The Mobile Optimization Initiative commissioned Forrester Consulting to conduct a Total Economic Impact™ (TEI) study to examine the potential benefits that merchants may realize by participating in the Initiative.
The Forrester study concluded that the Mobile Optimization Initiative has the following three-year financial impacts:
- 226% return on investment
- $407K net present value
- Benefits of payback in less than 3 months
The benefits experienced by the merchants interviewed for the TEI study also included:
- Reduced friction and improved mobile checkout experience on both mobile and desktop
- A compounding revenue lift of 9-15%
- A productivity lift of 94% or time savings of 1,700 hours per year (for ideation, testing, and evaluation of traditional A/B testing)
- Potential cost savings of $83K from failing experiments
The Power of a Community
One of the key takeaways in the TEI study is that a community-based approach to testing is very powerful.
Participating merchants can access a growing set of templated experiments and community-level insights to reveal previously unknown revenue growth opportunities. The community also offers a wider perspective on consumer behavior than any merchant can achieve from testing in isolation.
One message shared amongst interviewees was the value of having previously unavailable cross-merchant experiment results, allowing for benchmarking to be done against the experiences of others. The TEI study also found that the data and insights gathered during experimentation reveals time-varying visitor preferences and unexpected behavior, sometimes disproving accepted beliefs about customer characteristics.
“It was a win-win for us. We were able to make our customers have a better experience. We were able to generate more revenue for the company as well as get valuable information about what does and doesn’t work.”
— CTO, magazine publisher and merchandiser interviewed as part of the TEI research process
What is the Mobile Optimization Initiative?
The Mobile Optimization Initiative is a Magento community initiative, supported by PayPal and powered by HiConversion technology. It brings together a community of Magento eCommerce System Integrators and merchants with the unified goal of improving the mobile customer experience to close the gap between mobile traffic and mobile revenue — today mobile eCommerce accounts for 62% of website visitors but only 23% of total dollars spent.
The community aims to close that gap by helping merchants find ways to improve the mobile shopping experience. Participating merchants from around the globe, with diverse product offerings, conduct standardized Customer Experience Optimization (CXO) experiments on their sites and gain access to useful insights from other merchants participating in the community.
The community benefits from several components to help increase Revenue per Visitor (RPV) from mobile:
- A Collaborative Customer Experience Optimization (C-CXO) and analytics platform (provided by HiConversion) that provides large-scale multi-merchant testing and personalization.
- Preprogrammed standardized optimization experiments to reduce the cost, risk, and complexity of optimization.
- Anonymized multi-merchant insights to enable knowledge sharing among participants.
To date, members of the Mobile eCommerce Optimization Initiative have seen an average increase in Revenue per Visitor of 8.17%.
Benefits for Merchants
- Partner with optimization experts
- Access consistent treatments that are standardized yet customizable
- Oversee experiments on your site
- Gain a free initial engagement for 60 days
Benefits for SIs
- Access eCommerce-specific data analytics
- Gain a better understanding of funnel-specific challenges
- Deliver a budget-friendly solution to clients
- Provide thought leadership
- Connect with great technology partners
We need you! Join the Mobile Optimization Initiative today and be part of something big.