1/ Improve customer experience
Since your customers don’t have to worry about embarrassing themselves at the cashier by going through all the cards they have in their wallet, nor do they have to feel demotivated and walk away from your store after recalling that they had forgotten the coupons or their cards at home, they can enjoy a stress-free shopping experience and make sure they are always able to exercise their benefits.
2/ Ability to segment customers to extract and utilize customer’s consumption behavior
By using digital wallets, you have access to valuable insights regarding your customer’s shopping preferences and shopping history. This provides you the opportunity to segment your customers into different groups depending on their preferences and willingness to pay. Meaning – with little effort, you are able to extract their full shopping incentives with great precision and conversion rates.
3/ Save on wasteful costs and maximize your profits
With access to customer shopping preferences, you will no longer have to spend wasteful amounts of money on advertisements targeting a general audience. Instead, as mentioned above, you can choose your target group and analyze their behaviors to provide different groups different promotions. This method not only allows you to save on costs but also maximize your returns.
4/ Be on top of your game – stay ahead of the curve
Since the idea of using digital wallet as a tool for customer acquisition and retention is still not widely known and applied by many businesses, now is the best time for you to get a big slice of the cake and enjoy the competitive advantage you have over others before they all come rushing in trying to gain their share. Moreover, by then your company would have built its reputation and you would still have an comparative edge over them with your expertise in the field – keeping you always one step ahead.
5/ Save on personnel cost while increasing interaction with your customers
Since you’re joining the digitized world of marketing, why not top up your game further by linking the mobile wallet with reaching out to your customers through messenger. (Statistics/Data) have shown that you can greatly increase your sales with the help from an intelligent automated messaging chatbot. By using a chatbot, not only are you able to save on costs spent on hiring someone to tend to your requests on messenger, but you can also give your customers a whole new shopping experience that will always ensure top level friendliness and avoid any conflicts due to misbehaviour of one of your sales person. A WIN-WIN-WIN situation! Efficiency – Cost reduction – Customer Satisfaction! (You can read more about chatbots and how they can transform your business here – posts on chatbots and conversions).
6/ Customer Retention – Don’t let them forget about you!
Another great thing about digital wallet is you’re basically carried around in your customer’s pocket all day. Which means, you can decide when to send out promotions and reminders to your customers. Either by updating them on their loyalty status, greeting them a happy birthday, or just simply sending them a nudge to remind them of your presence.
7/ Complete control over your payment system
With the many different methods of payment out there such as Paypal, Sofortüberweisung, Lastschrift, etc,. You can choose to offer your customers a wide range of options to choose from and never allow the opportunity to make a sales slip away again, just because your customers don’t have their credit cards with them or they prefer other e-payments rather than direct bookings from their bank accounts.