A brief look at the tech world right now reveals that innovation and technology are constantly gearing to make our lives far more convenient. The rise of the digital age has made way for an unparalleled base for business and customer interaction. Purchases can be made effortlessly on the web via several channels including e-wallets, instant banking, prepaid vouchers, EFTs, and credit cards. Mobile wallets are rising in popularity and are geared to offer ingenious services, including payment solutions and mobile wallet marketing opportunities.
The convenience of being able to carry your whole world within the confines of one simple device is very appealing to most. This pivots the mobile phone device as the perfect solution for optimum customer engagement.
The benefits of mobile wallets
A mobile wallet is a software application that can be downloaded onto any mobile phone or tablet and used to facilitate digital payments between consumers and qualifying vendors. The wallet can be funded with money from your client’s credit card or via EFT and transact directly with your business via the app.
The software works as an extra layer of security between customer and vendor so that no vulnerable credit card details or banking information is shared on the merchant site, giving the consumer peace of mind.
All that is needed to facilitate the payment is the mobile device – no cards and no bank details are ever required in the purchasing process. As it is, access to online gaming, shopping, bookings, information, emailing, messaging, and call-making can all done from a mobile phone, so it only makes sense that payments of such goods and services can also be made from the same device and that vendors can use these wallets as a mobile wallet marketing channel!
The benefits of mobile wallets are not exhausted through mobile payments, though this is its primary function. Instead, innovative wallet solutions are leveraging the technology for greater customer engagement by turning them into a viable marketing channel – a place where businesses can reach the consumer and offer incentives to its customers to shop with them.
Mobile wallet marketing today
The mobile wallet is the perfect place for a vendor to engage with customers – an action that any goal-driven company seeks to do to further its customer loyalty and drive repeat business. The wallet itself is a digital environment that already propagates trade, otherwise, we wouldn’t have it on our devices. The very reason it is there is so that we can spend money. It makes sense that merchants and vendors can promote their products and services, right where the money is being spent.
Vendors can freely promote their businesses for the community to take advantage of and include upcoming promotions and specials which may be available. In return, consumers can receive rewards for all their purchases at your company, made directly to their mobile wallets at the time of purchase. This immediate saving is a great incentive for customers to repeat business in this way!
The collaboration of mobile payment solutions and loyalty rewards programs provide a convenient and fast way of enhancing the customer experience and the perfect mobile wallet marketing opportunity. Once customers are aware of a promotion from a supporting vendor, they can make payment via the same app and receive their cashback right away.
The current consumer culture of ‘instant gratification’ demands fast and convenient ways of doing business. The instant rewards offered here appeal greatly to most online users and are sure to extend the digital footprint of any businesses, which is a much-needed value in this day and age.
Increase in brand value
Exposure in the marketplace is the start of increasing a business’s brand value. While traditional rewards programs and marketing campaigns can achieve the desired effect, there are definite advantages to an increase in brand value through mobile wallet marketing and loyalty cashbacks. This includes:
- Increased customer spending through the ease of access
- Fast and easy access to rewards via loyalty programs
- A better cashback redemption rate than many other loyalty reward programs
- Content and promotions can be localised
- Multiple incentives can be offered on one platform (payment, marketing, and rewards).
- Promoting repeat business
Many businesses struggle to promote repeat business, especially in a digital age where consumers can browse through the competitor’s stores at the click of the button in search of a better deal. The idea is to stop this from happening.
The best way of doing that is by offering your customers something back – something that your competitors are not offering – putting money back in their pockets immediately.
UBU for your business
Are you ready to reach new customers? Find out more about UBU and what we offer businesses and vendors who join our marketplace. You’ll have access to a secure and easy-to-use mobile wallet with a loyalty program to help kickstart your mobile wallet marketing efforts.