get ready to activate marketing campaigns with mobile...

Get Ready To Activate Marketing Campaigns With Mobile WalletsPromotions And Loyalty Give Marketers A Head Start

by Thomas HussonJune 5, 2018

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Key TakeawaysSavvy Marketers Take Advantage Of Mobile WalletsIn China and, to a lesser extent, the US, advanced marketers combine promotions, loyalty features, and other value-added services to make the most of mobile wallet platforms.

Mobile Wallets Support A Wide Array Of Marketing ObjectivesWallets complement mobile web and app efforts. By borrowing mobile moments on wallet platforms, marketers can reduce marketing costs, acquire new customers, improve retention, and generate significant in-store conversion rates.

Start By Upgrading Your Promotion And Loyalty ApproachesTo start tapping the emerging wallet marketing opportunity, marketers should personalize their promotions and loyalty rewards. They can also use advanced vendors to save time and money.

Why Read This ReportFew marketers in Europe and the US are activating marketing campaigns via mobile wallets today. Expect that to change quickly as these regions mimic China’s Alipay and WeChat Pay by applying mobile wallets beyond payments to drive value-added services. This report helps B2C marketers evaluate opportunities to engage consumers through mobile wallets like Apple Wallet and Google Pay, starting with their promotion and loyalty strategies.

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Table Of ContentsThe US And Europe Dramatically Lag Asia In Mobile Wallet Marketing

Consumers’ Pain Is Mobile Wallet’s Gain

Use Mobile Wallets To Engage Across The Customer Life Cycle

Mobile Wallets Offer Marketers Three Key Opportunities

Recommendations

Start By Upgrading Your Promotion And Loyalty Approach

Supplemental Material

Related Research DocumentsDisrupting Finance: Digital Wallets

Engage Customers With Mobile Wallet Marketing

The Future Of Mobile Wallets Lies Beyond Payments

FOR B2C MARKETING PROFESSIONALS

Get Ready To Activate Marketing Campaigns With Mobile WalletsPromotions And Loyalty Give Marketers A Head Start

by Thomas Hussonwith Brigitte Majewski, Xiaofeng Wang, Jacob Morgan, Brendan Miller, Miriam Oesterreich, and Rachel Birrell

June 5, 2018

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Get Ready To Activate Marketing Campaigns With Mobile WalletsJune 5, 2018

© 2018 Forrester Research, Inc. Unauthorized copying or distributing is a violation of copyright law. [email protected] or +1 866-367-7378

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Promotions And Loyalty Give Marketers A Head Start

The US And Europe Dramatically Lag Asia In Mobile Wallet MarketingIn February 2015, Forrester predicted that the future of mobile wallets existed beyond mere payments.1 We argued that within five years, mobile wallets would become marketing platforms in their own right — a new channel where marketers mixed their offline and online marketing efforts.2

Despite the success stories of Alipay and WeChat Pay in China, as well as the growing adoption of wallet solutions from Apple, Google, and Samsung, few brands outside Asia are borrowing mobile moments on these new platforms to engage customers.3 The use of wallet marketing in 2018 varies significantly by region and country. It is:

› Ubiquitous in China and growing fast in Asia Pacific. Alipay and WeChat Pay offer a glimpse of what digital wallets could become in the West. New mobile wallet apps like Paytm are growing quickly in India and in South-East Asia. These platforms offer marketers the opportunity to go beyond payments and borrow mobile moments throughout the customer journey by using advanced mobile wallet features, such as augmented reality (AR) coupons, real-time tax rebates, digital receipts, public services, and package delivery status. Brands like Coca-Cola, DFS, P&G, and Uniqlo are taking advantage, and Starbucks pioneered a social gifting campaign on WeChat Wallet.4

› Limited to high-engagement categories in the US. Airline companies, retailers, and quick-service restaurants (QSRs) are in the vanguard of engaging consumers via mobile wallets, while traditional FMCG brands are mostly experimenting. “In 2017, we ran more than 50 mobile wallet campaigns,” shared Kam Bozich, senior digital marketing technology manager at Chipotle. The US benefits from the availability of several native wallet solutions — PayPal, Apple, Google, and Samsung — enabling marketers to reach a broader audience.

