Mobile payment technologies offer convenience and ease of use for consumers. They allow them to make purchases with their mobile device, which they always have handy. However, the ease of making payments is not the only attraction for the public. Mobile wallets can also eliminate physical loyalty cards and coupons. Retailers and other businesses can exploit this new area for growth by providing ways for consumers to earn points and rewards.
Vibes’ report, commissioned in July 2013, surveyed 1,000 smartphone users. Fifty nine percent of consumers said that they would have a more positive view of retailers if they started to deliver digitized mobile wallet content. Thirty nine percent of those surveyed responded that they had an “extremely positive” experience using their mobile wallets for storing digital loyalty cards and coupons. And 44% of respondents believe a mobile wallet to store such digital content would enhance their shopping experience. The report pointed out that retailers and businesses that offer digital loyalty cards and coupons have a greater opportunity to interact with their customers than those that do not.
Mobile wallets present retailers and businesses with a significant marketing opportunity. The report shows that adoption of non-payment mobile wallet technologies is relatively evenly distributed across all income levels. There are also a number of ways to distribute this content: through email, text messages and native applications.
“This research confirms what we’ve been seeing in the mobile wallet campaigns we have run for our retail customers – a consumer’s phone is more than just a research tool,” said Jack Philbin, co-founder and CEO of Vibes in a press release. “With emerging mobile wallet technologies such as Apple’s Passbook and Google Wallet Objects, consumers are able to organize their phones in a way that works for them. Information is delivered based on their preferences, creating a huge opportunity for retailers to not only offer a mobile wallet program, but better educate their customers on how to sign up and reap the benefits.”
The report is available for download here.
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