Zeroing in on Consumers’ Mobile-Wallet Needs

Published in CSP Daily News

Report suggests vast potential for retailers to increase in-store traffic

CHICAGO -- Vibes, a mobile marketing technology leader, published its first annual Vibes Mobile Wallet Consumer Report, providing retailers with guidance about how to connect with today's mobile consumers and enhance the multichannel shopping experience.

As both the mobile and retail industries struggle to implement mobile payments, consumers have made their preference clear: a mobile wallet that eliminates the need for paper items (e.g., coupons and loyalty cards) and expedites the check-out process at their favorite retailers. For retailers, this fast consumer adoption reveals the untapped potential of the non-payment side of the mobile wallet.

  • For 59% of consumers, their perception of a retailer would change for the better if they started to deliver digitized mobile wallet content such as special offers and loyalty cards.
  • For non-users, the top reasons to try a (non-payment) mobile wallet tool are better promotions/offers (50%), followed by organizing content such as coupons and loyalty cards (43%).
  • 44% 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 as the channel consumers’ prefer to receive mobile-wallet content (19%) behind text message (20%) and email (46%).
  • Adoption is quite even across income levels: 26% for consumers with incomes higher than $100,000, 21% for those between $75,000-$99,000, 25% for $50,000-$74,000, and 28% for those making less than $50,000.
  • More than one third of consumers (36%) 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."