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With an emphatic upsurge from mobile technology, app development has opened the floodgates of dominancy of mobile apps in every field of the day-to-day work. The rise has brought in different possibilities apart from the usual social media connection and other things. The rise in mobile technology has brought a steep rise in the usage of e-commerce platforms for different means especially shopping and therefore has been the catalyst for using mobile payments wallets like Paytm as a main money transaction medium.
Started out in 2010, Paytm is currently India’s largest and the most prolific mobile commerce platform. It started its journey by providing facilities related to online bill payments and utility recharges and grabbed the eye-balls by giving major discounts on them. For the present, it is using cash back policy as a major weapon for customer retention as it knows the value of retaining an old customer is much higher than acquiring a new one.
With mobile app development and E-commerce looking for a bright prospect in the future and the subtle rise of digital money, mobile wallets are the one to look towards the time ahead. So, for apps like Paytm, it is appropriate to take a leaf out of their book so that they can withstand the tough head-on competition and evolve confidently and skillfully like Paytm. Also the marketing strategies are not restricted just for selling the product and improving the sales, it’s about building a rapport and connection with the customers and clients in the long run.
So folks, let’s get started with the strategies;
We know that O2O model is an amalgamation of both online and offline ventures in which, the customer searches for products or services online but buy them through offline medium. So, the mobile wallet apps must look to rope in such local stores who want to sell their products online and also provide quality discounts. By providing the opportunities to the local players, the mobile payment mediums can increase the footfalls in their brick and mortar stores and also affiliate their chances of encircling more number of loyal customers and clients. Moreover, these offline stores can act as a warehouse and fulfillment centers which the mobile payment wallets can use as and when the time demands.
This model can additionally bring more revenues for the mobile app wallets and give them a larger platform to showcase their schemes and facilities. As the footfalls in the brick and mortar shop will increase, it can be a boon even if there is a situation of demonetization in the country. For example, if you have to pay money at the petrol pump, you can scan the QR code available and make a smooth transaction. Think if your next door grocer also has Paytm, just scan and pay, your mobile acts as your wallet here. Also, the QR codes will be useful in authenticating the process of money transfer as well. The smooth cash transaction and multiple payment methods will help your mobile payment app become hugely popular among the customers.
The E-commerce kingdom is ruling the shores and is destined to stay there for a very long time. Therefore, as there is a plethora of competition everywhere, mobile payment apps like Paytm have to recreate their marketing strategies according to the trend focusing on customer behavior. So, apart from providing the customers discounts on their activities, the apps should focus on giving cash backs on certain facilities or some kind of lucrative in-app purchase so that they can catch the eye-balls of the customers and stamp their authority on the e-commerce or digital money kingdom.
This can work for your app whether big or small as many of the ecommerce companies are looking for mobile payment options so that they can make their on-boarding process smoother and compel to complete the purchasing procedure on a more regular basis. This would bring in a reduction in the dropout rates of the customers and would give your app better reach, ranking and reviews among your contemporaries. That’s the 3R’s every app marketer should work on.
Unlike other mobile app wallet apps or e-commerce companies, make your mobile app take zero extra charges on transaction or purchases done. This would encourage the customers to make more purchase online using their credit or debit card and will choose your app as their primary and most preferred option. This will also have a significant impact in gathering new customers and keeping intact the old ones.
In addition to the above, apps like Paytm can look in for the integration with the E-commerce giants so as to the widest possible exposure. Topping up on mobile is a far easier option than going to an ATM and amidst demonetization these wallets become the best possible option. Integrating with the bigger shopping platforms will give your app the much needed edge amongst high ratio of competition.
Affiliating the marketing strategies can help in building the brand of your app up to a great extent. By applying the revenue model as that of Paytm and giving the local vendors equal opportunities in your scheme of things, the customer will be encouraged to use your medium more frequently and give a positive word of mouth about it to his/her peers.
Companies and startups have reached greater heights as they have taken care of their customers. Therefore by making your app, like Paytm, feasible at many places, you can distinctly raise the horizon of the app.
For example, apart from online shopping, the apps can be used in checking out bill payments at petrol pumps and hotels. The makers of the apps can provide extra facility if the customer uses certain kind of credit or debit card through which the mobile app payment is acquainted to. The correspondence of your app to a major bank credit or debit card will give a sense of security and belief in the mind of the customer and propel them to use the medium on a more regular basis.
The mobile world is constantly evolving and that too at a very rapid pace and this opens a wide range of opportunities for the apps like Paytm. With a gamut of money transfer and transaction done online, mobile wallets can use the marketing strategies like Paytm to benefit themselves in the long run and will also help them to evolve according to the lasts trend.
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