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Would the Real Mobile Wallet Please Stand Up?
This document summarizes a presentation on mobile wallets and payments. It discusses key drivers for adoption of mobile payments like ease of use and value for consumers and merchants. Unique benefits of mobile payments are highlighted like visual authentication and digital receipts. Frameworks for mobile commerce are presented, including PEERS (Personalize, Enable, Enhance, Reward), layers of location, and metaphors for mobile. The importance of data for powering mobile commerce is discussed. Metrics for evaluating mobile strategies are provided. The presenter is introduced as a research consultant and analyst focusing on emerging technologies like mobile and implications for business.
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Would the Real Mobile Wallet Please Stand Up?
- 1. Title Would the RealMobile Wallet Please Stand Up? (or at least stand out?) iMedia Breakthrough Summit – Mobile Bootcamp October 20, 2013 Dr. Phil Hendrix Director, immr and Gigaom Research analyst www.immr.org 1 (770) 61211488 phil.hendrix@immr.org @phil_hendrix #iMediaSummit 1
- 2. More Information inthese Reports Engaging Connected Consumers @phil_hendrix #iMediaSummit Mobile Shopping Download at www.immr.org/reports.html 2
- 3. Topics for Discussion Topicsfor Discussion Mobile Payments, Wallets & M1commerce Frameworks PEERSM 8 Layers of Location M4M (Metaphors for Mobile) Implications/Strategies for Brands @phil_hendrix #iMediaSummit 3
- 4. About me Research Consultant Researchbased Strategy for Very New Products and Markets Advisor – Startups • Product Market Fit • Value Proposition • Growth strategy Catalyst • Innovation • Strategy Analyst • Emerging Technologies • Mobile/M Commerce • Location, Context Previously Mercer @phil_hendrix #iMediaSummit Diamond Cluster 4
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- 6. Drivers of M1Payments Speed/ Easeof Use Awareness/ Familiarity Value to Consumers Merchant Acceptance Mobile Payment Unique Benefits Value to Merchants Incentives to Adopt/Use Security @phil_hendrix #iMediaSummit 6
- 7. M1Payments Unique Benefits Speed/ Easeof Use Awareness/ Familiarity Value to Consumers Merchant Acceptance Mobile Payment Unique Benefits Authentication (visual, proximity, etc.) Digital receipts Integration w/ shopping, offers, rewards Others TBD @phil_hendrix #iMediaSummit Value to Merchants Incentives to Adopt/Use Security 7
- 8. What Will SpurAdoption of M1Payments? @phil_hendrix #iMediaSummit 8
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- 11. “The Remote forOur Lives” @phil_hendrix #iMediaSummit 11
- 12. A Broader Viewof Mobile Wallets Mobile Marketing Mobile Concierge Mobile Payment Mobile Rewards @phil_hendrix #iMediaSummit 12
- 13. Mobile Wallet EnablingM1Commerce Mobile Marketing Influencing prospective buyers with communications, incentives Search Mobile Payment Operators Challengers Brands and businesses rewarding customers via mobile devices Points Mobile Concierge Offers Enabling payment for goods and services via mobile devices FIs/Issuers Mobile Rewards Advertising Offers Experiences Brands, businesses and TPPs assisting mobile customers (including shopping) Information @phil_hendrix #iMediaSummit Recommendations Assistance 13
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- 16. Wroblewski’s Theorem Luke Wroblewski “Anythingthat can be connected to the Internet, will be.” Philips Hue Bulbs @phil_hendrix #iMediaSummit Nest Learning Thermostat 16
- 17. Corollary – “Everything’sa Pixel” 8 Layers of Location @phil_hendrix #iMediaSummit 17
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- 20. From the 4P’s to PEER Learn† & Adapt Surprise/ Delight Remove Frictions Reinforce † Securely, with full transparency Source: Raising the Bar – How Leading Companies are Boosting Customer Loyalty with Mobile and PEER Strategies, Dr. Phil Hendrix, immr @phil_hendrix #iMediaSummit 20
- 21. PEER Strategies Personalize Leverage dataabout consumers and their context to increase the relevance, timeliness and value of communications, offers and customer experiences Enable Help customers complete tasks and accomplish their goals by minimizing the risk, time, and effort as they shop, compare, purchase and use your products Enhance Surprise and delight customers by anticipating and helping them fulfill functional requirements, emotional needs and aspirations Reward Using feedback, encouragement, rewards and social influence, reinforce customers as they engage in behaviors that are mutually beneficial @phil_hendrix #iMediaSummit Allows airports to tailor info for travelers based on profile, destination Mini owners can detect other owners, share tips Guests can manage experience (FastPasses, reservations, rides, etc.) Allows hotels to personalize rewards, experiences based on guest’s social profile 21
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- 23. More Metaphors forMobile Source: Raising the Bar – How Leading Companies are Boosting Customer Loyalty with Mobile and PEER Strategies, Dr. Phil Hendrix @phil_hendrix #iMediaSummit 23
