You may already be familiar with many of the trends we highlight in this series, but the cycle of innovation and iteration that our industry is known for means existing concepts can suddenly find radically new trajectories. In this series, we highlight ten ideas that are gaining rapid traction today, and which will reshape how we digitally interact with the world around us.
To help you organize your priorities for the trends in this series, we have sorted them as “trends to prepare for now” and “trends to start thinking about”.
Our seventh installment is a trend to prepare for now:
Brands that fail to improve the mobile checkout experience are facing big drops in overall conversion levels
Black Friday was a key milestone in 2005 in the UK and US. Mobile sales represented almost half of all online sales in the UK, and 63% of traffic. The US wasn’t far behind.
When it comes to the share of traffic coming from mobile, almost every company we talk to has long passed the 50% mark, and some are bracing for the 70% mark. Sooner or later, e-commerce sales will have to follow – and consumers now seem to be getting comfortable with the idea of buying things on their phone.
Mobile conversions, including transaction values, have historically been limited. They have underperformed against PC conversions, due to customers being deterred by small screen sizes, awkward data entry and security concerns.
The mobile checkout experience for most brands is poor, leading to sub-optimal conversion rates. Businesses are often too focused on trying to transpose their desktop checkout experience onto a smaller screen, rather than considering the mobile context and functionality and designing the experience accordingly.
The fact that consumers are now ready to buy things on their phone is a wake up call for brands that have not optimized their mobile experience, especially the most critical part – the checkout journey.
With the rapid change in consumer behavior, brands that are too slow to adjust will lose out faster than they expect.
You can find the whole series here: