Why brands are using mobile wallet in combination with their app
Many brands today are working to decipher which mobile channels can help increase overall sales, revenue per customer, and launch and grow their loyalty program. Though the landscape can be complex, choosing the channels that make your customers lives easier and act as a steppingstone to form deeper customer relationships is where you should be investing.
Brands that have launched an app and are looking to fill the gaps in their mobile strategy often question whether mobile wallet competes with their app or app-based loyalty. While some brands remain on the fence of using mobile wallet to spearhead their loyalty, others are leveraging it to drive business results on an international scale.
I want to let you in on a secret. The brands who are using mobile wallet today are going to start seeing exciting amounts of growth. Let me tell you why.
In 2020, mobile wallet solves an immense customer problem
Mobile wallet passes have several app-like features; they display customers' loyalty status, they can be updated in real-time (through Vibes) and are delivered through patent-pending Secure Smartlinks to protect your offer and loyalty management system. But what separates mobile wallet from your app and gives the channel its true bravado is simple: It's incredibly convenient.
Your app is the hub of your mobile presence — it hosts features like loyalty-tracking, catalog-like shopping, payment options, account status and settings. While this adds incredible depth to engage your customers, it requires more effort from customers to utilize when eight other shoppers are standing behind them in line. By simply double-tapping when using iPhone, your customers can access their loyalty card or offers, saving them from that stifling moment of anxiety at the register when you start to feel you're taking too long and you ditch mobile all together.
The market's response to POS system convenience is growing, fast
Whether it's scanning a pass to scoop up loyalty points, redeem a trackable offer, or confirm order pick-ups with a BOPIS pass, wallet makes managing mobile simple, fast, and secure.
To show how wallet works with apps, here's what my weekly loyalty experience looks like at my favorite convenience store:
Mobile wallet is becoming the primary enabler for the fastest exchange of information between customers and brands' POS system - and my loyalty pass is simply a part of that.
What matters most for marketers today is scaling convenient experiences like these for your customers. All successful brands do this well. What's even more helpful? Mobile wallet adoption is finally tipping. Apple Pay is estimated to make up 10% of all transactions by 2024 - a $686-billion dollar opportunity. By delivering your customers loyalty or offer passes through mobile wallet, you can take advantage of this behavioral shift in the market to fuel the growth of your mobile strategy.
Bridge customers’ shopping experiences with mobile wallet
Your app often serves as the starting and ending point of shopping experiences; mobile wallet is the utilitarian function that bridges your customer's experience and makes their shopping easier, more consistent, and trustworthy. As the market's appetite for faster exchanges of information at the POS accelerates, brands must be nimble about what their customers are expecting. By making it easier for your customers to get what they want, you give them more reasons to stick around.
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More Content by Andres De La Rosa
