According to PayPal, U.S. consumers will spend $37.44 billion in 2013 on retail purchases via smartphones and tablets.
Not surprisingly, this infusion of cash into retail from mobile consumers is inspiring a boom in mobile ad spend and related strategies to stoke the flames of this hot trend even further.
As a result, PayPal has just released its PayPal Media Network’s (PPMN) Location-Based Mobile Advertising Q3 Highlights.
The report shows how brands are increasing user engagement and boosting average click through rates (CTR) by a significant margin.
Digging into the average CTR number, we find the top three categories that saw the greatest growth from geo-fencing are: Cable, Phone and Internet Services (with an amazing 59 percent), Financial Services (18 percent), and Big Box Retailers (12 percent).
“Multiple PPMN advertisers are leveraging geo-targeting to drive purchases,” PayPal says, “including Quick-Service Restaurants (100%) and big box stores (21%). And retailers in cities across the country are saying, by all means, please ‘fence-me-in’ with New York, Los Angeles and Portland rounding out the top.”
To learn more, check out PayPal’s recent blog post on the subject here.