Image courtesy of Bloomingdale's
With marketers across multiple industries recognizing that their mobile experiences are falling short of customer expectations, 88 percent plan to invest in mobile this year, according to a new report from PointSource.
The State of the Mobile Experience Report found that marketers increasingly recognize that simply having a mobile presence is not enough, but they are struggling over how to best meet customers needs. A key takeaway is that marketers across insurance, retail, finance and supply chain are expected to continue to invest in mobile over the next few years.
“What’s most interesting is that companies are investing to improve an existing mobile experience that’s falling short of customer expectations,” said Greg Ng, vice president of digital at PointSource.
“These findings indicate that companies see the value in providing an excellent mobile experience and are willing to prioritize this offering,” he said. “Mobile will continue to be a top priority for companies in the years to come and an integral part of a company’s overall digital experience.
“Sixty-nine percent of respondents ranked mobile as an eight or above on a ten point scale in terms of importance over the next three years.”
Meeting customers’ needs
PointSource surveyed key influencers and decision makers across four verticals – retail, insurance, supply chain and finance – and found that 88 percent of companies plan to invest in mobile by the end of 2016.
Of those investing in mobile, 32 percent plans to spend between $100,000 and $250,000, 29 percent plan to spend between $250,000 and $500,000 and a quarter plan to spend more than $500,000.
These company representatives recognize that their current mobile offerings are not meeting customers’ expectations. On a 10-point scale, just 21 percent of supply chain companies ranked their company’s existing mobile experience as a nine or above. This was followed by 23 percent of insurance companies, 37 percent of retailers and 47 percent of finance respondents who gave their current mobile experience a high ranking.
The top reasons why companies are investing in mobile include 71 percent who want to meet customers’ expressed desires for mobile, 61 percent who want to expand current products or services and 59 percent who want to prepare for a mobile-driven future.
Integrating mobile
The report also identifies some of the key pain points within the mobile user experience across these industries as well as opportunities for differentiation and to pull ahead.
In retail, 54 percent of respondents said that their biggest challenge is finding ways to integrate mobile strategy into an overall marketing strategy.
A key missed opportunity for retailers is tracking mobile users, with only a third currently tracking purchasing history via mobile and only 33 percent tracking app opens.
Insurance companies are struggling to move into mobile, with 65 percent saying aversion to change is the number one reason why they have not adopted mobile, 43 percent pointing to a fear of losing customer touch and 39 percent expressing a general lack of comfort with mobile devices. While only about three in four report having any kind of mobile app, 96 percent say their employees would be willing to use an app to manage accounts.
For finance companies, 84 percent of respondents ranked their current offering at a seven or above. However, many cited a need to improve and simplify the experience for day-to-day tasks.
Among supply chain respondents, 69 percent said mobile offerings would make their companies more efficient, but only 23 percent currently use a mobile app or site to handle everyday tasks or projects.
“The results confirmed that marketers are already building mobile solutions for their customers, but that they’re ready to invest more to ensure that their mobile offerings address common customer pain points and provide an excellent user experience,” Mr. Ng said.
“While there is an opportunity across industries to improve the mobile experience and increase value for both customers and employees’ internal processes, each vertical has its own unique set of challenges and barriers to a successful mobile experience,” he said.
“A successful organization will take advantage of the opportunities that mobile presents or will streamline interactions and processes and work to more deeply understand use cases for their mobile applications prior to development.”