› Hindered by fragmentation in Europe. Mobile wallet solutions struggle to gain scale in the complex and fragmented European payment landscape. Google and Samsung solutions have yet to launch in France and Germany, while alternative solutions like Yoyo in the UK and Lyf Pay in France are emerging. Marketers at Accor, Auchan, Caffè Nero, Carrefour, Europcar, McDonald’s, The Body Shop, and Tesco are just starting to embrace the trend.

Consumers’ Pain Is Mobile Wallet’s GainSluggish US and European adoption of mobile wallet marketing doesn’t reflect consumers’ ongoing desire for better shopping experiences. Mobile wallets will grow in appeal as consumers:

› Struggle with loyalty reward programs. Loyalty programs tax users with brand-centric requirements: 43% of US and UK consumers don’t always use their loyalty card because they forget the card; 40% forget they are even part of the program!5 Current mobile loyalty solutions aren’t helping: Just 23% of US online consumers access loyalty solutions on their smartphones; in Europe,




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it’s only 14% (see Figure 1). To solve this problem, startups like FidMe in France, Loyalive in the UK, and Stocard in Germany aggregate all your loyalty cards in one place, and a growing number of branded apps let you digitize your loyalty cards for easy access and proactive reminders.

› Face irrelevant and cumbersome in-store experiences. Today, few consumers in France, Germany, and Italy regularly use mobile features while shopping in a physical store (see Figure 2). However, the ability to store and save digital receipts, coupons, and gift cards or to pay for goods via mobile simplifies the user experience. And 26% of US online adults and 23% of European online adults agree that they would use coupons more regularly if they could easily store them on their phones.6

› Become comfortable with mobile wallets’ non-payment features. Changing mobile wallet habits takes time: Three years after the launch of Apple Pay, only 9% of US online adults say they have used it in the past three months to pay for products or services.7 As consumers experience mobile wallet benefits, they will be enticed to try more: 48% of European online adults and 38% of US online adults who use a digital wallet or are interested in doing so are interested in having digital tickets (e.g., for concerts, films, or travel) in their digital wallet (see Figure 3). Among the 23% of US online consumers who already use or are interested in using mobile wallets, promotions (coupons, discounts, special offers) and access to loyalty program points and rewards top consumer interest.8

FIGURE 1 More US Than European Consumers Redeem Coupons And Access Loyalty Programs On Smartphones

“Which of these activities do you perform at least monthly on your smartphone?”

Base: 6,919 to 83,152 online adults in the US (18+) and the UK, France, and Germany (16+)Source: Forrester Analytics Consumer Technographics® Global Online Benchmark Survey (Part 1), 2018

Redeem coupons or use promotions

Access loyalty programs or services

24%

14%

6%10%

23%

17%

12%9%

US UK France Germany




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FIGURE 2 A Minority Of European Consumers Regularly Use Mobile In Stores For Advanced Shopping Activities

“Which of the following retail-related activities have you performed on your mobile phone while in a physical store in the past three months?”

Base: 2,835 to 3,227 online adults (16+) who are banking customers and use a smartphoneSource: Forrester Analytics Consumer Technographics® European Retail And Travel Survey, H2 2017

50%

8%

7%

10%

9%

9%

23%

12%

20%

17%

17%

61%

5%

4%

6%

5%

6%

15%

9%

10%

15%

17%

61%

5%

6%

7%

7%

10%

11%

12%

13%

16%

20%

I have not done any ofthe above

Store/review priorpurchases

Store gift cards

Reserve products at astore for pickup

Store/save a receipt

Store coupons

Pay for a product found inthe store

Store my membership card/loyalty card

Use price comparison tools

Access my loyalty rewardsaccount (to earn, track,

or use points)

Redeem a voucherFrance

Germany

Italy




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FIGURE 3 Promotions, Loyalty Features, And Ticketing Top Interest In Mobile Wallets

Europe

US

“Which of the following features would you be interested in having in a mobile digital wallet?”

