As much as I hate to admit it, my phone is an extension of myself. It's on me at all times, and gets juggled around while I do my daily activities - commuting, relaxing, working out and of course shopping. I'm not the only one either. According to research, Roughly 90% of consumers are using their mobile device while they’re out shopping.
For shoppers on the go, having coupons, loyalty cards, and offers available on a mobile device is both convenient for the customer and beneficial for the retailer. All of these opportunities to engage with consumers can be distilled into a single solution - a mobile wallet. With the increased adoption rate of mobile payment systems across retailers, this is not a trend to be missed.
What is a mobile wallet?
Mobile wallet is a tool used to save a coupon, loyalty card, boarding pass or other offer type directly to a native mobile payment app - Apple Wallet and Android Pay, for example. A marketer can create an offer with engaging creative, personalized content such as the customer's name or points balance, all necessary terms and conditions, and even links to the brand's mobile website. Once saved to a device, a marketer can dynamically update offer content within the mobile wallet item, notifying the customer via push of the changes. 66% of wallet users will save offers and coupons to their device.
Ease of purchase
Consumers are inundated with loyalty programs today from so many retailers that it often makes remembering to leverage these programs a challenge. If you want customers to reap the benefits of your loyalty program, adding loyalty to a mobile wallet will make your offers easy, accessible and simplify the redemption process. The Average Order Value (AOV) for mobile wallet offers is 26% higher than a static mobile web offer.
Here’s how to enhance existing strategies with a Mobile Wallet
- Have a recurring, weekly offer? Push an update with the new offer code and notify your users of the updated offer. Customers respond to notifications in real time, so include a link to your website for them to redeem it.
- Have a loyalty program? Offer your customers the option of adding their rewards card directly to their phone, removing the need for them to constantly carry their rewards card with them. Increased usage = increased rewards = increased purchase rate = increased brand awareness.
- Have a unique offer that is only distributed via email? Include a link to a mobile wallet download. 54% of email is now viewed on a mobile device, so give customers the chance to add your offer to their wallet directly from your email.
- Have a gift card program? Encourage your users to add their gift card to their phone. I know I'm not the only one who forgets to bring a gift card to the store with me - alleviate the customer frustration and reliance on memory.
Airlines aren't the only industry using mobile wallet anymore - retailers, restaurants, and ticketed events are all using this technology to their advantage. With 47% of global consumers (and growing quickly) making a purchase using their mobile device, what are you waiting for?
Want to see how far a mobile stratgey can take your business?