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 then here are some stats that might make you reconsider your online strategy for the next quarter.
As we enter a new decade one now realizes that what is the norm now did not even exist at the start of the decade. It is already the norm to have AI-powered predictions of what shoppers would like 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 advancing 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 3 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 across the world and 90% of their mobile time is spent on apps. If that doesn’t convince you then take a look at this – 21% of Millennials open an app 50+ times per day & 49% of people open an app 11+ times each day. Your app could be one of them.
- Personalized product recommendations drives 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 that are as 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 accordingly 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 are in-app push notifications. Shoppers can receive notifications 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. Smart banners are known to 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 that mobile has urged them to transform their businesses and experiences. A new decade calls for a new outlook on the way brands do business. Every e-commerce store should take advantage of a mobile app to expose their brand more to their shoppers.
P.S – Here’s something fun for you to do
We’ve come up with a super fun bingo challenge for all eCommerce founders.
Download the below image, tick off the boxes on what you’ve done and post it on your Instagram story or posts and tag us with #ecommbingo20.