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Mobile wallets becoming a prime factor for Customer Engagement | Prismetric

Mobile wallets becoming a prime factor for Customer Engagement

Let’s face it, it is a universal truth that mobile technology is improving day after day at the ‘Rate of Knots’, and increasingly becoming a mainstream and well the most sought after technology. Users too are becoming more and more engaged with the brands using the mobile channels.

The technology advancements have also taken the mobile payment methods to a whole new level. Many tech pundits also believe that Mobile wallets are set to become the most optimum thing in customer engagement as their consumer adoption is rapidly increasing. Reports show that 66% of the users have a positive opinion about the app or product which has the facility of mobile wallet or payment method with it.

Customer Engagement

Organizations are fully aware of the fact that Mobile wallets like Apple Pay and Android Pay are growing enormously as the tools for customer engagement, customer loyalty and adding more values to their mobile app or product. As far as the mobile OS platforms are concerned, the wallets are equally successful for both Android and iOS. Other than the payment option feasibility, new researches have shown that the mobile payment options give an unprecedented opportunity to organizations to reach out to their customers. This overwhelming response is possible because of the widespread fulcrum of the smartphones and the mobile technology.

With plastic money becoming the part and parcel of the modern age mode of payments, implementing mobile wallets and mobile payment options will give the organization a huge chance to boost their customer engagement. Let’s have a deeper look at the scenarios.

Providing Versatility

Mobile wallets offer a channel that helps the organization to have an unprecedented approach towards their customers. They have a versatile and one-of-a-kind ability to seamlessly deliver coupons, rewards or payment options straight to the customer’s hand and which are very easy to use.

The usage of mobile payment option can be leveraged in many fields and help the process of mobile marketing enormously. They render state-of-art services and offer a new level of engagement between the brand and the customers. Mobile wallets can help the brands to gain strong connections by strengthening their marketing and advertisement strategies. The customer engagement process will receive a huge boost as the organizations will learn the art of deep learning thus maximizing their ROI on the over-all marketing.

We all are aware of the fact that the future of marketing belongs to mobile, and with mobile payment options, the organizations can stand out of the cluttered competition and offer dynamic offers to engage their customers.

Not Just Payments, beyond it

Organizations believe that seizing the potentials presented my mobile wallets can help them to expand their business by finding new ways to communicate with their customers. The mobile payment method can be another alternative channel for personal messaging on the smartphones and increase customer engagement without any other dedicated app. Mobile wallets can be the perfect ally for both the mobile apps and the web apps as it lets the companies enjoy a high number of customer retention in both the technological worlds. They can deliver new offers or loyalty points to the customers without the need of any other app as they can integrate a number of functions.

Other than the versatility in mobile payments, wallets provide innovative methods to get in touch with the customers like promotional videos or Podcast. The videos and podcasts would allow the users to download the mobile wallets with a quick tap and they could receive the reminders that would keep them updates about the latest whereabouts of the product. According to stats, this technique of customer retention and engagement was applied by New York Times and the result was a whopping 96% customer retention. In another manner, the organizations can provide an easy way to the customers to access the details about the apps or products. In addition to this, the cashless payment options can be the most flexible option when it comes to complicated money transactions.

Aptly integrated

The essence of mobile wallets is so profound nowadays that they come pre-installed with many of the iOS and Android devices. The integration of the mobile ads with the wallets has a more lasting effect on the customers that the ads without them. According to 2016’s Mobile consumer report from Vibes, approximately 50% of the users prefer a well-directed page that involves the payment options and other mobile coupons rather than downloading it from a mobile commerce page.

The integration of the mobile payment options gives the marketers a better chance to target their smartphone savvy customers who generally belong to the millennial generation. They can do this even while promoting one-to-one brand interaction. The more the company reaches their millennial customers, the more it increases the chance of customer engagement.

Also read : Why Mobile App Development is drifting towards the Millennial way

Loyalty cards and Digital coupons

The inclusion of mobile wallets also gives an opportunity to distribute loyal cards and digital coupons among the customers which the customer receives as a reward for each of their transactions. This helps increasing the business as users more often than not forget their cards and the company can provide them more cards to tinge over their competitors business. Stats show that after having the loyalty card in their mobile wallets, customers have admitted that they spent 49% more time on the app and thus increasing the customer engagement to a large extent.

The Digital coupons can be increasingly used to offer personalized discounts and offers on the mobile device itself rather than on a traditional piece of paper. It is a well-known fact that the words like ‘free’, ‘discount’, ‘special offers’, etc. have a psychological effect on the customers and are more likely to take a look at the advert and give in for the purchase. As everyone loves deals, the digital coupons can be the perfect ally to further enhance customer engagement.

In addition, the mobile wallets can be a boon in times of demonetization and can provide the companies a major method to retain, engage and rope in more number of customers.

Conclusion
With the rise of mobile technology, organizations understand the importance of mobile wallets in their scheme of things as the mobile payment options are hugely popular for customer engagement. They also give the brands a competitive edge over their competitors and keep them afloat in this cut throat competition worldwide.