e-commerce Apps – The time to look beyond attribution data is NOW!
It’s an exciting time to be in mobile commerce. With the increasing ease of access and availability of diverse products in-commerce apps, millions of users across the world prefer using such apps for their daily shopping needs. Apart from giving a nudge to the culture of consumerism, this encouraging consumer market trend has clearly shown the green signal to the community of e-commerce app developers.
Almost every month, thousands of new retail apps are launched at the Google Play Store and App Store. According to a Business Insider Intelligence report, m-commerce is estimated to reach $284 billion (in sales) by 2020. As shoppers across the world are downloading more of these mobile retail apps, the overall e-commerce industry is expected to grow significantly in the next five years. In fact, in a recent report ‘Worldwide Retail Ecommerce Sales: The eMarketer Forecast for 2016”, the total retail sales across the globe is estimated to reach $22.049 trillion in 2016 and a whooping $27 trillion in 2020.
Further, if we just take a look at the contribution of retail ecommerce sales (by including products & services but excluding travel, restaurant & ticket sales) made possible by online purchases through any device, the revenue figure is likely to amount to $1.915 trillion (2016). In its report, emarketer also goes on to the extent of forecasting an increase in retail ecommerce sales to $4.058 trillion in 2020, which will account for 14.6% of total retail spending for that year.
In terms of markets, Asia-Pacific is very likely to retain its numero uno spot with sales expected to hit $1 trillion in 2016 and rise further to $2.725 trillion( which is more than 2 times the growth) by 2020.
So what’s next for e-commerce players?
As mobile commerce sits at the brink of another growth milestone, e-commerce app owners need to look at all untapped channels to optimise their business revenues. For that, it has become extremely important to adopt the right mobile marketing approach while promoting their apps.
But we aren’t talking about the same old redundant marketing strategies here.
It’s time for e-commerce apps to look beyond attribution data and shift their focus on the actions taken by the users inside the app.
Importance of tracking user-behaviour
Today, most retail e-commerce apps are allocating their marketing budgets to pursue an aggressive cross-promotion strategy in acquiring new app users and re-engaging with the existing pool of users.
In the course of running their marketing campaigns, retail app owners and marketers need to consider a lot of important factors like – targeting the right kind of users and geographies, having access to reliable marketing attribution data, creating user segments for running retargeting campaigns, amongst others.
However, sitting at the helm of these core marketing decisions is the most important aspect of monitoring user-behaviour and choosing the correct metrics to understand the in-app user activities of users.
Earlier, most e-commerce apps were focused on tracking app installs to determine the most high performing traffic sources or publishers. But today, what matters the most is tracking in-app user activities post app install or registration.
It’s essential to observe every day user activities like app-opens, product views, items liked or added to favourites, interaction with in-app content and most importantly, the volume of purchases.
These are crucial growth metrics for your retail e-commerce app business. Tracking data on in-app user behaviour can help you understand your users better and enable you to cater to their needs more efficiently.
Hence, comes the importance of in-app analytics data & tools.
But what kind of in-app metrics should retail app owners monitor?
At any given point of a day, multiple user events occur within an e-commerce app. While collecting huge amounts of data about all these in-app events is an obvious choice, the wise way to go about it is to know – What kind of in-app events matter the most?
To help retail e-commerce app owners with this, we thought of doing a quick run-down on the in-app events that are highly important for your app business.
Whether you have a niche app like fashion & lifestyle, a marketplace app, or even a hyperlocal app for that matter, we’re here to make things simpler for you.
So, stay tuned to our next-blog post for more!
Need some help in monitoring the important in-app events for your app?
We can help! Just drop me a line at email@example.com