By: Don Sieb
Mobile Payments and Advertising are Converging
The companies most active in advertising are thinking about the value of all the information they can acquire about consumers shopping behavior and the opportunity to use this insight to targeting consumers across multiple media. Advertisers need some method to identify and track the consumer and the Holy Grail seems to be the E-wallet application integrated into the Smart phones.
Banks could help merchants target and deliver discounts and offers and manage loyalty programs, through a consumer?s mobile device. It?s that ability to leverage consumer purchase data, and target discounts to mobile devices as customers are shopping, that many feel is key to consumer and merchant adoption of mobile payments.
Two Thirds of new Mobile Phone Buyers are Opting for Smartphones
As mobile manufacturers announce new phones in advance of the holidays, Nielsen took a snapshot look at the mobile market in the U.S. Smartphone penetration continued to grow in July 2012, with 55.5 percent of mobile subscribers in the U.S. now owning smartphones. This is a significant increase compared to July 2011 when only 41 percent of mobile subscribers owned smartphones. Overall, young adults are leading the growth in smartphone ownership in the U.S., with 74 percent of 25-34 year olds now owning smartphones, up from 59 percent in July 2011. More and more consumers are transitioning from their desktop or laptop computers to their mobile phones, a trend that will continue
90% of Americans who own smartphones used them to access the Internet. Smartphones were used most often for social networking sites and mobile internet search, with Google and Facebook being the predominant sites accessed. Checking email was the next most popular use.
Getting Rid of Those Daily Deal Coupons
Daily Deal offers are mainly based on geographical targeting, have very low margins for the merchants that participate and show little evidence of building customer loyalty. Daily Deal customers are bargain hunters and trend to move to the next discounted that?s offered. The standard operating process the online couponing site is for the consumer to purchase and print a coupon that they will present to a merchant when they are ready to redeem their coupon. This procedure has allowed them to track purchases thus bridging the gap between advertising and payments.
As these marketing companies move their couponing offers to smart phones, the payment procedures remain the same. However, the payment process is about as far away from a one click payment function as one can get and if a consumer needs to registers a payment type before making a payment?forget it?it is simply too slow.
Reward Industry Evolving
The offer and rewards industry is rapidly evolving as consumers have demonstrated their desire for customized offers and savings that truly matter to their individual lifestyles. Everybody loves free stuff, which is one reason the average American household participates in a whopping 18 consumer rewards programs. But while more companies are offering points, miles and cash-back rewards than ever, that doesn?t necessarily mean each of those 18 is worth a spot in your wallet. For their part, consumers have happily signed up: In the aggregate, U.S. consumers now hold about 2.1 billion memberships, up 60% since 2007. And they?re responding just as companies have hoped they would. About one third of consumers are more likely to shop with a retailer because of a loyalty program, according to a study by business consulting firm CrossView.
Banks Must Deliver Cardholder Value Beyond Traditional Payment
To stay competitive, banks must deliver value to cardholders that goes beyond the traditional realm of services, while advertisers are searching for solutions to drive customer acquisition, loyalty and return on marketing investment.
In an effort to help merchants provide more relevant and useful offers to cardholders, payment brand MasterCard has bought Truaxis Inc., a startup that works through merchants and financial institutions to target consumers more precisely with discounts. MasterCard said the integration of the Truaxis platform with the MasterCard network means real-time offer delivery along with advanced analytics so consumers get more meaningful offers, merchants get the advantage of those offers driving sales and Financial institutions build greater loyalty with customers. Truaxis is behind the rewards and offers cardholders receive on their monthly statements. It targets the offers by combining a number of variables such as purchase history and location.
MasterCard acquisition of Truaxis is an important component in its strategy to deliver enhanced shopping experiences. This strategy includes a large mobile component, as evidenced by the company?s partnership in mobile payment efforts like Google Wallet and its own PayPass digital wallet.
About Results by Design Consulting
RBD has extensive experience in all facets of the payment & transaction automation industry. This includes micro-processing based hardware systems, POS Systems, software development, IC Cards, Prepaid cards, Loyalty Programs, Mobile Payment, system integration, information service providers, telecommunication networks and gateway switching. RBD Consulting is unique among business consulting firms as we provide the temporary staff you need to create and implement your plan! Outsourcing or part-time executive work has become very popular and cost effective. We are experts in identifying the root causes restricting businesses ability to get healthy and grow. Once these problem areas have been found, we go to work to implement changes necessary to overcome the obstacles your facing. Put our experience to work for you.
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Source: http://www.resultsbydesignconsulting.com/blog/smartphones-changing-face-of-businesstop-trends.html
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