.S. were $71.2 billion, up 2.8% from the 4Q of 2013.' eCommerce sales in 1Q of 2014 accounted for 6.2% of total U.S. retail sales. 535 million consumers around By 2018, there will be $626 billion spent globally on mCommerce.? the globe will make a purchase on their mobile devices in 2014. eCommerce Predictions 2015 686 million consumers around the globe will make a purchase on their mobile devices. 2016 it will jump to 830 million global consumers who will make a purchase on their mobile devices. 2017 it will jump to 961 million global consumers 961,000,000 2018 it's predicted that U.S. mobile eCommerce sales will top $293 billion. 2018 it's predicted that 55% of U.S. 55% smartphone owners and 61% of tablet owners will make purchases 61% on their devices. The Experience Site redesign is a priority this year, with 46% of global retailers planning to overhaul their site. 53% of surveyed global retailers identify mobile as their top priority in the coming year. 46% Merchants and eCommerce 2013 There were 102,728 eCommerce retailers in the U.S. $12,000 that generated at least $12,000 per year in revenue. 38,157 of eCommerce merchants generated at least $50,000 $50,000 in revenue.? $100,000 23,587 online merchants generated at least $100,000 in revenue.? 28% 72 of the top 100 retailers had no mobile site. Those retailers either offered 72 of the top 100 Internet retailers had a mobile commerce-enabled site. consumers a mobile-optimized home page, or they just weren't mobile commerce-enabled. =10 6.5% Of the top 100 e-retailers, 82 have a mobile app, an increase of 6.5%. mCommerce and Sales Conversion Difficulty plays a role in cart abandonment. $38% 41% Mobile converts only 38% as well as tablets and desktops at top retailers.10 of consumers failed to complete a purchase because it was too difficult to enter credit card information. This shows retailers the importance of adjusting their sites and apps for a small screen, making it easier for consumers to check out." $3,000,000,000,000 In 2014, consumers will abandon $3 trillion worth of products online across the globe.2 The Checkout Process The average checkout process on the top 100 grossing eCommerce websites is 5.1 steps too long and requires users to fill out 13 form fields on average. 44% of those who have abandoned their cart say it's because the checkout process was too long.3 24% of eCommerce sites 11% of US. adults CANCEL abandoned an online purchase because they either didn't want to register, or the site was asking for too much information.4 require account registration, and 50% ask for the same information more than once. 5 Consumer Preferences and Trends A GUEST Many opt to pay as a guest instead of going through a lengthy registration process. 16 Consumers want a simple and easy-to-understand checkout process, and lean toward sites that have streamlined their checkout process." Conclusion: Consumers expect retailers to continue improving their eCommerce experience. Much of that lies in the checkout process, where consumers won't hesitate to abandon their shopping cart if they feel like it's too complicated. The key to ensuring a customer sees their purchase through is an easy and simplified checkout process like the one offered by Visa Checkout, Visa's new online payment service. Visa Checkout makes paying for online purchases as easy as the physical card swipe – no matter what device consumers are using to shop. Sources 1. ensus.gov/retail/mrts/www/data/pdf/ec_current.pdf, 2. theatlantic.com/technology/archive/2014/03/goldman-there-will-be-as-much-mobile-commerce- in-2018-as-br-e-commerce-in-2013/284270/, 3. internetretailer.com/2014/03/10/mobile-commerce-will-be-nearly-half-e-commerce-2018, 4. forrester.com/ US+Mobile+And+Tablet+Commerce+To+Top+293B by+2018+Total+eCommerce+To+Hit+4148/-/E-PRE7004, 5. mashable.com/2014/05/12/mobile- commerce-sales, 6. forrester.com/Retailers+Modify+Objectives+In+2014+As+Mobile+Tops+Priority+Lists/-/E-PRE6684, 7. forbes.com/sites/mikalbelicove/ 2013/09/18/how-many-u-s-based-online-retail-stores-are-on-the-internet, 8. main.lightningbuy.com/report.html, 9. internetretailer.com/2014/05/07/two- thirds-top-e-retailers-use-push-notifications, 10. Leading consumer electronics retailer, Q3 2013; Internet Retailer Top 500 Guide, 11. salecycle.com/cart- abandonment-rates-increase, 12. mobilecommercedaily.com/66pc-abandon-mcommerce-purchases-because-of-issues-at-checkout, 13. 2012 Checkout Usability Database of the Top 100 Grossing eCommerce Sites, Baymard Institute, 14. blog.kissmetrics.com/easy-payment-process, 15. esurveyspro.com/article- shopping-cart-abandonment-surveys.aspx, 16. marketlive-blog.com/category/mobile-commerce, 17. blog.kissmetrics.com/easy-payment-process Presented by VISA %24 D00.00 000,0 00,000 626,00. 686,00.