Base: 18,341 online adults in the US (18+) and Europe (16+) who currently use a digital wallet or are interested in doing soNote: Not all response categories are shown.Source: Forrester Analytics Consumer Technographics® Global Online Benchmark Survey (Part 2), 2017

30%

38%

29%

33%

41%

40%

41%

38%

54%

54%

37%

38%

38%

38%

41%

43%

48%

48%

58%

65%

Product information foritems I want to buy

The ability to store/use multiplepayment options

Location-based offersor information

The ability to make a restaurantreservation

Digital receipts

Bank account or payment cardbalance or other information

Price comparisons for itemsI want to buy

Digital tickets (e.g., concerts,movies, and travel)

Loyalty program points andrewards

Coupons, discounts, andspecial offers




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Use Mobile Wallets To Engage Across The Customer Life CycleMarketers will embrace mobile wallets when they realize the full potential of the platform. Of the digital business leaders and marketers we surveyed, 16% regularly use Apple Wallet and 14% regularly use Google Pay.9 By 2020, we expect these adoption rates to double. But while marketers tend to use wallets to push coupons during the discovery and explore phases, lessons from the more advanced Chinese players highlight a bigger opportunity to engage customers throughout the six stages of the customer life cycle.

› Discover: Reach consumers via promotions. As Google and Apple Wallets are natively embedded on smartphones, marketers can easily reach a large installed base of customers, provided consumers opt in to these native wallet solutions. The call to action is simple: “Instantly tap and save this offer to your wallet.” Location-aware mobile expiration reminders also help drive retail foot traffic and coupon redemption. In China, Alibaba offers an AR feature in its Alipay wallet that enables marketers at Coca-Cola, P&G, and Uniqlo to hide red packets in physical stores to entice consumers to enter and buy products.10

› Explore: Facilitate access to relevant product and store information. Use wallets to connect shoppers to relevant contextual information, such as product details, nearby stores, and ratings and reviews. Shopmium, a mobile app that enables consumers to test new products via exclusive offerings from consumer brands, offers an added-value shopping experience (see Figure 4). Offering cash-back solutions by scanning your receipt, Shopmium activates marketing campaigns for diverse consumer brands: In March 2017, yoghurt brand Mamie Nova generated 35,000 sales, 94% of which were net new customers.11

› Buy: Add value-added features to ease offline purchases. In addition to integrating commerce platforms within mobile wallets, such as JD.com’s WeChat Specials, Chinese mobile wallets add valuable features for offline services like ordering food and rides. Alipay and WeChat have integrated third-party services like Didi and Uber for ride hailing and Meituan-Dianping for food delivery.12

› Use: Deliver convenient digital services. Digitizing tickets and receipts are among the most obvious ways to simplify the shopping experience, enabling faster, more fluid experiences as well as integrating with personal finance management tools. Tax rebates are a great example of convenient services that are now mainstream in Asia. Alipay has partnered with 100,000 retailers in 70 countries and regions and with tax-rebate companies in 24 countries and at 10 airports worldwide to provide cross-border shopping and tax-rebate services to Chinese travelers.13

› Ask: Improve the post-purchase experience. Wallets will increasingly offer value-added features to engage customers post-purchase, but the CRM integrations needed to do so hinder progress. Early examples include WeChat’s integrating messaging features for customer service that complements its wallet offering, while Alipay shows the status of package deliveries to add value after the purchase.




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› Engage: Deepen customer relationships. Mobile wallet’s greatest untapped opportunity sits with existing customers — and marketers are starting to realize this. Of the 31 marketers we asked, almost one in four is planning to pilot or use Google Pay or Apple Wallet for loyalty cards in the next 12 months.14 Wallets can speed up enrollment, use members’ real data, integrate with brands’ loyalty systems, and enable dynamic two-way conversations. New features like Vibes’ Automatic Loyalty Enrollment simplifies customer enrollment and onboarding (see Figure 5). Consumers receive a notification to enroll in a rewards program immediately after they pay with Apple Pay or Google Pay; they can also receive a wallet smart link via email, SMS, or notification to automatically add their loyalty card to their wallet.

FIGURE 4 Shopmium Enables Consumers To Try New Products Via Exclusive Offerings In Nearby Stores

Source: Shopmium




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FIGURE 5 Vibes Automates Loyalty Enrollment To Simplify Customer Onboarding

Source: Vibes

An example of the Apple process for Automatic Loyalty Enrollment

Mobile Wallets Offer Marketers Three Key OpportunitiesOutside Asia, mobile wallets are an emerging marketing tactic and will grow in importance. Marketers should anticipate the integration of wallets into their broader marketing approach but execute it at a local level to make the most of country specifics. In particular, marketers should look at mobile wallets as:

› An opportunity to borrow mobile moments. Marketers naturally prefer to own moments on their apps or websites rather than to borrow them on platforms where consumers spend a lot of time. Only 15% of US and European marketers we surveyed regularly use messaging on third-party platforms like Facebook Messenger or WhatsApp.15 But as Alibaba and WeChat show, wallets are one of the platforms where brands should borrow moments to engage customers. “Beyond our most loyal customers, there is app fatigue; wallets enable us to engage regularly with customers we were not able to reach out to before, and they are much more likely to opt in to receive future communications,” confirmed Jonathan Attali, eCommerce and innovation manager at lingerie and apparel brand Etam.

