BlueHornet Webinar: The Rise of the Digital Wallet - New Opportunities for Email Marketers
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Presented by BlueHornet’s Director of Product Management, Manny Ju, this webinar will introduce you to the concept of the mobile wallet and how it’s affecting email marketing programs, including: - Emerging trends in the mobile/digital wallet space - Why early adoption of the digital wallet is a strong indicator of brand loyalty - How wallets, like Apple’s Passbook, mean incremental revenue for email marketers
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BlueHornet Webinar: The Rise of the Digital Wallet - New Opportunities for Email Marketers
- 1. THE RISE OF THE MOBILE WALLET: NEW OPPORTUNITIES FOR EMAIL MARKETERS Manny Ju Director of Product Management August 2013
- 2. Manny Ju Director of Product Management BlueHornet
- 11. NFC
- 14. Source: Our Mobile Planet (joint research by Google, Ipsos MediaCT, Mobile Marketing Association, and Interactive Advertising Bureau MOBILE PAYMENTS: NFC (SELECT COUNTRIES) Base: smartphone owners, 2012
- 17. Online Shopping
- 22. Mobile = Increase Revenue = Increase Revenue Email = Increase Revenue
- 23. Question: How likely are you to buy an item or service from an email you read on your mobile device? Source: “Consumer Views of Email Marketing”, BlueHornet, 2013 >60% likely to buy
- 26. Mobile Openers Mobile Clickers Mobile Buyers 77% 70% 46% THE MOBILE EXPERIENCE
- 27. Web Site Mobile Site
- 30. 2 step Checkout directly within email
- 31. EMAIL CHECKOUT STEP 1: CHOOSE THE ITEM
- 32. EMAIL CHECKOUT STEP 2: CONFIRM AND COMPLETE
- 33. Instant Gratification communicate listen to musicreada book newspaper magazine GAMES where am i? who are u? watch tv movies videos
- 38. Referenced with permission from @Pay LLC
- 39. ONE FINAL POINT
- 41. Question: How likely are you to show your mobile phone to a store cashier to redeem a discount code, barcode, or online coupon instead of printing the coupon and bringing it to the register? Source: “Consumer Views of Email Marketing”, BlueHornet, 2013 ~75% Likely
- 42. Passbook • Coupons • Boarding Passes • Event Tickets • Loyalty Cards
- 43. PASSBOOK
- 45. Source: “Consumer Views of Email Marketing”, BlueHornet, 2013 Question: Which of the following is your most important reason for signing up to receive emails from companies seeking your business?
- 47. Digital Wallets Transparent Commerce = Instant Ownership
Editor's Notes
- I’d like to formally introduce myself to you all today.My name is Manny Ju. I’m the Director of Product Management at BlueHornet.
- The foundation for today’s story on The Rise of the Mobile Wallet starts with a review three important revolutions in commerce.
- In the beginning, commerce was conducted on the barter system.The problem with barter is that it’s extremely inefficient and not very scaleable.If I’m sick and in need of medical attention and all I have are beans, it might be a while before I find a doctor who has a need for beans in exchange for his healing services.
- The first revolution in commerce was the usage of currency.Currency made commerce … … transferrableWith currency the standard medium for exchange, commerce became a lot easier and a lot more efficient.But the drawback of currency is that it literally has to pass from hand to hand.
- The second revolution in commerce was the invention of the credit card.Credit cards make commerce … … transportableI recently bought an obscure electronic component from a small shop in Taiwan. I did not have to fly clear around the globe to pass coins from my hand to his. I was able to complete the entire transaction without ever leaving my home. I did it entirely by credit card.
- The third revolution in commerce is the digital wallet.The digital wallet makes commerce … … transparentIn September of 1999, the US Patent Office granted Amazon Patent #5,960,411 – the One-Purchase.By storing your credit card information in Amazon’s digital wallet, you no longer had to think about commerce at all. With a single click of a button, ownership was instant.
- First true digital wallet circa 2000Three things that PayPal did to revolutionize commerce * Eliminated risk of online shopping – back then, people were hesitant to enter their credit card information on the internet. * Enabled online shopping for people w/o credit cards by funding directly from bank accounts * Made e-commerce transparent. If you had logged into PayPal at least once and you hadn’t cleared your browser cookies, then anytime you clicked on the “pay with PayPal” logo on an e-commerce site, the payment was immediate. There was no other intermediate step.
- The mobile wallet is now the next progression of the digital wallet.
