How merchants tie loyalty to mobile wallets and drive results
How merchants tie loyalty to mobile wallets, customer loyalty growing your business. A loyalty program can actually boost your business by decreasing your discount costs.
Mobile wallet apps are booming the markets and can be a game-changer move to increase your profits.
In this blog,we will discuss how customer loyalty programs will help you retain the customers and drive excellent profits for your business.
Let’s understand how customer loyalty programs will help you to increase your profits:Why is customer loyalty important for you?
Merchant wallet apps have been in existence for a long period,but there are just a few merchants who have used the merchant wallet solutions for their transactions.
Customer loyalty programs are an effective way of growing your business.A loyal customer base will not only help you to boost your merchant payment app,but it will also increase the repetition of purchases through mouth publicity or by friend referrals.Let’s see why you need a mobile wallet for your customer loyalty programs:Why tie up your loyalty programs to mobile wallets?
A loyalty program can actually boost your profits by decreasing your discount costs.
For example,you will give a discount to the customers at their first purchase,this can reduce your profits and there is no guarantee that they will purchase again.
Instead, you can give reward points to the customer.Customers can redeem these points in their next purchase.You can also give an expiry date for your reward points.
Loyalty and reward solutions can help reshape customer habits.People will make more purchases to redeem their points or increase their reward points to make bigger purchases in the future.
This will increase the repetition of purchases and can create a long time customer engagement for your merchant wallet app.
After realizing the benefits offered by customer loyalty programs,consumers who use traditional methods of payments are now reconsidering to make payments via mobile wallets.
It’s a great opportunity to provide better loyalty solutions to your customers in making hassle-free online purchases.The feedback which your customers give about your app helps you to create brand value.
Mobile payments allow for a no-contact experience for today's vast business landscape.Biometrics and easy user interface make the transaction process faster for your merchant wallet app users as they can just complete a transaction in a few clicks on their mobiles.
Make the login process faster by using a better user interface in your merchant wallet app.How to get the best of a customer loyalty program?
Now that you get a brief idea about customer loyalty and reward solutions,it’s time to look at how will it elevate your merchant wallet app:
The success of every customer loyalty program lies in how engaging it appears to the customer. So go ahead, unleash your inner creativity, and come up with an exciting loyalty program concept! Offering something more than discounts will also help you differentiate your business from those of your competitors.
Think of some catchy name to increase curiosity instead of just naming your program a ‘Loyalty’ one.Give a catchy name to your loyalty points that define your business goals.
Connect a social motive like supporting girl child,literacy,freedom to women, etc.,with the name of your loyalty program that focuses on something extra than just money.
Give exciting rewards for your customers that can be more than just a monetary transaction.Keep the excitement of customers alive by offering them rewards and limited editions on their purchases.
You can also show the human aspect of your merchant payment solution by offering customers to redeem their points to make donations for some social cause.
Plan some contests or quizzes which can motivate your customer to spend their loyalty points.
Customers would love to have the discovering and surprising experiences.Your customers will get more excited when they would get a surprise from you for the first time.They would love to experience it again and again which will boost your customer engagement.
You can send special offers or some reward points to customers on their anniversaries or birthdays to make it delightful for them.
Track the purchase cycle to increase customer engagement for your merchant payment solution.Customers will feel more attached and put you above in the competition when you appreciate them for their purchases. Create a bond with your customers by giving them exchanges,easy return policies, and wishlist features.
Your customers would love to get special treatment while making online purchases.You can highlight this idea by creating a VIP league for top spenders and loyal customers for getting into the upper edge of the brand’s community.
A VIP league isn’t worth anything without extra benefits.You can give access to your upcoming services before its release to the VIP members.Final Words
The emerging merchant wallet technologies are going to reshape the industry in the upcoming years,but don’t wait till then.You can easily make profits in digital markets by investing in consumer loyalty, calculating risks,and making the right choices.
I hope you find this blog useful.Keep reading this space for more useful insights.
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ABOUT THE AUTHOR
Nikunj Gundaniya, Product manager Digipay.guru, one of the leading digital wallet app development company USA, which provides mobile finance application development services. He is a visionary leader whose flamboyant management style has given profitable results for the company. He believes in the mantra of giving 100% to his work.