10 Ways Businesses Can Use a Digital Wallet to Get More Sales in 2022

Title: 10 Ways Businesses Can Use a Digital Wallet to Get More Sales in 2022 Even though it has taken some time, digital wallets are finally in fashion. Businesses are using them to capture more sales. There is an increase in the popularity of mobile wallets as per MasterCard. American Express survey has found out that digital sales are not far behind. The security concern has taken a backseat.

Digital wallets are not at all complicated to register and use. The user needs to put the credit or debit card into the digital wallet they prefer. Now the user can make online or in-app payments or even pay on the go.

So, if you are a business owner, it is time to dip your toe into the world of digital wallets.

The hype surrounding this field is very much justified. Given below are ten ways how digital wallets can boost up your sales.

1. Friction-less spending Customers can spend with more ease with digital wallets. They don’t need to rummage through their purses, wallets, or pockets to find the exact change. Even if they are short on cash, they don’t have to spend what they have left on gas or groceries. Entering PIN

codes or signing receipts on unclean POS systems are a thing of the past. Nowadays, you don't have to recheck a purchase with the cashier.

What this entails is that the number of steps going from wanting to own has decreased.

So, customers will be more inclined to buy something.

2. Simplifies loyalty Earlier, businesses gave out paper vouchers to ensure customer loyalty as well as attract new customers. Finding a voucher at the cash counter was often a tedious task.

Digital wallet application development aims to bring all these elements together under a single tap for mobile money payment solutions or payment at the counter. Though this is not yet possible, digital wallets have greatly simplified loyalty programs. Plus, there are other features like coupons, custom marketing, reward programs, and ordering ahead.

3. Omnichannel experience.

All consumers expect a smooth, omnichannel experience – it doesn’t matter if they are online shopping, retail shopping, or have been the target of emails and promotional SMS. Customer experience should be optimum and consistent on all the channels.

Setting up a website for customers to conduct mobile shopping is not the solution. The consumers wish to receive the same product, delivered to them on their choice of device, so they don’t require much time searching for it. It can be done by tailoring the content and interface to ensure easy access. It can also lead to constructing different messages for different markets. The younger generation responds to SMS alerts more than emails.

4. Mobile apps The omnichannel experience has another part –successful mobile app usage. It was a challenge for consumers earlier, but now retailers can provide an improved delivery experience.

With mobile phone addiction increasing exponentially, retailers are making their apps more attractive through easy browsing, offering rewards, product suggestions, and simple payment process features. So, smartphones are acting as an impulse aisle 24x7 every day. Apps that collect available data send users notification alerts to incentivize them to purchase.

5. Beacons Along with mobile apps, businesses are making use of beacons to send shoppers personalized messages on their smartphones. About 75% of US retailers have included

beacons in their marketing strategy. Beacons are said to attain a compound annual growth of 133% in advertising, personal tracking, and retail. The best thing about it is that it is not just made for large businesses. Small and medium-sized businesses can grow profits too.

6. Out of sight, out of mind.

You probably won’t buy a pack of gum with the last $5 in your wallet. Whereas, you will readily purchase the item if you are paying with a credit or debit wallet. The mentality is the same when it comes to a digital wallet software solution. So, it is much easier to spend money when you can’t see it physically. The less a customer is aware of his bank balance, the chances are he’ll spend more and more.

7. Speed and convenience.

Customer experience will improve with a better payment process. The customers will also prefer these apps more. Fastening the process of the payment process, both in-store and online can build loyalty towards digital wallets.

Moreover, a simple and comprehensive payment option on the e-commerce site will result in lesser abandoned shopping baskets as customers can checkout with one click only.

8. Going beyond payments Digital wallets can also send notifications about expiring coupons, offer reward points, collect tickets, gift cards, and boarding passes. Wallets like Apple, Samsung, Google also offer additional exclusive deals.

9. Security Security is a prime obstacle to overcome, but almost everyone knows that digital wallet app development companies offer top-notch security. The main reason is transactions do not require credit card numbers. In their place, tokens consisting of 15-16 digit numbers are generated. Thus, they are useless if they are stolen.

A token vault stores the card information whenever a customer registers it. The service provider manages the vault, which greatly minimizes the security risk. So, if you have lost your phone, just cancel the registration from the account of the mobile provider.

10. Millennials Millennials are the largest demographic and are known for being disruptive. But this generation will use digital wallets the most. So it is essential to target this demographic for increasing the usage of digital money transfer solutions during payments. According

to a survey, out of four millennials, one keeps less than $5 with them. Countries like Canada, Belgium, Singapore, Sweden, and the Netherlands are hoping to achieve a cashless society. It has increased the demands of digital services among millennials.

Summing Up So, to sum it up, digital wallets offer customers extraordinary speed, financial safety, physical safety, convenience, and peace of mind. These reasons are more than enough to drum up your sales. Moreover, you can benefit from a rapidly expanding mobile audience. Make sure that your e-commerce website has a seamless and easy payment process.

Author - Bio Nikunj Gundaniya, Product manager Digipay.guru, one of the leading fintech solution providers, provides agency banking solutions services. He is a visionary leader whose flamboyant management style has given profitable results for the company.

He believes in the mantra of giving 100% to his work.