Vibes 2019 Prediction: Mobile Wallet Reigns Supreme as Customer Engagement Solution
Personalized experiences via mobile wallets will drive customer loyalty, resulting in more conversations and transactions
Mobile wallet use by both brands and consumers will rise in 2019 due to the ability to create personalized experiences. In the retail environment, delivering the right messages on the right platform plays a crucial role in positively influencing a customer’s overall shopping experience. Vibes, a mobile marketing leader, anticipates that in 2019, consumers across all industries will demand that messages are tailored directly to their own needs, whether that’s something straightforward like a sale notification to something more complex like a location-based reminder to drop in a brick and mortar.
“In recent years, we’ve seen mobile wallet as an entry point for brands to connect with mobile consumers, beyond the app. Mobile wallet via Google Pay and Apple Wallet allows you to do more than ever, and 2019 will be the year we see greater adoption by both brands and consumers,” says Jack Philbin, co-founder and CEO of Vibes. “Adoption of mobile wallet among our customers increases dramatically each year. In fact, looking back four years, on average, Vibes has seen mobile wallet installs increase 10 times from the previous year, or an average of 976 percent year-over-year growth. Given this increase, we expect this to translate to the industry at large.”
According to Forrester, mobile wallet marketing is expected to double between 2018 and 2020. As companies move away from plastic loyalty cards, consumers will opt to save their loyalty cards on mobile wallets as this offers convenience, drives loyalty and reduces costs for companies by eliminating a physical card. Further, brands will realize that mobile wallets provide an immediate return on investment. They are a lightweight option for direct-to-consumer (D2C) marketers who want to reach audiences at scale.
Vibes also anticipates that mobile wallet will impact and improve email ROI in 2019. Mobile wallets offer a call-to-action that is simple to track, redeem and drive engagement. Email is still a preferred channel for many brands, even those operating with a D2C business model. Vibes data shows that in the first 15 weeks of implementing a mobile wallet and email campaign, the opt-in confirmation rate is greater than 85 percent.
“Our annual U.S Mobile Consumer Report showed that nearly all consumers would use mobile wallets if the content is personalized,” Philbin said. “This demonstrates the massive opportunity for brands to engage with target audiences and customers, and ultimately drive loyalty and more conversions.”