How to cash in with customer loyalty programs on your mobile wallets

How to cash in with customer loyalty programs on your mobile wallets

 How mobile wallets boosts customer loyalty Around 69% of the consumers are more likely to use a loyalty card if it’s on their phone.

Similarly, 73% of the users are more likely to join a loyalty program if their rewards and points are automatically visible and updated on their mobile loyalty cards.

These stats indicate that mobile wallet can act as a catalyst for your loyalty programs. They can rapidly increase your customer loyalty and in turn the overall revenue.

Mobile wallets offer a messaging channel on your customer’s smartphone which allows you to get your customers attention effectively along with establishing a seamless engagement.

Wallet passes which comprise coupons, loyalty cards, membership cards, etc. can be easily updated in real-time. Furthermore, these cards are location-aware, so they can send a message on the customer’s phone’s locked screens.

• Send a notification alert to your customers whenever they progress to the next level of their rewards and loyalty program.

• Offer additional benefits like unique promotional discount code or early access to an upcoming sale.

• Enable your customers to easily view and access their rewards and loyalty points.

• Exhibit special discounts and promotions to drive traffic at your store like a link to exclusive access.

• Remind users that they have rewards available whenever they open the mobile wallet or are in proximity to your store.

 Pathways to mobile wallet loyalty success Capco report suggests a few ways to ensure wallet loyalty success. First of it is to have point-ubiquitous and streamlined redemption process which has an easy-to-use experience that helps in triggering the emotional attachment of the users.

This process must consist of straightforward earning and use policies, easy-to-access experience, frictionless redemption, and most importantly it should be devoid of old-fashioned rewards such as gift cards and cash.

Secondly, the companies must drive the adoption of new mobile payment platforms by integrating digital payments into their existing rewards program. They must also try to offer unique, novel, and personalized experiences to their customers like geo-location-based offers that are tagged to the previous online shopping cart.

For example, Capital One has partnered with Foursquare to send offers to their shoppers through mobile apps whenever their phone indicates that the users are in the partner stores.

And lastly, institutions must come up with new ways that can play a major role in shaping customer behaviour. These new methods must ensure that the customers prefer their cards in their mobile wallet apps.

This preference could be from plastic to mobile or among the digital cards of other competitors.

 Why mobile wallet loyalty is a Win-Win

• Provides your business with a competitive edge as you’re offering something fresh and unique.

• Offers utmost convenience to your customers as they can collect rewards and purchase points on the same application. It also makes customers more loyal to the brand.

• It makes your business an inevitable part of your customer’s daily routine and thus increases customer engagement.

 Designing an advanced and next-gen loyalty program

• Customer segmentation which helps you to focus on your most loyal users.

• Integrating transactional, behavioural, and geo-location history data that helps you to create better programs that are based on customer interests and demographics.

• Providing personalized and real-time loyalty programs which helps you to address the various needs of your customers.

• Sending personal and relevant messages via multiple devices and channels.

• Enabling customers to earn rewards in return for referrals, online reviews, and product feedback.

 The mobile wallet loyalty outlook For a business owner who wants to improve his merchant services by accepting payments from multiple forms, giving away rewards to their customer for their loyalty is no longer a luxury. It has become a necessity.

The combination of mobile wallets, loyalty, and customer service is proving to be a winning combo and has resulted in the creation of new customer-facing experience. Moreover, it also provides the company with a chance to get to know more about their users.

With the help of smartphones and the ability of mobile wallet passes to send notifications ( location-aware information, expiration reminders, loyalty updates, etc.) there’s a massive potential to transform consumer behaviours.

Consumers have already realized the advantages of using mobile wallet passes. Furthermore, it also gives the opportunity to combine those benefits with even greater benefits like integrated loyalty updates.

B/703, Siddhi Vinayak Towers, Off S.G.Road, Makarba, Ahmedabad-380051

Digipay.guru hello@digipay.guru Phone : +91 95740 78295