It has been a long-standing routine to check that we have our phone, keys, and wallet with us before leaving our house and starting our day. Sure, we may keep other items in our pockets or bag but these are the essentials. Given that our phones now provide us with everything we need to survive digitally (i.e. reading the news, sending e-mails, browsing the web), it’s probably not long from now that our phone will replace our wallet.
Mobile wallet is an app that allows consumers to store, organize, and access digital wallet content. From loyalty cards to gift cards, tickets to coupons, these non-payment items usually found in physical wallets are stored in the mobile wallet app on a smartphone. The biggest mobile wallets out there are Apple Passbook, Samsung Wallet, and Google Wallet. PassKit provides support for these wallets and any future native wallet app. To get started, visit http://create.passkit.com/ to create beautiful mobile wallet content.
Parks Associates predicts that 43% of all smartphone users will be mobile wallet users by 2017. In only a few years time, we could be seeing all transactions and interactions in stores taking place directly through the mobile phone. Soon enough, physical wallets will fail to meet all our needs for convenience and efficiency.
1. Brand presence in your customers’ smartphone
Mobile wallet is not only convenient and efficient for customers but is also a frictionless way for businesses to get into customers’ smartphone and stay there. Businesses can leverage mobile wallet’s geo-location features to deliver highly relevant messages and promotions directly to customers’ phones, capturing their attention at the right place and time. By getting your brand into the prime real estate of the smartphone, you are able to increase brand awareness and incite action when it is most likely to occur.
2. Customers expect personalized offers and experiences
Businesses can also use iBeacon technology to deliver proximity based experiences that entice customers to spend. Loyalty-driven initiatives are all about business-to-consumer engagement. Customers now expect offers to be personalized, relevant, and valuable to them, rather than just mass marketing that is viewed as spam. With iBeacon, you are able to deliver unique and amazing customer experiences based on when your customers enter your store, linger in a certain section, as they shop, and even when they leave.
3. It’s no longer B2C, it’s H2H (Human to Human)
Mobile wallet offers the opportunity for businesses to better understand customers preferences and behaviors. It couldn’t be emphasized more that the focus should be on the customer experience. Defining and delivering that amazing customer experience is crucial to increasing customer loyalty and building brand recognition. If the experience you provide your customer is sub-par, what incentives are in place to keep customers coming back?
As we’re all aware, one bad experience is enough to get customers turning the other way. A great, or even magical customer experience, however, is sure to be remembered. Distributing mobile wallet content and leveraging iBeacon solutions provides a seamless way to build close, personal relationships with customers. Don’t fall behind; lead the mobile wallet revolution.
By Wendy Chan