Each month we bring you the FreshMinds Agile Innovation Update. This month we’re looking at predictions of consumer spending this Christmas, Snapchat’s peer-to-peer payments function and consumers’ attitudes to beacon triggered offers.
New statistics from Deloitte predict Christmas shopping this year will total £42.4 billion, a 4% rise on last year. Digital will play an important role within this. E-commerce is set to account for 13% of the total figure, whilst 40% of all physical sales will be digitally influenced as consumers engage with technology. Deloitte suggests retailers that have harnessed multi-channel strategies and in-store technology to complement shoppers’ digital lives will reap the rewards this Christmas. A recent FreshMinds blog post, looks at three examples of retailers excelling in this space.
Snapchat introduces peer-to-peer payments
Snapchat has partnered with mobile payments company, Square, to bring peer-to-peer payments to the social network. The service, named Snapcash, allows US users with a registered debit card to transfer money to one another quickly and easily. Snapchat is not the first social network to experiment with peer-to-peer payments. Thanks to a partnership with Banque Populaire Caisse d’Epargne, Twitter users in France can tweet money to one another and leaked screenshots suggest that Facebook is working on a similar feature for its Messenger app. However, Snapcash’s arrival is likely to increase pressure on other social networks to bring peer-to-peer payments to the mainstream, fostering further innovation in this space. For more thoughts on Snapcash, check out out our blog post on its implications for retail banks.
Shoppers receptive to beacon triggered offers
New research from Swirl Networks suggests that shoppers are embracing beacon technology. According to the study, which analysed campaign performance data across a number of stores, 60% of shoppers engaged with beacon triggered offers and half of these went on to make a purchase. This year, a number of retailers have installed beacon technology in-store but some, such as Tesco, have so far steered clear of using them to send marketing messages to customers, focusing instead on improving the customer experience. For these retailers, this research may provide interesting food for thought.