5 Key Takeaways From #MM19UK
Magento held a fantastic event in the UK yesterday (Meet Magento UK 2019) that served to bring the eCommerce community together and explore the latest technologies, trends, and strategies. A focal point of #MMUK19 was the breakout session on closing the Mobile Revenue Gap.
The panel, lead by PayPal eCommerce Evangelist Rob Long, included Sophie Alway (Product Manager at Gene Commerce, Aidan Connor (Global Digital Platform Manager at Mayborn Group), Joe Russell (Head of Design at JH), and our very own Mark Conatser (Software Engineer at HiConversion).
Here are five key takeaways from Convert More Mobile Visitors to Buyers: Surprising Findings from a Magento Community Study and why they matter:
#1 – It takes a community to close the Mobile Revenue Gap.
On Cyber Monday in 2018, mobile overall represented 51.4% of site visitors, making it the first Cyber Monday where more than half the traffic came from mobile. However, only 34% came from mobile revenue. Why the gap? Lack of properly optimized mobile experiences. eCommerce as a whole can’t afford to lose so many opportunities again, and that’s where the Mobile Optimization Initiative (MOI) comes in.
Why it matters: No individual merchant can come close to matching the testing and learning capabilities of the collective merchant community working together.
#2 – RPV is how we measure successes and failures.
Revenue Per Visit (RPV) = Total Revenue Earned In A Time Period / Total # Of Visits In Same Time Period
Why it matters: RPV shows you what’s working and what’s not working on your site. CR and AOV are best viewed as factors that contribute to the growth or decline of RPV.
#3 – 120 experiments are live today.
Coupon Collapse, Floating Checkout Button, Simplified Cart Header, Auto Cart Update, and many other tests are running on 172+ merchant sites participating in the Mobile Optimization Initiative. That means $499M+ in transaction value and payment volume being tracked!
Why it matters: Data from over 6 million transactions (and growing each day) has been analyzed to capture insights that were previously unattainable.
#4 – The results are unexpected.
Running tests such as Removing Breadcrumbs has produced surprising results. In this case, we thought removing breadcrumbs on a site with effective navigation would cut redundancy, reduce distractions, and smooth out the buyer journey. In actuality, the results showed an average -7.09% RPV lift — a significant decrease.
Why it matters: Experimentation is challenging what we thought we knew about eCommerce best practices.
#5 – This is just the beginning.
Join the MOI community today to start running experiments on your site! Not only can it help your revenue grow at no cost, but you’ll also be contributing to making better eCommerce experiences for everyone.
Why it matters: The Mobile Optimization Initiative is still in the early stages, and more in-depth results are soon to follow.
HiConversion is the only Collaborative Customer Experience Optimization (C-CXO) platform that combines embedded analytics, adaptive algorithms, and standardized experiments to maximize the revenue per visit (RPV) of your online store. HiConversion is the official platform of the Mobile Optimization Initiative, a movement by Magento, BigCommerce, Shopify, Salesforce Commerce Cloud, PayPal, and other eCommerce leaders to close the mobile revenue gap.