More than half of Australian shoppers (58%) say they no longer need a physical wallet or purse, swapping it for a digital wallet on their phone, according to new research from omnichannel customer engagement platform, SAP Emarsys to mark the launch of its Mobile Wallet.
Adoption of the mobile wallet is a generational change in Australia, with 60% of shoppers who make purchases via their mobile wallet aged 18 to 24 comfortable without a physical wallet compared to just 33% of those over 55. This generational difference appears to be driven by the loyalty benefits offered by mobile wallets, with 89% of consumers using a mobile wallet-based loyalty program.
Key cited benefits for those who purchase items using digital discounts or coupons include keeping discount codes organised (49%); the speed of purchase compared to paper counterparts (45%); and the ease with which you can check your savings (35%).
More than three-quarters (79%) of consumers are actively comfortable using digital coupons/vouchers, and 78% for digital loyalty cards, while just 6% said they were uncomfortable using digital coupons and vouchers, and 7% respectively said that they were uncomfortable using digital loyalty cards.
For those that don’t 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, according to SAP Emarsys regional vice president of Asia Pacific and Japan, Kristyn Wallace.
“Earning their loyalty means deeply understanding what each individual values and delivering it at precisely the right time on the channel they prefer. Our new Mobile Wallet functionality lets marketers uplevel their brand promise, giving them more ways to deliver the personalised, seamless experiences their customers expect,” she said.
“Imagine checking out at your favorite store and simply pulling up your iPhone to pay with Apple Pay and the exact coupons and loyalty card you need are in one place. SAP Emarsys Mobile Wallet makes this experience convenient and easy for marketers to implement and optimise, so the customer has the best possible shopping experience.”