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Trifecta Research 2014 | Privileged and Confidential
Benchmarking Mobile KPIs & Best Practices among Retailers
Table of Contents
Key Components of a Mobile Strategy in 2015
Essential KPIs for a Mobile Platform
Integrating Mobile into the Journey
2Trifecta Research 2015 | Privileged and Confidential
Key Components of a Mobile Strategy in 2015
Essential KPIs for a Mobile Platform
Integrating Mobile into the Journey
3Trifecta Research 2015 | Privileged and Confidential
The Goal:
4Trifecta Research 2015 | Privileged and Confidential
Migrate KPIs toward measuring an expanded, more encompassing omnichannel retail environment
5Trifecta Research 2015 | Privileged and Confidential
0% 50% 100%
71% use engagement to define success
(retailers)
Source: “Use Analytics to Build Mobile Advantage,” Forrester, December 11, 2014; “The 2015 Mobile Opportunity: How Brands Are Shifting Their M-Commerce Strategies,” WBR Digital, Jumio and Urban Airship, November 2014; Forrester’s Q2 2014 Global Mobile Executive Online Survey
76% focus on financial KPIs (retailers)47% have a mobile
analytics solution to generate insights
(retailers)
41% have defined mobile objectives
(retailers)47% leverage KPIs to
measure progress against objectives
(retailers)
• <1 in 10 retailers are focused on new mobile KPIs
• Very few retailers have begun using mobile strategy to proactively segment and target consumer cohorts
• More than 3X mobile execs do not track mobile users across both online and offline channels
And yet…
Next generation mobile strategies – Less about measuring progress against objectives with static KPIs; More about using analytics to derive insights to provoke specific actions that are highly context-driven
6Trifecta Research 2015 | Privileged and Confidential
Metrics
1Analytics
2
KPIs
3Objectives
4
MEASURED PROGRESS
Today…
Tomorrow…
Source: “Use Analytics to Build Mobile Advantage,” Forrester, December 11, 2014
Measure success relative to objectives
Use analytics to create customer insights to deliver relevant, timely calls to action
Key components of a best-in-class mobile strategy in 2015 must embrace a breadth of strategic objectives, integrated into an omnichannel framework
7Trifecta Research 2015 | Privileged and Confidential
Cross-Channel
Enablement
Customer Engageme
nt
In-store Journey
Targeted Marketing
Internal Enablemen
t
Improve experiences via curation and context
Leverage consumer insights
Delivering relevancy
Sources: http://www.phunware.com/blog/5-retail-mobile-strategy-resolutions-2015/; http://www.psfk.com/2015/01/pablo-slough-mobile-retail-google.html; http://www.mobilecommercedaily.com/mobile-experts-weigh-in-on-commerce-in-2015; http://www.forbes.com/sites/samsungbusiness/2015/02/09/retailers-turn-to-omnichannel-strategies-to-remain-competitive/; http://www.appcelerator.com/blog/2014/10/retail-mobile-strategy/
Strategy Objective
Key Components of a Mobile Strategy in 2015
Essential KPIs for a Mobile Platform
Integrating Mobile into the Journey
8Trifecta Research 2015 | Privileged and Confidential
Though not exceptionally novel, key KPIs can best be understood within the context of the Purchase Funnel
9Trifecta Research 2014 | Privileged and Confidential
Top of the Funnel
Middle of the Funnel
Bottom of the Funnel
• SMS Subscription Reporting
• Active Users• Mobile Add-to-Cart
Rate (mATCR)• Referrals per User• Lifetime Value (LTV)
• Revenue per User (RPU)
• Revenue/Visit• % Total Orders• Abandoned Checkout
Rate• Retention Rate• Mobile Cart
Completion Rate (mCCR)
• Cart Abandonment Rate
• Mobile Conversion Rate
• Average Order Value (AOV)
•Total Mobile Traffic•Bounce Rate•Avg. Pages per Visit•Avg. Time on Site•Location Information•App Launch/Load Time•Email Database Size•Avg. Page Load Times•App Sign Up Conversion Rates
•App Sign In Conversion Rates•Catalog Click-Through Rate•Entry and Exit Page Histograms
NOTE: The challenge for best practitioners is how to apply these as omnichannel rather than as a single channel – whether mobile, web or in-store
Key Components of a Mobile Strategy in 2015
Essential KPIs for a Mobile Platform
Integrating Mobile into the Journey
10Trifecta Research 2015 | Privileged and Confidential
Top 2 challenges facing retailers today
1. Measuring how mobile impacts in-store behavior
2. Understanding and measuring the role played by mobile along the entire customer journey:
11Trifecta Research 2015 | Privileged and Confidential
Knowing where they are at the
moment they enter a store
Knowing how best to serve up relevant content to
them
Ensuring experience
propels them from one place in
journey to next
1
2
3
What does the path forward look like?
12Trifecta Research 2015 | Privileged and Confidential
CURRENT STATE
FUTURE STATE
Customer
Adoption
Crowded
Channel Space
Value
Proposition
Appropria
te K
PIs
Agnostic
ism