› A highly effective way to increase in-store conversion rates. “In-store conversion rate is the main benefit; among all the campaigns we performed for our clients, this rate never went below 15% and was even as high as 55% for Picard, a frozen goods retail chain,” shared Axel Detours, co-founder




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of French startup Carving Labs. “We reached 51% for in-store mobile wallet redemptions as part of our Friend or Faux program,” confirmed Chipotle’s Kam Bozich. Most marketers we interviewed for this report also confirmed that wallet users have a higher purchase frequency.

› A channel for future engagement. Retention rates for mobile wallet passes are very high. This enables marketers to use wallets to build an installed base for recontact later by reactivating campaigns or retargeting specific customer profiles (see Figure 6).16 Mobile wallet’s dynamic nature means marketers can reactivate or update a pass remotely once it’s installed; they can add the latest offers or notify users of a flash sale (see Figure 7). The John Lewis app encourages customers to add their loyalty card to Apple Wallet; once there, it activates when the customer is near a store or using free in-store Wi-Fi, reminding them to use the loyalty program.

FIGURE 6 “Save To Wallet” Is A Simple Call To Action Via Email

Source: Carving Labs




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FIGURE 7 Mobile Wallet Marketing Enables Marketers To Personalize Promotions And Reactivate Campaigns

Source: Vibes

Recommendations

Start By Upgrading Your Promotion And Loyalty ApproachEven if it is still early days for wallet marketing, don’t dismiss this effective new tactic — it will grow in importance in the next three to five years. Unless, like QSRs, you are already quite savvy in your overall mobile approach, we recommend that you:

› Personalize your own promotion and loyalty approach before borrowing moments. Before taking part in aggregated platforms, activate customers in their context by personalizing the moment you own. Start by fixing the basics, such as adding the customer’s name, balance, or interest to the pass. Starbucks mastered mobile moments via its own app and is only now starting to embrace wallets to reach out to a less loyal audience. Think of wallets as a complement to your mobile app and web approach. Like John Lewis, you can use the pass to provide richer information and deepen the customer relationship — linking to the brand app if applicable or sharing the benefits of the loyalty program.

› Mature your data approach by designing more advanced customer interactions. Once you have fixed the basics, you can truly contextualize offerings and engagement by matching customer behavioral profiles and point-of-sale data. Constantly refine data and analyze how customers react to your in-store deployments. “Enriching in-store customer behaviors and purchases with other data sets is the perfect way to help consumer brands improve their targeting and the performance




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of their marketing campaigns,” shared Philippe Cantet, co-founder and managing director of Shopmium. “For retailers and, moving forward, consumer brands, our differentiation will come from the ability to offer consumer insights and to truly personalize the shopping experience,” confirmed Frédéric Leclef, deputy managing director at Lyf Pay.

› Localize your execution plan. If you’re a global brand operating in Asia, you should start embracing Chinese mobile wallets and test the latest innovative features they’ve made available.17 You should also keep a close eye on the multiple local payment platforms in which Alibaba’s finance arm, Ant Financial, has invested: TrueMoney in Thailand, GCash in the Philippines, Lazada’s helloPay, Touch ’n Go in Malaysia, and DANA in Indonesia. Campaigns with these players will require strong local execution. In Europe, prioritize the more mature UK market and pilot in countries like Spain and France, where Google Pay is likely to launch in 2018. The US is the perfect market to start comparing the performance of Samsung Pay, as Samsung is trying to differentiate its offering from the likes of Apple and Google.

