In a recent InternetRetailing webinar, Ingenico ePayments UK marketing manager Sangeetha Narasimhan and her colleague, product innovation manager Angele Rivron discussed the thorny issue of improving mobile conversion. Their webinar was based on research Ingenico carried out in partnership with InternetRetailing. Here, in bulletpoint form, are the highlights of the session.
Sangeetha Narasimhan opened the webinar with an introduction to the research Ingenico carried out with InternetRetailing.
• The research asked retailers if they believed mobile innovation affected customer satisfaction and profitability: 93% said that it impacts customer satisfaction and profitability, while 57% said their main focus was on having a responsive website for desktop and mobile.
• The research asked retailers what being mobile first meant: comments ranged from “the future” to being able to carry out an entire transaction via mobile.
• But only 39% described themselves as being mobile first.
• 16% investing in messaging bots now, and 54% plan to do so in next two years. 15% in gamification now, 30% in next two years.
• 51% investing in frictionless mobile experience now, 40% will do so in the next two years.
“Clearly investing in a frictionless mobile experience is key,” said Narasimhan.
Angele Rivron started by introducing herself as manager in the product innovation team at Ingenico, tasked with looking for and responding to new trends in the market.
• Why care about mobile? Responsible for 46% of online traffic and 27% of transactions in Q2 2016.
Conversion is key: “60% of all shopping carts created are abandoned before payment; 20% of consumers will not complete payments: it’s why we need to think about what are the two layers of conversion on mobile – there is a lot of money left on the table.”
Improving mobile conversion
• Importance of optimising the payment page, from using a numeric keypad for figures to automatically formatting credit card numbers.
• Cutting out unnecessary steps in the payment process. Eg only activate 3D secure with a high ATV, using A/B testing. If the consumer is already known, Ingenico can define if there is a risk or not, and show 3D secure only if there is a risk.
• Offer local payment methods: graphs showing the market share of key payment methods in France, The Netherlands, Germany and Belgium.
• 5% of uncompleted purchases are down to invalid credit card numbers: important for payment page to detect these automatically.
• Tokenisation enables fast track experience for returning customers.
Mobile UX Innovation
• Innovating mobile user experience: payments in messaging, gamified checkout.
• Conversational commerce: 3 billion users worldwide, with service available 24/7. Most consumers use it from their mobile. Examples: buying a flight (Kayak), getting make up tips (Sephora). But mostly, payment happens outside the bot: Ingenico working to bring payment inside the bot.
Moving from ecommerce to participative economy (social media) to conversational economy (messaging bots).
• Examples of Ingenico’s payment integration into messaging bots and how it can work.
• Gamified checkout: example where offer chance to win back basket for free based on a game, instead of offering discounts. Shows examples of how it works, with 1/10 chance of getting basket refunded. “It really engages consumers at the time of purchase”.
• Merchants seem curious but doubting: 15% investing now, 30% in next two years. 40% think a nice to have. Pilots show 15% additional transactions and 25% higher basket size.
• What’s next?
Connected screens – contactless payment; in-store payments.
Sangeetha Narasimhan then concluded with a summary:
Start with mobile first
Invest in frictionless checkout
Invest in conversational commerce and experiment with trends.
The webinar concluded with a Q&A session. Visit the Ingenico ePayments webinar page to watch the webinar, with slides and Q&A session.