The year 2020 will show mobile apps skyrocket. App downloads will cross 400 billion, and mobile revenue will hit $200 billion. It’s safe to say that if your business is not on the mobile app bandwagon, some stats might make you reconsider your online strategy for the next quarter.
As we enter a new decade, one realizes that the norm did not even exist at the start of the decade. It is already the norm to have AI-powered predictions of what shoppers want to buy. From product recommendations to faster checkout, retail mobile app technology has reached exciting new heights in the last decade. While technology is advancing, is buying behavior increasing in the same way? E-commerce sales have been constantly on the rise, and it’s safe to say that Mcommerce revenue also has an upward trend. Take a look at Shopify’s Revenue growth over the last three years.
Shopify’s total revenue may have increased considerably but what’s more important is the mobile revenue percentage. Mobile was approximately 60% in 2017 and went up to 66% in 2018. 2019 showed the most growth, with a whopping 80%.
- 60% leave online stores if they don’t like the website
Experience is everything! According to Applause, “60% of respondents say they will leave an online store or digital experience if they don’t like the website. There are 2.7 billion smartphone users worldwide, and 90% of their mobile time is spent on apps. If that doesn’t convince you, look at this – 21% of Millennials open an app 50+ times per day & 49% of people open an app 11+ times daily. Your app could be one of them.
- Personalized product recommendations drive 26% of revenue.
Shoppers are now accustomed to online payments and will not hesitate to pay via mobile apps if they like the product. From a brand’s point of view, apps offer better personalization. In other words, there is a higher likelihood of showcasing products per the shoppers’ tastes and buying habits. Personalized product recommendations drive just 7% of visits but a whopping 26% of revenue. Apps track user engagement, and product suggestions keep changing in real-time.
- Push notifications can have a click-through rate of up to 40%
Lastly, let’s talk engagement. One of the best, most convenient, and highly effective tools for engagement is in-app push notifications. Shoppers can receive reports based on products bought, user engagement, and even if the shopper isn’t active on the app. When done right, push notifications can have a click-through rate as high as 40%.
- Flash banners can boost in-app purchases by 70%
Smart & flash banners have been around for quite some time, and when used right, they can drive significant conversions. Intelligent banners bump up app installs by about 3x, and flash banners can boost in-app purchases by 70%.
More and more E-commerce stores are jumping on the mobile app bandwagon. 70% of brands say mobile has urged them to transform their businesses and experiences. A new decade calls for a new outlook on how brands do business. Every e-commerce store should use a mobile app to expose its brand more to its shoppers.
P.S – Here’s something fun for you to do
We’ve created a super fun bingo challenge for all eCommerce founders.
Download the below image, tick off the boxes on what you’ve done, post it on your Instagram story or posts, and tag us with #ecommbingo20.