› Approach best-in-class vendors to save time and money. Tap into partners to integrate mobile wallets with your traditional email and SMS marketing campaigns and benefit from third-party tools and infrastructure. Vibes was the first significant mobile marketing vendor to invest in wallet marketing and continues to be a leader in the space. Urban Airship, a mobile engagement automation leader, can also help marketers implement a more mature approach. French startup Carving Labs has helped marketers at Boardriders, Europcar, McDonald’s, and Renault. In the US, CardFree powers a white-label wallet solution for commerce apps from Dunkin’ Donuts and Taco Bell. Beyond these players, challenge the more traditional customer loyalty solution providers like Aimia, Bond Brand Loyalty, and Epsilon to see how they can help.18




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Supplemental Material

Survey Methodology

Forrester’s H2 2017 Global Mobile Executive Online Survey was fielded to 148 Forrester contacts with knowledge of mobile initiatives. However, only a portion of the survey results are illustrated in this report — responses from respondents who identified themselves as marketers who are either directly involved with their companies’ mobile initiatives or indirectly but aware or very aware of these initiatives. For quality assurance, we screened respondents to ensure they met minimum standards in terms of knowledge and insight into their companies’ mobile initiatives.

Forrester fielded the survey from September to December 2017. Respondent incentives included a summary of the survey results and the opportunity to participate in future research. Exact sample sizes are provided in this report on a question-by-question basis.

http://www.forrester.com/app

http://forr.com/1einFan

http://www.forrester.com/Analyst-Advisory/-/E-MPL172

https://www.forrester.com/events?N=10006+5025




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This survey used a self-selected group of respondents and is therefore not random. This data is not guaranteed to be representative of the population, and, unless otherwise noted, statistical data is intended to be used for descriptive and not inferential purposes. While nonrandom, the survey is still a valuable tool for understanding where users are today and where the industry is headed.

The Forrester Analytics Consumer Technographics® North American Online Benchmark Survey (Part 1), 2018, was fielded from November 2017 through February 2018. This online survey included 83,152 respondents in the US and 10,916 respondents in Canada between the ages of 18 and 88. For results based on a randomly chosen sample of this size, there is 95% confidence that the results have a statistical precision of plus or minus 0.3% of what they would be if the entire population of US online adults (defined as those online weekly or more often) had been surveyed and plus or minus 0.9% of what they would be if the entire population of Canadian online adults had been surveyed. Forrester weighted the data by age, gender, income, region, and broadband adoption to demographically represent the US and Canadian online adult populations. The survey sample size, when weighted, was 83,152 in the US and 10,916 in Canada.

The Forrester Analytics Consumer Technographics European Online Benchmark Survey (Part 1), 2018, was fielded from December 2017 through February 2018. This online survey included 39,668 respondents ages 16 and older in the UK, France, Germany, Italy, Spain, Sweden, the Netherlands, Poland, and Russia. For results based on a randomly chosen sample of this size, there is 95% confidence that the results have a statistical precision of plus or minus 0.6% of what they would be if the entire population of European online adults (defined as those online weekly or more often) had been surveyed. This confidence interval widens to 3.0% when the data is analyzed at a country level. Forrester weighted the data by age and gender to demographically represent the online adult population within each country. The survey sample size, when weighted, was 39,668.

(Note: Weighted sample sizes can be different from the actual number of respondents to account for individuals generally underrepresented in online panels.) Please note that the programming language herein reflects the survey respondent base for each question. Bases for specific questions have been changed in published data for increased clarity. Therefore, the base in published data may not match the base language in this document. Research Now fielded these surveys on behalf of Forrester. Survey respondent incentives included points redeemable for gift certificates.

The Forrester Analytics Consumer Technographics North American Online Benchmark Survey (Part 2), 2017 was fielded from March to May 2017. This online survey included 33,489 respondents in the US and 3,038 respondents in Canada between the ages of 18 and 88. For results based on a randomly chosen sample of this size, there is 95% confidence that the results have a statistical precision of plus or minus 0.5% of what they would be if the entire population of US online adults (defined as those online weekly or more often) had been surveyed and plus or minus 1.8% of what they would be if the entire population of Canadian online adults had been surveyed.




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Forrester weighted the data by age, gender, income, region, and broadband adoption to demographically represent the US and Canadian online adult populations. The survey sample size, when weighted, was 33,471 in the US and 3,037 in Canada. (Note: Weighted sample sizes can be different from the actual number of respondents to account for individuals generally underrepresented in online panels.) Ipsos Observer fielded this survey on behalf of Forrester. Survey respondent incentives include points redeemable for gift certificates.

