Loyalty

Commentary: Transforming Mobile Wallets from Payment Tools Into Engagement Tools

Commentary: Transforming Mobile Wallets from Payment Tools Into Engagement Tools

Brands constantly look for new channels to engage with consumers and mobile wallets are often underutilized—yet promising—tools that can do just that. People use physical wallets to hold their rewards cards, gift cards and more—and expect the same capabilities from their mobile wallets.

But until a mobile wallet can provide the same functionality as a physical one, there’s no reason for consumers to leave their leather billfold at home. Mobile wallets that don’t bridge this gap are less likely to be used to their full potential because they don’t provide consumers with added value that eliminates the need for a physical wallet—causing brands to miss out on engagement opportunities.

Customer Loyalty in the Digital Age

Customer Loyalty in the Digital Age

Around 80% of consumers use mobile phones inside a physical store to check product reviews, according to a recent study by website design firm Outerbox, underlining the advent of the omnichannel shopping era.

Combine this with the growing spending power of the notoriously choosy Millennial generation and it is easy to see why some commentators have branded the concept of customer loyalty as dead.