Finish off this week with the news (and news you may have missed) that's going to impact your customers in the coming weeks and months.
In this week's customer engagement recap:
- Cash is still king with U.S. shoppers
- No surprise: Gallup finds mobile wallets low priority for consumers
- Can You Maximize Revenue and Still Earn Customer Loyalty?
- The US rental market is on fire
- Want to Add More Value to Customers? Start with These 10 Questions
Cash is still king with U.S. shoppers (Chain Store Age)
9 out of ten Americans paid for a transaction with cash at least once in the past year, compared to just 14% who made a mobile payment. But, that number is growing from previous years, and people who identify as mobile payment users say they're continuing to pay that way more often. 68% and 67% paid with debit and credit cards, respectively.
Come to think of it, it's hard to believe there are people out there who didn't have at least one cash transaction in the past year. Always be a little skeptical of surveys, but this one confirms pretty much what we already know - consumers just aren't that into mobile wallets yet.
No surprise: Gallup finds mobile wallets low priority for consumers (Retail Customer Experience)
And Gallup confirms what the above survey claimed: At best, 15% of the population has dabbled in mobile walleting.
To us, there are three reasons why people haven't jumped on board: security, value, and merchant adoption. The surprise is 55% of these respondents listed security as their primary reason for not giving mobile payments a whirl - the highest percentage we've seen so far.
Can You Maximize Revenue and Still Earn Customer Loyalty? (The Access Loyalty Blog)
Loyal customers equal more revenue - everyone agrees on that. There is some truth to the idea of loyal customers being willing to pay higher prices. But it's shaky ground for most brands, and the risk is finding your brand in the same boat as the internet/cable providers - charging people more simply because they're still there, then watching them churn out for greener pastures.
The US rental market is on fire (Business Insider)
Millennials are moving out of mom's basement, you guys! Renting is at it's strongest point since the 80s, which is a good sign people are finding their financial footing. Meanwhile, home sales and "household formation" are also growing. If you've been waiting for the Millennial generation as a whole to start flexing some of that spending capacity, now's the beginning.
Want to Add More Value to Customers? Start with These 10 Questions (The Access Loyalty Blog)
As much as blogs (ahem) may try, we really can't tell you exactly how to add value to your own customer base. Everyone is different, and if there was a boilerplate template for loyalty then you wouldn't be reading this. So, we can only offer a few questions that will hopefully lead you to some ideas and concepts of how you can help take your customers to the promised land.