Mobile wallets hit the market
Most of us don’t intentionally leave our credit cards behind but the fear of a forgotten wallet may be a thing of the past. With more restaurants and shops normalizing mobile wallet and QR code payments, a physical card is becoming less necessary. The 2014 article “Why the credit card industry will never be the same again,” accurately predicted that the mobile payments market would explode, stating, “The next battleground where credit card giants will scuffle will still be found in your pocket; interestingly it’s not your physical wallet but rather your mobile one.”
Point-of-sale technologies were becoming more common then and are even more popular now. Millennials took the lead in mobile payment usage with 39% having already used their mobile phone to make a payment. “As a result, the growth of mobile commerce means that mobile payments will eventually go mainstream,” the article posited.
Attracting Millennial consumers
Gen Z research is on the rise today however, Millennials were all the buzz in 2014. In the article “How Gens X and Y relate to the brands in their lives,” Jo-Ann Osipow and Kathy Sheehan looked at research targeting Millennials and how they compared to Gen X. When looking at product and brand expectations, Millennials prioritized customization, self-expression and authenticity.
In the same issue, the article “Strategies for reaching Millennial and Boomer shoppers” listed five ways to engage Millennial shoppers. To boost engagement among Millennials, marketers were told to play to the positive, optimize digital media for smartphones, have a shopper marketing strategy, offer blogs, reviews and chats as part of their digital offerings and recognize that Millennials are a diverse group.
Relevant then, relevant now
Many things have changed in the past 10 years but some trends have stayed the same. The In Case You Missed It column shared four CX trends for 2014 from LivePerson’s The Connected Customer Blog. The article emphasized the importance of leaving room for improvement, stating, “Consumers are quick to look elsewhere when they feel their expectations are not being met.” It also established that brand trust and loyalty and speed and efficiency are crucial.
Understanding the last trend listed, high-impact moments, could help determine when consumers need assistance. Thirty-five percent of consumers indicated that they needed help or support at the moment of purchase. “Identifying the key moments where consumers may require additional support during their digital journey is essential.”
A decade of the Quirk’s Q Report
Quirk’s announced its first annual Corporate Researcher Report in the same 2014 issue. Renamed The Q Report in 2017, it offers corporate researchers an in-depth look into their world, helping them learn more about what their peers and colleagues are doing. The Q Report covers research methods, work life and salary and compensation.
Throughout the years, Quirk’s has collected information to be shared and compared to see how the marketing research and insights industry has changed. The 2024 Quirk’s Q Report will be published in the September/October 2024 issue. To view previous Q Reports visit www.quirks.com/tools/corporate-researcher-report.