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8 Aug 2022

How Mobile Wallets are Increasing Brand Loyalty

Brands are always developing and introducing new features to simplify and streamline the customer experience. The emergence of mobile wallets and mobile wallet rewards has…

Mobile Wallets Increasing Brand Loyalty

Brands are always developing and introducing new features to simplify and streamline the customer experience. The emergence of mobile wallets and mobile wallet rewards has greatly simplified the process of making payments for goods.

Customers can now instantly access resources and apps that allow them to compare prices, provide customer reviews, or even facilitate instant input from their networks while in a retail setting thanks to smartphones. Retailers can convert these showroom visitors and window shoppers more quickly and easily into buyers due to mobile wallet solutions.

While mobile wallets are frequently thought of as a means of payment, they are capable of so much more. With the help of mobile wallets, businesses can digitise anything from offers and membership cards to receipts and even room keys.

To inspire brand loyalty and make customers choose you over competitors, you need to go above and beyond a payments app.

This is where a mobile wallet marketing strategy comes into play to aid in customer retention and brand loyalty.

What Is A Mobile Wallet?

A mobile wallet is simply a digital wallet that is stored on your device or within a loyalty or online shopping app, and it greatly simplifies online shopping.

You add money to your digital wallet using your credit card or bank account, and then use it to pay for online transactions. It’s simple, safe, and rewarding all at the same time!

Unlike traditional methods that required customers to carry plastic loyalty cards everywhere, all important shopping details can be safely stored in one fixed location with the help of a mobile wallet.

What are Mobile Wallet Rewards?

Simply put, mobile wallet rewards are rewards that are exclusively provided to customers who use their mobile wallets to make purchases from a company. Since the incentives are accessible right from the customer’s mobile wallet, mobile wallet rewards enable customers to utilise their rewards efficiently and smartly.

What Is Mobile Wallet Marketing?

All marketing initiatives and tools (such as coupons, loyalty cards, and value-added services) that attract, retain, and develop the user base of a mobile wallet app are collectively referred to as mobile wallet marketing.

To reap the benefits of mobile wallet marketing, e-wallet operators must ensure that their digital wallet platform supports or allows for the easy integration of third-party services and marketing tools via APIs.

How Mobile Wallets Boosts Customer Loyalty

The customer adoption of mobile payments is directly correlated with the value gained from having mobile wallets rather than physical cards, which can come in the form of financial savings, better security, increased loyalty offerings, or convenience.

A mobile wallet marketing strategy acts as a messaging channel on your customers’ smartphones, enabling you to engage with them seamlessly and effectively capture their attention.

Consumers’ tendency to forget that they are actually members—or worse—to forget the physical card—was a significant issue for loyalty programmes. This was resolved by mobile wallets, which now allow customers to utilise passes for their loyalty memberships.

As many as 84% of consumers say they are more likely to stick with a brand that has a loyalty programme. Consumer trust in mobile payments and digital wallets is so high that 56% of people say they would leave the house with only their phone and not their wallet to make payments.

These statistics show that mobile wallets can act as a catalyst for your loyalty programs. It costs a lot less to sell to repeat customers than acquire new customers — which is why it is essential to invest in your mobile wallet loyalty and rewards programmes.

The Different Ways You Can Incorporate Loyalty Programs into Your Mobile Wallet:

  • Notify your customers whenever they advance to the next level of their rewards and loyalty programme.
  • Provide additional benefits such as a one-of-a-kind promotional discount code or early access to an upcoming sale.
  • Make it simple for your customers to view and access their rewards and loyalty points.
  • Display special discounts and promotions, such as a link to exclusive access, to drive traffic to your store.
  • Remind users that they have available rewards whenever they open the mobile wallet or are near your store.

Making the Most of Mobile Wallets

With mobile wallets, retailers and all providers can obtain consistent purchase data matched against a specific customer over time.

Retailers are always aware of the details of a transaction, but they are not always able to link a specific customer to all of their purchases over time because customers can make multiple cash and credit card payments at different times. Acceptance of store loyalty cards, for example, demonstrates that retailers benefit from anything that allows them to view purchase data associated with a consumer over time.

For years, retailers have kept track of the contents of customers’ wallets, such as coupons. The mobile wallet offers more data much faster, which can significantly aid businesses in understanding and influencing their customers’ buying process.

For example, it now only takes minutes for retailers to determine whether a specific discount is influencing customer behaviour. Individual consumers can now be rewarded by loyalty programmes with whatever that customer values the most.

Simply going “mobile” is not a guarantee for success. The loyalty programme and marketing strategy need to be well-designed and connected with the in-store shopping experience. To get the most out of it, integrate your mobile wallet strategy into your current marketing mix.

Storm5 At Your Service

Storm5 aspires to be at the epicentre of the RetailTech industry. As leaders in Loyalty Tech recruitment, we connect the world’s best RetailTech and eCommerce talent with the most innovative businesses. We are specialised recruiters who work with the top firms in all RetailTech sectors. Our expert consultants have cultivated a network of highly specialised senior talent in the areas of Data & Analytics, Engineering & DevOps, Product Management, and Sales & Marketing. If your mobile wallet startup or scale-up is looking to expand its team, please contact us here and stay tuned for more industry news.

We’ve helped some of the most successful RetailTech startups grow.

— now it’s your turn.