What are your mobile conversion rates? Monetate estimates that during Q4 of 2014 smartphone conversion rates stood at 0.92 percent and that increased to a still unimpressive 2.86% for tablets. Luckily for online retailers, Google is trying to change that for good.
Google reports that 50 percent of YouTube views come from mobile devices, and they’ve taken that to heart with their two latest e-commerce developments.
The first was the Wall Street Journal’s recent announcement that Google will be rolling out buy now buttons for mobile searches. Shoppers searching for certain items would be presented with buy now buttons from certain retailers that had already purchased Product Listing Ads.
This would lead them to a branded page hosted by Google where shoppers could choose sizing, colors, shipping options. Shoppers can also choose to opt into retailer’s emails, and even save their payment options to enable one-click purchasing in the future.
On May 21, Google officially announced TrueView’s buy button for YouTube. TrueView will give online retailers the opportunity to provide a banner ad in their videos and a product card below it that will send shoppers to the appropriate product page on that retailer’s site.
Wayfair and Sephora both tested shoppable ads within their videos and proved how useful they could be for other retailers. Google boasted that Wayfair increased revenue per impression by 3x, when compared to their campaigns in the past. Sephora reported that using TrueView increased consideration by 80% and ad recall by 54%. This was all after just two minutes of videos viewed on average.
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Google has implemented these two new ways of shopping as logical (and profitable) ways to meet shoppers where they are.
Why not make the path to purchase a little easier for shoppers that are clearly interested in the product? These new shoppable videos, along with Google’s buy button will certainly help boost ad revenue for the search giant.
Especially because consumers already go to YouTube for how-to and product reviews.The idea between both developments is to make the shopping process more seamless. One aspect that Google has yet to comment on is the cost difference between the two.
Actually talking on the phone...not so much. But consumers are choosing mobile commerce for more than half of their e-commerce purchases today - and that number only looks to get bigger. See the trends behind the rise of m-commerce.
There are a few things that retailers can do to make the most out of these opportunities:
