50% of UK consumers say they no longer need a physical wallet or purse, swapping it for a digital equivalent on their phone. That’s according to new research from omnichannel customer engagement platform SAP Emarsys to mark the launch of its Mobile Wallet solution.
The study of 2,003 Brits suggests that the adoption of the mobile wallet is a generational change in the UK, with 67% of those who make purchases via their mobile wallet aged 18-24 comfortable without a physical wallet compared to just 37% of those over 45.
This appears to be driven by the loyalty benefits offered by mobile wallets, with 93% of consumers using a mobile wallet-based loyalty programme.
Key cited benefits for those who purchase items using digital discounts or coupons include keeping discount codes organised (25%); the speed of purchase compared to paper counterparts (31%); and the ease with which you can check your savings (32%).
With 65% of consumers actively comfortable using digital coupons/vouchers, and 64% for digital loyalty cards, these benefits are likely to become expectations as the technology continues to grow in adoption.
Just 9% said they were uncomfortable using digital coupons and vouchers, and 10% respectively said that they were uncomfortable using digital loyalty cards.
For those that don’t yet use mobile loyalty cards, the number one reason is that they aren’t loyal enough to any one brand to justify adopting them.
“Today’s savvy consumers won’t tolerate poor experiences or rewards that miss the mark. Earning their loyalty means deeply understanding what each individual values and delivering it at precisely the right time on the channel they prefer,” says Kelsey Jones, Global Head of Product Marketing at SAP Emarsys.
“Our new Mobile Wallet functionality lets marketers uplevel their brand promise, giving them more ways to deliver the personalised, seamless experiences their customers expect.”
He adds: “Imagine checking out at your favourite store and simply pulling up your iPhone to pay with Apple Pay and it’s there waiting for you in the palm of your hand, are the exact coupons and loyalty card you need in one place. Mobile Wallet makes this experience convenient and easy for marketers to implement and optimise, so the customer has the best possible shopping experience.”
SAP Emarsys customer, surf and streetwear store, City Beach is tapping the Mobile Wallet solution.
Customer Lifecycle Manager James Neill comments: “Mobile is the one channel that’s always with the customer, so it is integral to our omnichannel approach. Mobile Wallet opens our reach to different age groups, which unlocks a whole new set of use cases to better connect our digital and in-store experiences.”
“The inclusion of a digitalised wallet has expanded customer loyalty by personalising products and shopping experiences across generations. The result? Customers can stay loyal to their favourite brands wherever they’re at.”
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