Mobile wallets provide marketers with a new way to create and deliver branded content, such as offers, coupons, and loyalty cards, to their customer base across both online and offline channels. Consumers can save and organise offers and loyalty cards in a simplified way whilst marketers are armed with trackable, updateable and location-aware content to help them drive in-store visits, redemptions and RoI.
Retailers are also starting to get savvier about driving more foot traffic into their shops by inserting offers into local search results, but I believe that it is the offers held in mobile wallets that will lead to an increase in in-store revenue. The question often asked regarding retailers and mobile wallets, however, is that surely retailers have their own apps, so why would they want to use a mobile wallet?
Retailers are facing a challenge when it comes to mastering mobile commerce. Consumers are spending more time on their smartphones and companies are seeing more mobile traffic than ever before, but people aren’t downloading and using retail mobile apps. In fact, a recent Forrester study which looked at how smartphone users are engaging with retailers on their mobile devices reported that 85 per cent of time on smartphones is spent in apps, but of that time, only 5 per cent is spent in retailer apps. The study looked at how many retail apps consumers had downloaded to their phones and it found that 60 per cent had only two or fewer.