- Interest in mobile wallets is huge. Everywhere you look, there’s yet another initiative, yet another consortium for the mobile wallet.In the beginning, forward-thinking people were looking at mobile wallets as the next revolutionary step beyond the credit card.Well you can’t slide a mobile device through a slot like you can a credit card. So they started looking at a new type of wireless communication what was emerging at the time – because after all, a cellphone is nothing more than a radio transmitter AND a radio receiver.
- This new wireless communication technology went by the initials “NFC”
- NFC stands for Near-Field Communication. It allows data transfer between a transmitter and a receiver simply by touching the two devices.Perhaps you recall that killer commercial that Samsung did a year ago where it showed one person transfering his music play list to another person simply by touching his smartphone to the other person’s smartphone.
- Near-Field Communication is also the technology behind payments in-store and at kiosks.Your smartphone has a mobile app which is your digital wallet. The mobile app communicates with a microchip on your NFC-enabled smartphone and the microchip manages the communication with an NFC-enabled point of sale system. The data that gets transferred between the two devices is digital currency.
- Payment by NFC has been around for several years. But it still hasn’t really taken off.
- Therein lies the conundrum. As a consumer, why bother with paying by way of NFC when there aren’t that many NFC-enabled point of sale systems?As a merchant, why bother spending all that time and money upgrading to an NFC-enabled point of sale system if there aren’t that many people wanting to pay by way of NFC?So to a marketer, there really isn’t much of an opportunity for mobile payments via near-field communications.
- So where is the biggest opportunity for digital wallets?The opportunity for commerce by digital wallets is actually found …
- … Online.
- There’s no place else where transparent commerce through digital wallets is more effective than online.There’s no need to enter a credit card or any payment information.Do you like a song on iTunes? Touch a button and it’s yours.Do you want a Kindle book? Touch a button and it’s yours.Are you in the middle of a game and you need to upgrade your weaponry? Touch a button a you’re ready to rumble.
- What do mobile wallets mean to the email marketer?
- According to a survey published by MarketingSherpa, the Number One email marketing business objective is to increase revenue.
- And according to another survey published by MarketingSherpa, the Number One mobile marketing business objective is to increase revenue.
- So given that the number one objective of mobile is to increase revenueAnd the number one objective of email is to increase revenue … It follows therefore that the number one objective of mobile email is to increase revenue.
- There is a direct line connecting mobile email and mobile commerce.Here are the survey responses of over a thousand consumers across the United States that BlueHornet published earlier this year. Almost 2 out of every 3 individuals are likely to buy directly from a mobile email.If you want to maximize revenue from your email marketing program, then a mobile-friendly email experience now becomes a must-have.
- Here’s an example of a major fashion retailer that is doing a very good job with the mobile experienceThey don’t use responsive design in their emails. But nevertheless, they do render very well on mobile devices as well as on desktops.When you view their email on a mobile device and then click on any of the links and images in their email … … their web site automatically detects that you are viewing the landing page in a mobile browser and it automatically serves up the mobile-friendly version of the landing page.
- When you’re ready to pay for what you want … … you get a mobile-friendly payment page.
- The mobile experience is a full end-to-end experience, starting from the mobile-friendly email … … to the mobile-friendly landing page, to the mobile-friendly payment page.It is because of this well-thought-through mobile experience that this brand has an extremely highly mobile-engaged email audience … … almost 4 out of every 5 people who opened the email did so on their mobile devices. 7 out of every 10 people who clicked through from the email did so on their mobile devices almost 1 out of every 2 people who ended up buying did so on their mobile devices.Here’s one point that I’d like to make. With the email responders being so overwhelmingly mobile email responders, is there anything that can be done … … to convert more mobile email responders into mobile buyers?I believe that yes, there is.
- The payment page on the standard web site supports a digital wallet that the mobile site does not.By more aggressively implementing digital wallets on their mobile site, this retail brand can make commerce virtually transparent to the end user, making it that much quicker -- that much easier to buy.
- I’ve talked now about digital wallets and mobile wallets are the next revolutionary steps in commerce.What other opportunities are there with regards to shopping from email marketing promotions?
- As I mentioned previously, PayPal revolutioned commerce on the web back in 2000. The real value of PayPal was the network of merchants that they had built; it wasn’t really their technology.Their network of merchants was so valuable that in 2002 -- within 2 years of PayPal’s existance, eBay bought them for $1.5 billion. … In 2011, a start up began where PayPal was 11 years earlier. PayPal revolutionized commerce on the web. This company has the potential to revolutionize commerce … … over email. The company’s name … … is @Pay.
- AtPay enables consumers to buy products from an email without ever leaving email.
- Step 1, choose the item in the email that you want.
