Mobile wallets now a day are marketing channels. Beyond just payment tools, it could be used as increasing loyalty for your brands. Now, it is easy to check out the resources and comparison of prices. Thanks to a mobile wallet which converts visitors into the purchaser. Loyalty is not just gaining new customers. It is a way to retain the existing customer. It is the mobile money solution which offers the pathway of benefits factors.
As per the report, about 69% of consumers love to use mobile loyalty. On the other hand, about 73% of consumers are likely to join the loyalty program. In this case, the points and rewards must be automatically visible. Approximately 54% of the consumers follow the embedding of the mobile wallet into their smartphones.
Some retailers like Dukin Donuts and Starbucks lead to making the payment through their apps. Customers get rewards in return for it. As per the record, about 21% of US Starbucks store purchase comes from Starbuck mobile pay.
As per CEO of mobile strategy company Crone Consulting LLC, Richard Crone, the most successful launch of new payment was Starbucks.
When it comes to offering a mobile loyalty solution there are two leading channels.
- Mobiles wallet based programs like Google Wallet or Apple Pay
- Mobile app-based programs which integrate the mobile payment capabilities.
Here are the factors which prove the importance of mobile wallet into the brand loyalty strategy.
Using a smartphone:
Smartphones are like right hand for everyone in today’s time. Beyond the connecting, over call it helps in carrying out many operations. It is also useful in making the payment. Consumers can purchase even if they forget their wallet at home. Mobile wallet is easier to use rather than looking for the cash or the card. This ultimately makes the mobile wallet ideal to build brand loyalty.
Convenience for the consumer:
With the mobile wallet, digital loyalty programs can be stored. This offers a convenient approach to the consumer because he or she does not require a physical card to carry. Moreover, there are no worries about forgetting the account number. This creates a hassle-free scenario for the consumer and marketers as well. When there is an integration of loyalty points onto a mobile wallet, a consumer could access all the loyalty programs at one place.
Speed of Checkout:
Getting in and out of the store is important for today’s busy customers. A good efficiency provided to the customer gives them happiness. This also increases the chances of their coming back. The peer to peer payment app speeds up the payment operation. The mobile wallet speeds up the checkout of customers visit the store.
There is an increment in the customer’s engagement. It adds your business into the daily routine of your customer.
No need to develop your own app:
There is a great success when brands work with Android and Apple wallet. It is because there is already the establishment of mobile wallet platform. When you take advantage of this strategy it helps out in reaching out to new customers.
Get the in-store sales:
Thanks to beacon technology which helps the retailers to notify the user about the user. They don’t need to avail it; they can even save it and get the other latest offers information. This is how online traffic is converted to in-store activity and brings potential sales with profit.
With the help of mobile wallet content, you can send a variety of marketing messages. This includes ads, SMS, Email and other mobile web offers. The mobile wallet marketing is highly tracking able.
Loyalty programs:
A customer could easily participate and enrol in the loyalty program. The loyalty and rewards solutions can open doors to personalized offers. This also decreases the involvement of card.
The retailer is getting benefit from this kind of strategy. When a customer continuously shops at the retailer, it offers great merits to the consumer. All the loyalty programs are in one place. It is highly profitable when you integrate the loyalty programs into the mobile wallet.
How to embed reward programs into your mobile wallet:
- Sending notification to your customer when they step up to the next level of loyalty.
- Disclose special offers that attract user’s eye so that your store gets more traffic.
Enable your customers to easily view and access their rewards. - Reminding about the availability of the rewards when they open the mobile wallet.
- Additional perks with unique promotional discount code.
Verdict:
The demand and using the Mobile wallet is increasing day by day. People love to use it and meanwhile it is also beneficial to the retailer. The loyalty programs on your mobile wallets are necessary for the consumer and retailers. Moreover, a retailer must have a partner who guides in making a long term plan to increase the return on investment.
