benchmarking mobile kpis & best practices among retailers
TRANSCRIPT
![Page 1: Benchmarking Mobile KPIs & Best Practices Among Retailers](https://reader036.vdocuments.net/reader036/viewer/2022062420/55b9f506bb61eb362b8b4614/html5/thumbnails/1.jpg)
Trifecta Research 2014 | Privileged and Confidential
Benchmarking Mobile KPIs & Best Practices among Retailers
![Page 2: Benchmarking Mobile KPIs & Best Practices Among Retailers](https://reader036.vdocuments.net/reader036/viewer/2022062420/55b9f506bb61eb362b8b4614/html5/thumbnails/2.jpg)
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
![Page 3: Benchmarking Mobile KPIs & Best Practices Among Retailers](https://reader036.vdocuments.net/reader036/viewer/2022062420/55b9f506bb61eb362b8b4614/html5/thumbnails/3.jpg)
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
![Page 4: Benchmarking Mobile KPIs & Best Practices Among Retailers](https://reader036.vdocuments.net/reader036/viewer/2022062420/55b9f506bb61eb362b8b4614/html5/thumbnails/4.jpg)
The Goal:
4Trifecta Research 2015 | Privileged and Confidential
Migrate KPIs toward measuring an expanded, more encompassing omnichannel retail environment
![Page 5: Benchmarking Mobile KPIs & Best Practices Among Retailers](https://reader036.vdocuments.net/reader036/viewer/2022062420/55b9f506bb61eb362b8b4614/html5/thumbnails/5.jpg)
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…
![Page 6: Benchmarking Mobile KPIs & Best Practices Among Retailers](https://reader036.vdocuments.net/reader036/viewer/2022062420/55b9f506bb61eb362b8b4614/html5/thumbnails/6.jpg)
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
![Page 7: Benchmarking Mobile KPIs & Best Practices Among Retailers](https://reader036.vdocuments.net/reader036/viewer/2022062420/55b9f506bb61eb362b8b4614/html5/thumbnails/7.jpg)
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
![Page 8: Benchmarking Mobile KPIs & Best Practices Among Retailers](https://reader036.vdocuments.net/reader036/viewer/2022062420/55b9f506bb61eb362b8b4614/html5/thumbnails/8.jpg)
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
![Page 9: Benchmarking Mobile KPIs & Best Practices Among Retailers](https://reader036.vdocuments.net/reader036/viewer/2022062420/55b9f506bb61eb362b8b4614/html5/thumbnails/9.jpg)
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
![Page 10: Benchmarking Mobile KPIs & Best Practices Among Retailers](https://reader036.vdocuments.net/reader036/viewer/2022062420/55b9f506bb61eb362b8b4614/html5/thumbnails/10.jpg)
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
![Page 11: Benchmarking Mobile KPIs & Best Practices Among Retailers](https://reader036.vdocuments.net/reader036/viewer/2022062420/55b9f506bb61eb362b8b4614/html5/thumbnails/11.jpg)
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
![Page 12: Benchmarking Mobile KPIs & Best Practices Among Retailers](https://reader036.vdocuments.net/reader036/viewer/2022062420/55b9f506bb61eb362b8b4614/html5/thumbnails/12.jpg)
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