The Forrester Analytics Consumer Technographics European Online Benchmark Survey (Part 2), 2017, was fielded from March to April 2017. This online survey included 13,009 respondents ages 16 and older in the UK, France, Germany Spain, and Italy. For results based on a randomly chosen sample of this size, there is 95% confidence that the results have a statistical precision of plus or minus 0.9% of what they would be if the entire population of European online adults (defined as those online weekly or more often) had been surveyed. This confidence interval widens to 2.2% when the data is analyzed at a country level. Forrester weighted the data by age and gender to demographically represent the online adult population within each country. The survey sample size, when weighted, was 13,009. (Note: Weighted sample sizes can be different from the actual number of respondents to account for individuals generally underrepresented in online panels.) Ipsos MORI fielded this survey on behalf of Forrester. Survey respondent incentives include points redeemable for gift certificates.

The Forrester Analytics European Consumer Technographics European Retail And Travel Survey, H2 2017, was fielded in September 2017. This online survey included 17,536 respondents ages 16 and older in the UK, France, Germany, Italy, and Spain. For results based on a randomly chosen sample of this size, there is 95% confidence that the results have a statistical precision of plus or minus 0.7% of what they would be if the entire population of European online adults (defined as those online weekly or more often) had been surveyed. The data was weighted by age, gender, income, broadband adoption, and region to demographically represent the adult European online population. The survey sample size, when weighted, was 17,536. (Note: Weighted sample sizes can be different from the actual number of respondents to account for individuals generally underrepresented in online panels.) Please note that the programming language herein reflects the survey respondent base for each question. Bases for specific questions have been changed in published data for increased clarity. Therefore, the base in published data may not match the base language in this document. Ipsos Observer fielded this survey on behalf of Forrester. Survey respondent incentives included points redeemable for gift certificates.

Companies Interviewed For This Report

We would like to thank the individuals from the following companies who generously gave their time during the research for this report.

App’s miles

Boardriders

CardFree

Carving Labs

Catalina

Chipotle




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Etam

Fidzup

The Loyalty Company

Lyf Pay

Redbox

Shopmium

Urban Airship

Vibes

Endnotes1 Forrester defines mobile wallets as a service that lets consumers manage digitized valuables (offers, coupons, loyalty

rewards, tickets, boarding passes, gift cards, IDs, electronic receipts, or product information) from multiple brands and that enables payment transactions.

2 For Forrester’s initial take on mobile wallets, see the Forrester report “The Future Of Mobile Wallets Lies Beyond Payments.”

3 For more information on the success of mobile wallets in China and South-East Asia, see the Forrester report “Engage Customers With Mobile Wallet Marketing.”

4 See the Forrester report “Engage Customers With Mobile Wallet Marketing.”

5 This survey was fielded among 2,000 US and UK participants in Q2 2016. Source: “The State Of Mobile Wallet Marketing Report,” Urban Airship (https://www.urbanairship.com/lp/the-state-of-mobile-wallet-marketing).

6 Source: Forrester Analytics Consumer Technographics European Retail And Travel Survey, H1 2017 and Forrester Analytics Consumer Technographics North American Retail And Travel Survey, Q4 2017 (US).

7 Source: Forrester Analytics Consumer Technographics North American Online Benchmark Survey (Part 1), 2018.

8 Among US online adults, 17% say that they are interested in using a mobile digital wallet service; a further 6% say they already use one. Source: Forrester Analytics Consumer Technographics North American Online Benchmark Survey (Part 2), 2017.

9 Source: Forrester’s H2 2017 Global Mobile Executive Online Survey.


11 Source: Forrester interview with Philippe Cantet, Shopmium’s co-founder and managing director.





16 Retention rates are, on average, between 70% and 90%, according to most vendors and marketers we interviewed for this report. In general, the term “mobile wallet” (also referred to as “digital wallet,” “wallet passes,” “wallet card,” or “mobile wallet passes”), describes content or information in the form of a wallet item or pass stored in the Apple Wallet or Android Pay apps. Think of it as the digital equivalent of all the everyday things included in a physical wallet like loyalty cards, coupons, business cards, tickets, credit cards, and more. Source: “Mobile Wallet Explained,” Urban Airship (https://www.urbanairship.com/mobile-wallet-explained).


18 See the Forrester report “The Forrester Wave™: Customer Loyalty Solutions, Q3 2017.”











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