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- 25. Frictions, Shoulds andWants @phil_hendrix #iMediaSummit 25
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- 27. Consumers’ Love1Hate Relationship † @phil_hendrix #iMediaSummit Source:immr Shopping Survey 27
- 28. Can Mobile SaveShopping? Source: If Shopping is Broken, Can Mobile Fix It? Dr. Phil Hendrix, immr @phil_hendrix #iMediaSummit 28
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- 31. Are You Tunedin to Consumers’ Digital Signals? Location Social History Source: Tuning into Consumers’ Digital Signals, Dr. Phil Hendrix, immr @phil_hendrix #iMediaSummit 31
- 32. Expectations Are you Engaged?Or Merely Engaging? KnowK What I Like Who I am… Where I am What I respond to What’s Nearby What I’ve bought What’s going On Where I’ve been What I need Where I’m going Source: How SoLoMo is Empowering Consumers, Transforming Shopping and Disrupting Advertising and Retailing, Dr. Phil Hendrix @phil_hendrix #iMediaSummit 32
- 33. Are You Engagingby Consumers’ Rules? Personalized Relevant Right1time Rewarding Source: Drive Revenue and Loyalty by Engaging Mobile and Social Consumers, Dr. Phil Hendrix, immr @phil_hendrix #iMediaSummit 33
- 34. Are You Tappinginto PEER? Learn† & Adapt Surprise/ Delight Remove Frictions Reinforce † Securely, with full transparency Source: Raising the Bar – How Leading Companies are Boosting Customer Loyalty with Mobile and PEER Strategies, Dr. Phil Hendrix, immr @phil_hendrix #iMediaSummit 34
- 35. Are You Managing Numeratorand Denominator? Loyalty = f Customer Benefits Customer Effort Source: Raising the Bar – How Leading Companies are Boosting Customer Loyalty with Mobile and PEER Strategies, Dr. Phil Hendrix @phil_hendrix #iMediaSummit 35
- 36. Are You EnablingCustomers? @phil_hendrix #iMediaSummit 36
- 37. Have You DefinedYour Role(s) in Customers’ Lives? And Aligned Organization around Role(s)? Source: Raising the Bar – How Leading Companies are Boosting Customer Loyalty with Mobile and PEER Strategies, Dr. Phil Hendrix @phil_hendrix #iMediaSummit 37
- 38. Is Your Houseof Loyalty “Built to Last?” Source: Raising the Bar – How Leading Companies are Boosting Customer Loyalty with Mobile and PEER Strategies, Dr. Phil Hendrix @phil_hendrix #iMediaSummit 38
- 39. Are You DoubledDown on Innovation? @phil_hendrix #iMediaSummit 39
- 40. Are You Makingthe Right Strategic Bets? @phil_hendrix #iMediaSummit 40
- 41. Are You Hittingon All 8 Cylinders? @phil_hendrix #iMediaSummit 41
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- 43. immr – Recentand Forthcoming Reports @phil_hendrix #iMediaSummit 43
- 44. Bio – Dr.Phil Hendrix Dr. Phil Hendrix is the founder and director of immr, a research and advisory firm focused on market opportunities afforded by new technologies, and an analyst with GigaOm Pro. He specializes in helping organizations evaluate and capitalize on opportunities that are new3to3customers and new3to3market. Dr. Hendrix has extensive experience uncovering customer needs, identifying triggers and hurdles to adoption, and developing strategies that unlock market opportunities, both B2C and B2B. Dr. Phil Hendrix Director, immr www.immr.org +1 (770) 61211488 phil.hendrix@immr.org @phil_hendrix As an analyst, Phil focuses on mobile innovation and the implications for companies across industries. He is a regular contributor at leading industry conferences, including GigaOm’s Mobilize, Structure:Data, Street Fight (hyperlocal), ad:tech, iMedia Summit, Social3Loco and others. His current work focuses on mobile and its impact on consumer behavior, especially shopping, M3commerce and mobile payment. As a consultant and advisor, Phil has led significant engagements with startups and Fortune 100 clients in mobile, consumer electronics, and related categories, including financial services, transportation, insurance and others. He works closely with senior management and project teams on key issues, including market sizing, segmentation, positioning, and branding as well as innovation, user experience, and customer retention. Over the course of his career, Phil has helped clients conceive and successfully launch dozens of new products, services and businesses. Before founding immr, Phil was a partner with DiamondCluster (strategy and technology consultancy), founder and head of IMS (Integrated Measurement Systems), and a principal with Mercer Management Consulting (now Oliver Wyman). He has held faculty positions at Emory University and the University of Michigan, where he taught courses in marketing, research, and buyer behavior for MBAs and executives. While at Michigan Dr. Hendrix also held a joint appointment as a research scientist in the Survey Research Center, Institute for Social Research. Additional information on immr perspectives and reports prepared by Dr. Hendrix is available at immr and Slideshare, with additional information available at GigaOm Pro. @phil_hendrix #iMediaSummit 44