|Martha Stokes, C.M.T. is the co-founder and CEO of TechniTrader, an educational firm dedicated to helping small investors and retail traders since 1998.|
Starbucks, McDonald’s and other retail companies have responded to customer demand by designing and marketing mobile wallets for their consumers. Mobile Wallet usage by consumers is expected to gain momentum in 2014 and begin to revolutionize the way people buy and pay for everyday purchases at familiar retail outlets.
Once again, the innovative corporation is stepping ahead and over what had once been the banking industry’s coveted and monopolized consumer spending vehicle.Every financial services company that caters to easy spending for consumers is getting on board with mobile wallets, offering their own versions.
Starbucks is now live with its Square Wallet in 7000 of its stores in the US and its popularity is driving the mobile wallet market faster than before.
Banks, Visa and many other credit card companies offer wallets, but it has been Starbucks and other retailers who are generating the growth and potential of the mobile wallet. Google came out with its wallet several years ago, however it didn’t have any means of tapping into the retail customer loyalty aspect.
Starbucks is creating the loyalty and the buzz that will drive the mobile wallet into mainstream consumer usage. Starbucks has been offering the mobile wallet for a year now and it has become a huge success with more and more coffee lovers using this mobile technology every day. Since last year, Starbucks stock value has climbed strongly even with the slowing down of the Chinese economy which was expected to dampen Starbucks growth.
Starbucks is working all the angles including hiring veterans and military spouses, Tweet a Coffee which encourages spontaneous gifting on Twitter and many more heart-tugging consumer loyalty building marketing strategies.
Guidance from Howard Schultz is for a robust fiscal 2014. Everything SBUX is doing is helping to generate more customer loyalty in a crowded retail coffee market, growth in other global markets, and strategic vision, moving ahead with adopting new technologies early on, way ahead of its competition and other retail companies.
Customer satisfaction and loyalty are goodwill items that are priceless to a company. An amazing CEO that has such brilliance is truly rare. This article is not recommending a buy of SBUX. It is merely explaining the benefits of a great CEO and customer loyalty. The Starbucks Wallet is clearly a huge success and we are going to see many more retailers adopt this strategy soon.
Those retailers who adopt a wallet quickly will have much stronger growth potential than retailers who delay even briefly. The Mobile Wallet is a game changer, and it is a displacement technology.
Martha Stokes, CMT and CEO of TechniTrader®
TechniTrader® “The Gold Standard in Stock Market Education™”
Member of Market Technicians Association
CMT Chartered Market Technician
Master Rated Technical Analyst for Decisions Unlimited, Inc.
Instructor and Developer of TechniTrader® Stock Market Courses
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