The research study covers the present scenario and growth prospects of the global mobile coupons market for 2016-2020. To calculate the market size, the report has considered the revenue generated from mobile coupons in the Americas, APAC, and EMEA.
A mobile wallet is a one-stop platform where an individual can maintain a record of e-commerce, mobile content, and brick-and-mortar transactions. As payments represent the core function for mobile wallet users, the top vendors must offer value-added services in this sector. Retailers are a critical partner in the global mobile coupons market. Various merchants may give customers the benefit of value-added services during the forecast period. Retailers are trying to invest in proprietary mobile apps so that during the forecast period customers can have an integrated shopping experience without compromising on special offers and loyalty account management.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global mobile coupons market:
- Growth in smartphone and Internet users
- Higher redemption rates
- Embracing mobile data services
Growth in smartphone and Internet users
With the rise in Internet users, new vendors are providing m-commerce services on cell phones and tablets that will allow users to make instant purchases. This will result in the rise in online purchases though cell phones during the forecast period. The top vendors are trying to provide a range of innovative payment, loyalty, and insight services from mobile loyalty to digital wallets, which will hike the number of mobile Internet users.
Amit Sharma, a lead analyst at Technavio, says, “The always-connected mobile customers are rapidly changing the face of Internet commerce across all primary sectors. The top vendors help clients to maximize opportunities by supporting different smartphone brands to deliver mobile engagement strategies. This will lead to an increase in the number of cell phone Internet users across the globe.”
Higher redemption rates
The mobile coupons offer a higher convenience to customers, and this brings in a higher redemption rate. Technavio analysts estimate that the mobile coupon redemption rates will likely reach 10% by the end of 2020, which will drive marketer's interest in mobile coupons. Also, it is expected that mobile coupons will offer faster time to market when compared with traditional paper coupons that involve long cycle times for design, print, and distribution.
In the present market scenario, mobile coupons are redeemed 10 times more when compared with print coupons. By the end of 2016, the analysts at Technavio expect the number of smartphone users to reach 55 million approximately. Therefore, Technavio analysts estimate that the rise in the use of mobile will bring in opportunity for mobile coupon vendors. The mobile coupons are a perfect solution for the growth of the small businesses, thereby attracting a large customer base that opts for discounts through their mobile devices.
Embracing mobile data services
The m-commerce market has boosted mobile coupon services that are delivered using mobile services. The customers’ preference for digitized coupons has boosted the use of mobile data services, which require high-speed Internet and interoperability between the issuers and the service provider. The rise in popularity of mobile coupons is due to the use of NFC technology, which is one of the most effective means to carry out the mobile-based digitized transaction. The easy availability and rise in adoption of mobile devices are revolutionizing the way people interact with brands.
The customers are looking for added features that influences their buying behavior in the adoption of mobile payments. These features include various payments that is specific to the rewards program, receiving and managing of discount offers and coupons, and multiple payment credentials. Therefore, the number of users using mobile payments has increased significantly due to the rise in penetration of smartphones and growing consumer awareness.
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