Fast-Track Success in mPayments

Today, the discussion about mobile strategy isn’t complete without a focus on payments.

Not only has consumer smartphone adoption finally tipped, using digital wallets for mobile payments in-store is a natural extension of existing consumer behavior.

Smartphone users already use their phones in-store to redeem coupons, look up product information, and compare prices.

So Apple, Google and Samsung have installed mobile wallets into their smartphones, helping consumers become more comfortable with mobile payments. Likewise, financial institutions, mobile carriers, app developers, and others are unveiling new mobile payments offerings for consumers on a seemingly daily basis.

The question for retailers is whether to just sit on the sidelines as the battles among these third parties run their course and the winners emerge?

The answer depends on whether the retailer wants to maintain control of the customer experience,  customer relationship and – importantly – the customer data on which next-generation loyalty and personalized omni-channel engagement programs will be based, or if they are comfortable relinquishing these to third parties.

Mobile payments and loyalty may sound like a big hairy challenge, but in fact most retailers have the building blocks already in place to get a solid solution deployed with minimal investment or risk.

So the good news for retailers focused on increasing consumer spend and engagement in the near term, and building more enduring relationships in the long term, is that with relatively little effort and investment, they can get in the mobile payments game and carve a place in their customer engagement strategies now – rather than having to wait for, or cede, that ground to third parties,  or to wait until competitors’ moves force them to take action and try to catch up from behind.

This whitepaper will explore:

• How mobile payments are specifically revolutionizing retailers’ marketing toolkits by linking the once divergent areas of coupons, gift cards and loyalty points into Branded Currency
• The opportunities that exist for forward-thinking and early adopters of mobile payments strategies
• Key next steps to getting on the path to success