Consumers are shopping more with their mobile devices, and digital and mobile coupons are driving that trend, according to new research released by AlixPartners. Nearly three quarters (74%) of consumers are now shopping with their smartphones and tablets, up from 65% last year, according to the AlixPartners Mobile Financial Services Tracking Study.
The study partially attributed that rise in mobile shopping to use of coupon offers, with more than 40% of the consumers in the survey between 18-54 years old saying they use digital coupons. Among younger consumer between 26-34 years old, that percentage rose to 81%.
Additionally, the study found that 26% of the respondents said that they purchased an item online that they had not planned on purchasing because they received a coupon offer.
[For More On Mobile, Check Out: Mobile Banking Trends For 2014]
Overall the study found that customers are using their mobile devices more to make several different kinds of transactions, including shopping purchases, bill payments and P2P payments. The percentage of respondents using their mobile devices to make money transactions increased from 32% in the first half of 2013 to 41% in the second half.
While the study found that consumers are making more purchases with their mobile devices thanks to coupon offers, it also found that consumers often aren’t aware of their banks’ or credit card issuers’ coupon programs. Only 33% of the consumers said they know about their banks’ mobile or digital coupon offers programs. But those consumers that did participate in their banks’ coupon programs reported high satisfaction levels, with 90% describing themselves as satisfied or very satisfied with the programs.
Banks also have a trust advantage in competing non-bank providers in digital coupon programs, the study found. When asked who they would trust to provide a digital coupon program, banks scored a 36%, as opposed to to telecoms at 16% and retailers at 5%.
Jonathan Camhi has been an associate editor with Bank Systems & Technology since 2012. He previously worked as a freelance journalist in New York City covering politics, health and immigration, and has a master's degree from the City University of New York's Graduate School ... View Full Bio