- When you touch the “buy it now” button, an email is automatically created with a secure token that you sent to authorize the payment of the purchase.When you are an AtPay member, the unique secure token includes a reference to your email address so no one can buy something on your behalf; the email has to come from you.
- Mobile devices are instant gratification devices.Using a single device, I can communicate with anyone, anywhere, anytime I want. I can listen to my music anytime I want. I can read a book, a newspaper, or a magazine anywhere I want. I can watch TV, movies and videos, I can play games; I can find out where I am and where I need to be going; I can find out anything about anybody – anytime, anywhere I happen to be.And most importantly, …
- I can buy just about anything – anytime – anywhere I happen to be.Email – specifically mobile email is the perfect complement to your existing email marketing program.Mobile email gives you the ability to drive additional revenue for your overall email marketing program.
- Deal of the Day emails are perfect examples of instant gratification emails.An instant gratification email is the ultimate in WYSIWYG. What you see is what you get. You either like it or you don’t. If you like what you see, you want it; and if you want it, you want it now.Here’s an example of one brand’s Deal of the Day email … … this email has a strong mobile engagement especially for a deal of the day email.4 out of every 10 openers are mobile openers. 4 out of every 10 clickers are mobile clickers.
- Why doesn’t this Deal of the Day email have as high a mobile responder audience as the other brand does?Here’s one reason: the Deal of Day email is a mobile friendly email. Unfortunately, … … the landing page isn’t.One way to drive up mobile email engagement is to lead mobile email clickers to a mobile-friendly landing page.But let’s go back to what I just said a moment ago.Deal of the Day emails are instant gratification emails. Everything you need to know about the deal should be self evident within the email. … Why send someone to a web site to complete the instant purchase if you don’t have to?
- Why not let someone make the purchase without ever leaving the email client?@Pay checkout is the perfect option for instant gratification emails.
- 2-click transactions from email are very effective for non-profits too.Here’s a case study of a non-profit that used @Pay to solicit donations.$21,000 from people who donated directly from email is absolutely eye opening.What amazed me about this case study … … was that one gift amount was $1000. People ARE open to 2-click buying directly from an email if you give them the option to do so.
- Let’s consider one final point about the mobile wallet because there are other things of value besides currency that you keep in your wallet.I’m referring of course to everybody’s favorite: …
- … coupons!
- More and more people are considering mobile devices as logical substitutes for paper when it comes to redeeming in store coupons.And there is one new thing that is becoming more and more associated with mobile coupons.That new thing …
- … is PassbookPassbook is a native iOS application that is a single storage for coupons, travel boarding passes, event tickets and loyalty cards
- Have you ever ended up in the checkout line fishing through your wallet or purse for that buy-one-get-one-free coupon? Have you even returned home from shopping only to realize – d-oh! You had a coupon for the item that you just bought, and there’s the coupon stuck to the refrigerator to remind not to forget it?Thanks to Passbook, you’ll never forget a coupon again – for 2 reasons (1) Your coupons are always with you because they are stored on your smartphone and you always have your smartphone with you (2) Passbook coupons are location aware. That means, your smartphone will start beeping and display an on-screen message the moment you are near a store that you are holding a coupon for.
- Passbook and Email Marketing are a match made in heaven.
- Deals are the Number One reason by far why consumers sign up to receive promotional emails.Consumers love discounts. In fact, they love them almost 11% more than last year.
- Email is the perfect distribution channel for coupons.As an email marketer, you have access to a rich palette of data available for audience segmentation. This means that you can send highly targeted, highly relevant coupons and loyalty cards to your most avid followers.Emails can include an “add to Passbook” link that when clicked, automatically stores the coupons in the Passbook app on their mobile phones.
- So what have we learned today?The digital wallet and its younger sibling, the mobile wallet, are the next revolutionary step in commerce. Digital wallets make commerce transparent.Digital wallets … … make ownership instantaneous
- The mobile experience is an instant gratification experience.But the mobile experience isn’t just about the mobile email.The mobile experience starts with the mobile-friendly email … … and it includes the mobile-friendly landing page, the mobile-friendly cart, and the mobile-friendly payment page
- Make it as easy as possible for your mobile email readers to buy directly from their mobile devices.Aggressively use mobile wallets to make the payment experience as transparent as possible.
- And lastly, remember what consumers are telling you: subscribing to email marketing promotions is all about deals.If coupons and loyalty cards are integral parts of your email marketing program to drive in store traffic, then make it that much easier for them to always have your coupons with them. Allow your subscribers to add the coupon to their Passbook app.