Beauty Store Business

MAR 2015

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4 March 2015 | Beauty Culture Top left image: collection; top right image: collection Consumer Views on Mobile Payment As in-store mobile payment efforts become more mainstream, retailers and other industries can accelerate adoption by better educating consumers on the performance and ease of use of mobile pay services, according to a recent survey by Verifone, conducted online by Wakefield Research. Consumer views on the matter were: • 53% said it was important for more stores to install devices that enable consumers to pay with their smartphones. • 64% of respondents aged 40 and younger agreed that more stores should install devices that allow customers to use smartphones to pay. • 84% of respondents said they would use their smartphones to pay for small and medium purchases, such as a cup of coffee or pair of jeans. At the same time, the survey showed that half of consumers polled were unfamiliar with mobile technologies, such as near field communication and mobile wallets. Similarly, half of respondents said they were unlikely to shop in a store because it used in-store tracking technology to provide offers on mobile devices. Other key survey data included: • Credit/debit cards remain the primary method of payment for 63% of all survey respon- dents; with 6% favoring alternative payment options, such as PayPal; and 4% preferring mobile wallet services. • 54% of survey respondents are familiar with EMV technology. Of this group, 39% use credit or debit cards that have EMV chips as their primary or secondary payment method; and 49% use credit or debit cards that have EMV chips as their primary or secondary, among respondents under 40 years of age. • 56% are willing to continue shopping at a store whose credit card information was stolen. • 44% are less likely to continue shopping at store whose credit card information was stolen. Advantages cited for using smartphones versus traditional payment methods include: • 34%, speed of use • 29%, freedom from carrying a wallet • 24%, access to mobile deals • 23%, ease in tracking spending • 18%, safety of personal data Verifone concluded that the report indicated a typical early-adopter scenario in which younger consumers have greater awareness, concerning trends—which was considered "an essential precursor to mass-market adoption," according to Joe Mach, senior vice president and general manager of vertical solutions at Verifone. For more details, visit consumer-education-the-next-frontier-in-mobile-payment/#sthash.pIHpeGW4.dpuf. ■ Do you have culturally relevant information that our readers ought to know? Send it to senior editor Manyesha Batist at Digital Coupons Matter Sixty-eight percent of consumers say that coupons generate loyalty, according to a report that RetailMeNot commissioned from Forrester Consulting in 2014. The report looked at the impact of digital coupons and promotions within the retail industry. Interestingly, the report updates trends reported on in a commissioned 2011 Forrester Consulting study titled, "The Impact of Online Coupons and Promotion Codes." Key findings from the study reveal that: • 47% are open to trying a new brand when receiving a digital coupon on a smartphone • 59% are swayed the most by digital coupons when it comes to influencing a purchase decision; though 28% prefer sales • 64% said a digital promotion or a coupon often closes the deal if they are wavering or undecided on making a purchase • 68% strongly believe that digital coupons have a positive impact on a retailer's brand • 80% said that digital coupons "close the deal" for them when undecided on a purchase With regard to redeeming digital coupons: • 91% of desktop users redeem a digital coupon within several days • 90% of smartphone and tablet users redeem their digital coupons within several days • 30% used a digital coupon immediately upon receiving the offer Furthermore: • 55% of smartphone coupon users will spend more money during their online or in-store visit—the majority at least $25 more • 77% of customers will spend between $10 and $50 more than anticipated • 17% of customers will spend an extra $50 or more To view the full study, go to:

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