The Federal Reserve on Mobile
By Heidi Tolliver-Walker on May 21st, 2013
There is a lot of talk, a lot of data, and a lot of opinion out there about the impact of mobile marketing on customer behavior. In this industry, that translates into how mobile needs to be integrated into multi-channel marketing campaigns. It is said that people vote with their pocketbooks, so with that in mind, I thought I’d share some insights from the Federal Reserve. In April, the Federal Reserve released a 79-page report called “Consumers and Mobile Financial Services,” but there is a lot more in here than financial services.
More than half of the mobile phones out there (52%) are now smartphones, and they are changing the way people shop.
- 6% of all smartphone users have made a point-of-sale payment using their phone in the past 12 months, up from 1% one year earlier
- 42% of smartphone users have used their phone to comparison shop at a retail store, and 32% have used it to scan a product’s barcode to find the best price for the item
- 64% of consumers overall who use their phones to comparison shop in a retail store have changed where they purchased the product as a result of the information they found
- 44% of smartphone users have used their phone to browse product reviews or get product information while shopping at a retail store, and 70% of them changed the item they purchased based on this information
- 64% of mobile banking users have checked their account balance before making a large purchase in the past 12 months, and half of them have decided not to purchase an item as a result of their account balance or credit limit
- Approximately 27% of all mobile phone users are interested in receiving and managing discount offers and coupons on their phones, or receiving location-based offers.
This is tremendous evidence for the need of PSPs to begin broadening into mobile marketing. If your customers aren’t engaged in mobile marketing, they should be.
Download a copy of the (free) report here.