Retailer Mobile App Usage Doubles Posted by Association of Vermont Credit Unions on 12:12 PM

According to Credit Union Times, the downloading of retailer mobile apps to buy services and merchandise is double what it was last year, according to research by financial services company Synchrony and RTi Research. The online study of 1,255 respondents found that 67% of consumers have downloaded a retailer’s app, and consumers used an average of 4 retail mobile apps this year, compared to 2 last year. Other findings of the study include:

• Over 50% of consumers download a retailer app to get a coupon or discount.
• 49% of consumers who downloaded a retailer’s app use it to make purchases.
• 50% use the apps to access coupons.
• 60% use retailer apps to browse for products.
• 53% of consumers have card-servicing features with the app.
• 77% of those using an app to make purchases consider it extremely/very valuable.
• 75% of large retailers ($100 million or more in sales) have mobile apps
• 50% of small retailers ($10 million or less in sales) have one.

 As a result, retailers are quickly including payment features in their apps, and forward-looking companies are enabling these features, with 47% placing “significant focus” on apps.

On a broader scale, the study also found that . . . .

Consumers are still trying to figure out the broader role mobile wallets will play in their lives as well. In particular, the study found that 60% of U.S. consumer believe that by 2025 the average shopper will no longer carry a physical wallet. However, 42% aren’t willing to use their phones to hold their credit and rewards cards right now.

Read the entire Credit Union Times article online.