Article

Matthew Winters
Matthew Winters 20 January 2017

What Does The Future Hold For Mobile Wallet Adoption?

Some of the most exciting new opportunities for mobile marketers, with an immediate positive ROI, can be found in mobile wallet solutions. Why then have these solutions been overlooked and not received the traction they deserve? Well, the solution lies with retailers...

The current story

Many of us still carry bulky wallets or purses.  Typically, individuals cart around four credit cards, a driver's licence, a handful of plastic loyalty cards, and a few membership cards at any one time. While we may not be ready to do away with bulky wallets completely, mobile wallets do offer a solution that brings us a little closer, consolidating all the clutter we use on a daily basis onto the only other item most would never leave the house without – your mobile phone.

But how can this help retailers?

Well, to date, the payment side of mobile wallets has received a lot of attention, but the real innovation actually takes place once you move past payments and explore the other possibilities mobile wallets open up. Only then can you see their potential to deliver true utility to consumers, reduce costs for retailers and ultimately drive more revenue.

So, are we ready to ditch the conventional wallet and embrace value added mobile wallet solutions?

The stats

We recently commissioned a survey spanning both the UK and US to find out what the future holds for mobile wallet adoption, keen to find out how the general public views loyalty cards and whether mobile wallet solutions would indeed provide added value.

Here are the top four takeaways from that research:

  1. While in comparison to the US the UK market is still maturing, it could accelerate fast as there is a big appetite for loyalty cards and reward programs.   
  2. Convenience is the top reason for using a mobile wallet solution.  For those that use a mobile wallet, over 80% of both UK and US respondents view mobile wallet solutions as a much more convenient option
  3. Retailers need to look critically at their loyalty programs and think about how much value they are really delivering. 28% of the total respondents surveyed do not believe that they are getting as much value out of offers and loyalty cards as they could. 
  4. More than two in five or 43% of those surveyed agreed they would stop signing up for new loyalty cards if they could not fit them into their physical wallet.

Findings from the research clearly point to the need for an easily accessible loyalty solution; mobile provides this convenience and immediacy, making it the go-to device for consumers in the UK. For the full report please click the link here. 

The bottom line

What’s good for the consumer is also good for the retailer. In a world where the competition is fierce and the stakes are high retailers need to find new ways of gaining a foothold in consumers’ back pockets. Mobile wallet solutions have the ability to deliver branded content such as offers, coupons and digital loyalty cards, as well as time and location-sensitive offers.  At the end of the day the retailers that meet their customers’ needs quickly and easily will be the ones who take the lead.

Please login or register to add a comment.

Contribute Now!

Loving our articles? Do you have an insightful post that you want to shout about? Well, you've come to the right place! We are always looking for fresh Doughnuts to be a part of our community.

Popular Articles

See all
Digital Marketing Vs. Traditional Marketing: Which One Is Better?

Digital Marketing Vs. Traditional Marketing: Which One Is Better?

What's the difference between digital marketing and traditional marketing, and why does it matter? The answers may surprise you.

Julie Cave
Julie Cave 14 July 2016
Read more
The 8 Most Effective Words to Use in Your Next Email

The 8 Most Effective Words to Use in Your Next Email

There are 8 simple, yet effective words you can use to increase engagement in your next email. You can use these words strategically to inspire your subscribers to take action or develop good feelings about you and your brand. Read on to learn about these 8 words and how to use them in your emails.

Shelby McGuigan
Shelby McGuigan 8 August 2017
Read more
4 Important Digital Marketing Channels You Should Know About

4 Important Digital Marketing Channels You Should Know About

It goes without saying that a company can't do without digital marketing in today's world.

Digital Doughnut Contributor
Digital Doughnut Contributor 5 November 2014
Read more
What is a CMS?

What is a CMS?

You’ve heard the term CMS, but what is it, what does it actually do? A CMS empowers you to get your companies' message out there, internally, externally or both.

Sean Hargrave
Sean Hargrave 14 August 2017
Read more
The Importance of Customer Relationship Management Within a Business

The Importance of Customer Relationship Management Within a Business

In a world where competition is becoming ever fiercer, businesses need to implement customer relationship management, or CRM, strategies in order to stay ahead of their rivals.

Emma Newbury
Emma Newbury 18 April 2016
Read more