Growth Insights for CEOs

6 Ways Mobile Wallets Can Reshape Your Customer's Experience

Posted by The Chief Outsider



This blog elaborates on Richard Browne’s article in CSP Magazine entitled, 'Future-Proofing Your New Site.'

Find out about the financial importance of the mobile wallet for companies' sales and consumer experiences.The mobile wallet revolution is poised to happen over the next 12 months.  Besides the major
branded entrants like Square, Google, PayPal and ISIS, there are now over a hundred other mobile wallets announced or in service.  The mobile wallet has the potential to reshape your business; here are six benefits that create opportunities for you to improve your customers’ experience.

 

  1. Simplified transactions.  Utilizing NFC (Near Field Communication) allows retailers to consolidate customer’s payment information and loyalty information in one tap, and quickly respond with additional relevant and targeted offers.
  2. Store to purchase.  Similar to an on-line shopping cart, retailers could have the ability to allow customers to scan an item that they are not yet ready to purchase. Use this data to better manage inventory, promote or incent purchase-using bundling with other items, or offer ship to home service.
  3. Enhanced customer insights.  Having customers ‘check-in’ will allow merchants to understand time in-store, in-store traffic patterns and the number of times a customer does not make a purchase.  If gaining greater insight into your customers’ behavior is important, the mobile wallet provides an opportunity for CEO’s to gain new insights.  Combining these insights with customers responses to loyalty offers and promotions presents an opportunity to make ‘big data’ actionable.
  4. Increased food service efficiency.  In restaurants, mobile has the potential to transform the dining experience.  Consumers will be able to check table availability and make a reservation; preorder, including repeating an order of their favorite meal, and pay, all from their mobile wallet.  The potential boost in efficiency for restaurant operations is huge.
  5. Reduced returns.  Better capturing customer’s purchases and storing information will enable consumers to both shop more confidentially and eliminate double purchases to make sure you have the right size or right part.  Do you remember the size of your furnace filter?  The mylowes app is a first step in this direction.
  6. Increased promotional ROI.  Understanding what consumers purchase, when and in reaction to what promotional stimulus will allow businesses to continue to improve in their targeting of relevant offers.  By not over discounting (offering a bigger discount than is needed to create a sale) and understanding more effectively which customers react to which promotions, ROI improves and customers exposure to less relevant offers drops.

The mobile wallet is entering its break out year and will redefine the customer experience for many businesses. How will you combine the insights gained to grow revenue and increase profits? Are you ready?

 

Topics: Consumer Insights, Customer Satisfaction, ROI, Sales Strategy