As the popularity of digital wallets continues to grow, positive consumer feedback on existing platforms has been widely positive.
We live in the age of the gadget. Over the last few decades, we as a society have almost immediately absorbed every new tech innovation that developers toss in our direction. From smartwatches and 3D televisions to bluetooth headsets and tablets, we’re always hungrily awaiting the next big thing.
And of all the gadgets we can no longer live without, the mobile phone has arguably become our most treasured device. Not only do we use them to stay in touch with one another, but they’ve come to facilitate almost every aspect of our day-to-day lives, making it simpler and easier to book an airline ticket or start our cars from inside the house on a chilly morning.
So it has come as something of a shock to the industry that widespread acceptance of the digital wallet still hasn’t come. Recent data indicates that although 78% of consumers are aware of digital wallets, only about 32% are actually using them.
But despite still being in its infancy, the digital wallet may be on the verge of a serious growth spurt. According to Gartner, it’s estimated that by 2017, the global m-commerce market value will exceed $721 billion, with over 450 million users.
And as the number of mobile payment transactions continues to grow, users will be looking for safer, easier ways to pay.
Tomorrow’s Wallet, Here Today
While mobile wallets may be catching on slowly in the U.S., those who do make use of the technology have indicated that they already love it. In fact, a recent Nielsen report indicated that over 40% of digital wallet users now depend on it as their primary method of payment.
This suggests that when it comes to consumer resistance, the concerns over issues like security and ease-of-use may not actually deserve so much of the blame.
The slow reception is more likely a result of improper marketing on the part of individual companies, combined with an inability of those retailers to seamlessly integrate these platforms across their omnichannel experiences.
Embrace the Tools and Reap the Rewards
Everyone can see that the m-commerce market is currently exploding, and retailers need to capitalize on every tool at their disposal to make the most of the opportunity.
And digital wallets don’t just provide customers with an easier way to make purchases — retailers can incorporate all sorts of lucrative marketing strategies, like loyalty programs and built-in coupons that create a more immersive and personalized shopping experience.
And considering the fact that 69% of consumers said they’d be willing to convert to digital payment platforms if there were some kind of discount or monetary incentive, it seems pretty clear that people are poised on the edge, ready to dive into the new system. They just need that extra little push.