Why Your Business Needs Mobile Wallet Marketing

Every entrepreneur knows the importance of mobile marketing. Using social media, emails, and websites is critical when keeping up with the latest trends. Another important way to level-up your business strategy is through mobile wallet marketing.

Mobile wallet marketing refers to the use of mobile apps like Google or Apple Wallet to give your customers easily accessible offers and updates. Essentially, these digital wallets store your payment information and use digital “cards” (called Google or Apple Pay) for purchases.

So, why should your business use mobile wallet marketing? Keep reading to learn about the popularity of the mobile wallet trend and the benefits of adding it to your business strategy.

About the Mobile Wallet Trend

You’ve probably heard of the popular digital wallets out there, but it’s easy to underestimate their value with so many payment options still available. After all, mobile wallets are a relatively new phenomenon, and the first version only launched 10 years ago. 

However, mobile wallets have quickly become one of the most common online payment methods. To help you understand their importance, here are five facts about the growing mobile wallet trend:

1. Market value: The worldwide mobile payment market is expected to be worth about $12 trillion by 2027.

2. Millions of users: Between 2020 and 2025, Apple Pay is projected to have around 14 million users, Google around 10 million users, and Samsung around two million users.

3. Consumer preference: Around one-third of customers have at least three mobile wallets downloaded on their device.

4. Young market: In 2020, almost one-half of American millennials used digital wallets for online purchases.

5. Transactional value: Between 2021 and 2025, the transactional value of digital purchases is projected to reach a compound annual growth rate of around 12%.

How Businesses Can Use Mobile Wallets

Now that you understand the immense popularity and potential of mobile wallets, you might wonder how to incorporate mobile wallet marketing into your business. 

Features including push notifications, personalization, loyalty cards, and updates make it possible to improve up your business’s customer experience. To break things down, check out these five ways any firm can go about mobile wallet marketing:

1. Customer loyalty: Businesses can add customer loyalty programs to mobile wallets in order to notify people of their loyalty points status and encourage them to keep coming back.

2. Location tracking: Your phone can monitor your location, so businesses in more than one place can vary their offers depending on the user’s city.

3. More couponing: Cell phones make accessing coupons as easy as a few swipes, so businesses can use mobile wallets to add coupons and potentially drive more sales.

4. Increased options: Businesses can use mobile wallets to provide customers with offers in a variety of locations, including within the app, online, and in store.

5. Engagement boost: Mobile wallets not only offer online incentives, but businesses can use them to increase engagement and improve the customer experience in person.

By understanding the value of mobile wallets and the ways businesses can use them, you’ll have all the information you need to take advantage of this trend.

If you’re looking for even more facts and tips for mobile wallet marketing, take a look at the infographic from CleverTap below.