Thanks to their convenience and power, smartphones have become an indispensable part of our lives. Their ubiquity will only solidify, as it’s predicted we’ll see 4.3 billion smartphone users by 2023.
It’s a no-brainer to reach customers on the device that’s glued to their hands all day long, which is why more marketers are turning their attention to mobile wallets. Thanks to their convenience and ubiquity, use of mobile wallets is steadily rising among shoppers.
Here’s why the mobile wallet is the next generation of marketing.
Customers are saying NO to apps
Today’s consumers want an experience that’s convenient for them, so it should come as no surprise that Forrester research suggests customers are shying away from downloading branded apps. Developing your own branded app can be a costly exercise and there’s no point wasting money on a platform that people don’t want to download.
However, the average consumer currently uses their smartphone more than ever. Think about the last time you went out. Without even giving it a second thought, you probably pulled out your phone to scan a QR code upon entering a venue for COVID-19 contact tracing.
This is why mobile wallets create the perfect opportunity for marketers. Apple Wallet and Google Pay are both default apps with a user base of billions. Customers don’t have to download anything or jump through hoops to use your mobile wallet. It’s convenient and already on their trusty smartphone.
By 2024, it’s believed that $9 trillion will be spent in mobile wallet transactions. When you consider both the ease of mobile wallets along with their massive reach, the potential for brands is huge, and their popularity will only rise.
Digitisation Is A Phenomenon
From your local café to your favourite retail outlet, you’re sure to have acquired plenty of physical loyalty cards and vouchers over the years.
But how often do you actually use them? More often than not, these flimsy cards find themselves at the bottom of your bags or lost in your drawers. By the time you remember about your voucher and find where it is, it’s probably expired and no longer valid.
It’s an experience that’s all too familiar, which is why many consumers are looking to replace outdated physical cards with digital files that create a seamless experience. Unlike physical cards, mobile wallets will never be lost or misplaced – you never need to worry about your loyalty points falling into the wrong hands.
While younger consumers aged 18-24 are most likely to opt for a digital option, this on-going trend away from paper and plastic is resonating with consumers across all age groups.
The Sky Is Not The Limit
We’re deep in the era of ‘everywhere commerce’, a time where customers can interact with brands and complete purchases from anywhere. Just last month, 1,500 drones took to the skies to create a scannable QR code flying over Shanghai.
With marketers under more pressure to reach their audience in new and exciting ways, mobile wallets create an endless stream of opportunities for your brand to connect with customers.
Use mobile wallets to store event tickets or customer receipts. Pair with geo-fencing to create custom messaging that’s triggered when someone is close to one of your stores or venues. Or if you have a large enough space, you can geo-target within your store to notify shoppers of new discounts and special offers only available in-store.
Best of all, mobile wallets can be downloaded from any touchpoint via a QR code or link, making it easy to acquire new customers without disrupting the sales process.