Mobile wallets will become rich marketing platforms complementing merchants’ own integrated apps. In addition, a new report suggests that mobile wallets will become powerful marketing platforms because early examples and best practices show that marketers can benefit from a number of items.
A new report from Forrester Research on the promising future of the mobile wallet features Vibes, a mobile marketing leader.
Best practices show that marketers can benefit from:
• Ability to drive foot traffic and increase sales. U.S. automotive aftermarket service and retail chain Pep Boys (who Vibes counts as one of their clients) states that it is driving higher than expected sales results by allowing customers to save coupons to their phones. Thirty percent of Pep Boys’ mobile wallet offers added to mobile wallets were redeemed in-store, which Vibes believes underscores the ability of mobile wallet marketing to increase traffic and sales in physical stores.
• Higher conversion rates versus mobile web coupons. Brands see higher redemption rates via Passbook or Google Wallet than when using offline coupons or even mobile web coupons. The report cites that Vibes sees an average redemption rate of 21%, having run more than 400 mobile wallet campaigns for more than 20 retailers or brands since September 2012.
As an official Apple developer and one of only a handful of official Google Wallet partners, Vibes is the leading mobile wallet technology provider and sends more branded content (coupons, loyalty cards, etc.) to Apple’s Passbook and Google Wallet than any other company.
Additional key findings from the report include:
• Consumers are most interested in having loyalty programs points and rewards (57 percent) and coupons, discounts and special offers (56 percent) in their mobile wallet.
• Forty-one percent of surveyed marketers currently use or plan to use digital mobile wallets in the next year, up from 14 percent in 2014 ” a 193 percent increase.
• Mobile wallets will enable brands to reach out to all customers beyond apps. Brands can “borrow” mobile moments through a broader mobile partnership ecosystem strategy to serve their customers where they are.
• Marketing leaders will benefit from mobile wallets if they tie together loyalty programs, coupons, product discovery, gift cards and promotions to create powerful and new brand experiences in the mobile moments of their customers. In particular, marketers should:
◦ Test existing mobile wallets’ marketing capabilities
◦ Plan for contextually relevant real-time offerings by adding location and time-sensitivity, while being very cautious not to be invasive or intrusive
◦ Mobilize loyalty programs and regularly update branded content
Vibes is a mobile marketing technology leader that helps some of the world’s biggest brands unlock new revenue by arming them with the technology and guidance they need to succeed in mobile marketing. Vibes’ Catapult Mobile Relationship Management (MRM) platform enables marketers to manage all mobile communications including text messaging, push notifications, Apple’s Passbook, Google Wallet and mobile web campaigns ” all from a single interface. Vibes has delivered more than 5 billion mobile experiences since 1998 on behalf of customers such as Sears, Home Depot, Verizon, Allstate, The Gap, Pep Boys, Tribune, Gannett, Imagitas and Excentus. Vibes is a Tier 1 aggregator with direct connections to all U.S. wireless carriers.
For more data on Mobile Wallets access CardData®. For information and commentary on Mobile Wallets visit the searchable CardFlash® Library of more than 58,000 articles published since 1995. RAM Research® forecasts on Mobile Wallets are available exclusively through CardWeb.com.®