New Research Shows Opportunity in Non-Payment Side of Mobile Wallets
CHICAGO -- Mobile wallets provide plenty more opportunities for retailers than just as a payment vehicle, according to the Vibes Mobile Wallet Consumer Report, released today.
Mobile wallets can store a customer's information, such as likes and dislikes and loyalty program status, in addition to their payment information in a cloud environment. Consumers can access this information via smartphone.
The Vibes report revealed that 59 percent of the 1,000 U.S. smartphone owners aged 18-plus it surveyed in an online opinion panel would perceive a retailer more favorably if it started to deliver digitized mobile wallet content, such as special offers and loyalty cards.
Other findings revealed by the Chicago-based mobile marketing company are:
- For non-users, the top reasons to try a non-payment mobile wallet tool are better promotions/offers (50 percent), followed by organizing content such as coupons and loyalty cards (43 percent);
- 44 percent of non-users claim a non-payment mobile wallet tool would enhance their shopping experience;
- You don't need an app to deliver mobile wallet content. Apps actually come in third (at 19 percent) as the channel consumers prefer to receive mobile wallet content, behind text message (20 percent) and e-mail (46 percent);
- Adoption is quite even across income levels – 26 percent for consumers with incomes higher than $100,000, 21 percent for those between $75,000 and $99,000, 25 percent for those earning $50,000 to $74,000, and 28 percent for those making less than $50,000; and
- More than one third of consumers (36 percent) claim they use their mobile phone to shop in-store more today than they did two years ago, citing this as the biggest shift in their overall shopping experience.
"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. "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 margin of error in the survey is plus or minus 3.1 percent.
The complete survey results can be viewed at www.vibes.com/mobilewallet.
Vibes, founded in 1998, helps some of the world's biggest brands acquire, engage and deepen relationships throughout the customer lifecycle.