New Survey Reveals Opportunity for Mobile Wallets

According to GE Capital Retail Bank’s second annual Mobile Shopper Study, shopping is one of the top uses for mobile technology, with seven of the top ten activities on smartphones being shopping related. On a similar note, the study found that omni-channel shopping is seeing significant growth.

Of the impressive 5,926 consumers surveyed, 61 percent had performed at least one shopping related task via smart phone, and 36 percent had made at least one purchase in the last three months—a ten percent increase from last year.

The study shows some promising news for mobile wallet providers who offer deals. 73 percent of the survey stated that they regularly take advantage of relevant offers received through their mobile device. 69 percent said they would be more likely to make a purchase if they had a coupon, and 40 percent of shoppers feel they would shop a retailer more often if they received deals through their mobile device.

Merchants should also be looking to step their game up when it comes to their mobile presence. Omni-channel shoppers spend up to twice as much as in-store only shoppers. And, according to Courtney Keating, vice president of new products for GE Capital, “Omni-channel shoppers are more engaged in terms of spending. They expect a frictionless and consistent shopping experience in and out of the store. Retailers can cultivate loyalty by understanding the path-to-purchase and developing an integrated marketing plan that puts the customer at the center.”

This may be a key point for mobile wallets. The mobile shopper study has shown solid room for growth in the mobile payments world, which should give mobile wallets some more traction when it comes to soliciting merchant partnerships for special offers and loyalty programs. Merchants need to create an inviting and seamless mobile shopping experience if they want to capitalize on a growing market. It only seems natural for them to add a mobile wallet service, allowing consumers to opt in to receive special deals and loyalty points straight to their phones.