1. Digital access-on-demand
Consumers are inundated with cash, coupons, fobs and other items that bulge wallets and purses. But they are finding digital solutions more efficient and convenient, whether the point-of-sale is a checkout counter, airline gate or social feed. The on-demand, seamless availability can be a differentiator among businesses — enhancing customer experience and driving loyalty.

While the adoption of mobile payments may be taking longer than originally predicted, it is here — and will accelerate. Consumers spend about 50 minutes in shopping apps per month, and nearly a third of last year’s Cyber Monday sales came from mobile devices. Mobile payment options offer shoppers additional utility – and the ability to add most general purpose and store cards to their wallets. In general, mobile offers:
A faster authorization process than chip/EMV
Flexibility and choice in payment option
Better security features than physical cards
The ability to transact when a customer has no physical card or cash on hand
Already today, many shoppers happily leave their cash, cards, coupons and tickets at home and rely solely on their phone for purchases. In fact, 60 percent of consumers believe they’ll shop completely wallet-free as early as 2025, according to the 2018 Synchrony Digital Study.

2. Supercharged loyalty

Shoppers who consolidate their loyalty accounts into mobile apps and wallets no longer have to hunt for cards, much less the account numbers, passwords and other login information that is notoriously hard to keep track of. Mobile access to loyalty offers and program benefits is instantaneous and convenient, incentivizing shoppers to participate more often.

Mobile tools also allow retailers to better understand their customer’s habits, their preferences and rituals. Thanks to powerful AI services that are now readily available to any size retailer, all that collected data can be put to use crafting deeply personalized offers and promotions that are relevant and effective. That’s a huge deal: 50 percent of consumers say they would shop more at their favorite brands if they were to receive personally relevant mobile offers. And according to Synchrony research, of those who use mobile tools, nearly 70 percent are motivated by offers and discounts.

Technology has truly leveled the playing field — allowing businesses of any size, industry or location to capitalize on the growing shift to mobile-first shopping. Mobile payments and tools are not only about making transactions, but also making every interaction between customer and brand as seamless and personalized as possible. As mobile devices get faster, smarter and more secure, mobile-fueled commerce will become an increasingly important area of opportunity.

This content is subject to change without notice and offered for informational use only. You are urged to consult with your individual business, financial, legal, tax and/or other advisors with respect to any information presented. Synchrony and any of its affiliates (collectively, “Synchrony”) makes no representations or warranties regarding this content and accept no liability for any loss or harm arising from the use of the information provided. All statements and opinions in this video are the sole opinions of the interviewee. Your receipt of this material constitutes your acceptance of these terms and conditions.