When examining this year’s online shopping trends, it’s clear that mobile purchases are one of the consumers’ top choices.
Cell phone shopping is taking over through mobile wallets such as Apple, Google, and Samsung Wallet. These apps store payment information in your phone and include digital cards called Apple, Google, or Samsung Pay that allow people to make purchases.
For marketers, staying on top of eCommerce marketing trends is crucial, and the popularity of mobile wallets makes it an important topic to understand. With over 10 million users expected to join either Apple or Google Pay in the next five years, keeping up with mobile wallet marketing trends can get you ahead of the game. That’s why we’re here to break down the benefits, features, and challenges of mobile wallet marketing.
Benefits of Mobile Wallet Marketing
Before jumping on the mobile wallet trend, marketers should evaluate the many advantages of going mobile. Although learning how to use the modern technology may require a learning curve, here are five benefits that make mobile wallets worth it:
- More loyalty: With all the information stored in one place, creating and promoting a customer loyalty program is easier than ever.
- Better incentives: In addition to in-app benefits, customers can enjoy brands and incentives outside of their digital wallet.
- Precise location: Since your phone tracks your location, mobile wallets can cater offers based on the city.
- Many options: Marketers should take advantage of the ability to offer their mobile wallet customers in-app, online, and in-store benefits.
- Higher redemption rates: Consumers may be more inclined to use coupons without the need to cut coupons out of a catalog or pull up the store website.
Features of Mobile Wallet Marketing
How can marketers reap the benefits of mobile wallets? Whether they’re using the Apple, Google, or Samsung version, there are a handful of features that every mobile wallet has in common. Check out these five elements of mobile wallets that marketers should use:
- Alerts: Mobile wallets allow brands to send their customers to push notifications for all the latest offers and items.
- Personalization: By personalizing content for each user’s digital wallet, marketers can ensure that customers receive the most relevant information.
- Coupons and offers: With the ability to store coupons, loyalty cards, and other offers in their mobile wallets, customers can easily access all the latest benefits and get reminders to use them.
- Updates: Marketers can also use push notifications to update their customers about loyalty points and upcoming deals.
- Tickets: Mobile wallets are convenient destinations for boarding passes and concert tickets for marketers in the travel or live entertainment industry.
Challenges of Mobile Wallet Marketing
Although mobile wallets come with a variety of exciting benefits and features, there are a few drawbacks. When deciding whether to pursue mobile wallet marketing, keep these three challenges in mind:
- Hesitant retailers: Some retailers may be reluctant to pursue mobile wallet marketing since it requires a lot of planning and strategizing.
- Heightened security: Mobile wallets use biometric authentication rather than card numbers when customers make purchases, which provides an additional barrier protecting bank information.
- Fewer rewards: Since mobile wallets don’t allow people to get cashback or points from using their credit card, it’s critical that marketers use personalized updates and offers to encourage customers to keep using mobile wallets.
All things considered, mobile wallets are making waves in the eCommerce industry, so marketers might want to get in on the trend.
Want to learn more about mobile wallet marketing? Check out the infographic below.