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Mobile wallets are an effective way for marketers to build loyalty for their brand with consumers, and they present consumers with another way to pay for goods and services beyond cash and traditional point-of-sale systems. Alistair Goodman, CEO of Placecast, a location-based mobile advertising company, spoke recently with eMarketer’s Rimma Kats about how mobile wallets go beyond loyalty and payments.
eMarketer: What types of marketing and advertising are currently being delivered through mobile wallets?
Alistair Goodman: It’s still early days, but there is a big opportunity in three areas around the mobile wallet. The most logical is this idea that I can understand more about you from things like your purchase behavior or the things you’ve consumed in terms of media, and I can deliver ads relevant to you into a mobile wallet.
We’re also starting to see the emergence of tying real-time location and proximity to that—this ability to either trigger an offer or remind a consumer when they are near a store. That starts the more interesting journey of marketing as a service.
There is a third opportunity that has yet to emerge fully, which involves harnessing all of the data associated with that, for the larger marketing ecosystem. It’s the ability to use information in an anonymous way about how consumers have interacted in commerce experiences on the phone and in the real world. This helps acquire new customers. That will eventually plug into the whole programmatic advertising world and contribute to this advancement of a 360-degree view of the customer.
eMarketer: What categories of brands are currently taking advantage of marketing and advertising through mobile wallets?
Goodman: The logical categories are brands that have a physical world presence. One of the exciting promises of marketing through a mobile wallet is the ability to unlock that 90% of commerce that’s happening in the real world and connect it to the digital world. We know that consumers are influenced by different media as they think about what they’re going to buy, where they’re going to go and what they’re going to do.
eMarketer: What attracts brands to use mobile wallets?
Goodman: The proximity to the payment. Just like they’ve seen online with the ability to do one-click purchases, mobile is becoming the primary device that consumers use for both consuming content and navigating the physical world. A brand can get their message in front of the right consumer, potentially even when they’re near a place where they can purchase. And that purchase flow has been made that much easier. It’s a win for everyone.
eMarketer: What types of capabilities are available from a targeting segmentation perspective, and how are they being leveraged by advertisers?
Goodman: An increasing number of the tools available in the digital ecosystem are coming into the mobile wallet space. In that sense, mobile wallets are more like another channel or touchpoint, rather than their own kind of platform. Increasingly, we’re going to see more use of spend history to enrich that targeting.
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