Instead of being kept in a customer’s pocket or handbag, mobile wallets save their payment information on their mobile device. Do you know what these “virtual wallets” entail for your company? They claim to be able to increase your profitability, but how?
Cash is no longer king in several shops and eateries and is quickly turning into an outcast. Consumers and businesses around are increasingly using mobile wallets for financial transactions. By the end of 2022, mobile wallet transactions will have reached over $3 trillion globally.
How digital wallet loyalty solution wins the battle for client loyalty?
Like Google or Amazon, you may be seeking ways to obtain this information. An excellent place to start is with a client loyalty program. Gaining a new customer is at least five times more expensive than keeping an existing one. Customer loyalty programs are well-liked; occasionally, they offer “free items” or at the very least, discounts and rewards for making purchases at a retailer.
Businesses that create personalized mobile wallets, complete with their own branding and reward programs, gain access to a wide range of capabilities, such as:
Direct marketing communications
Product evaluations by customers
Real-time order tracking
Tools for social sharing
What cost you must spend on the loyalty solution provider?
All of the same elements that go into developing a mobile app are also involved in the design and development of a digital wallet loyalty program. A mobile app is a virtual wallet. Without knowing all of the features you want to have and whether you want it to be compatible with iOS, Android, or both, it is hard to estimate the cost for you. From our extensive experience, we can say that the price range for a high-quality entry-level or Minimum Viable Product (MVP) software is between $50,000 and $200,000.
It’s time to be a part of the cashless society
Other reasons contribute to lowering dependency on the all-powerful big bill in addition to the simple convenience of not having to carry cash. It could yet be too soon to refer to any corner of the world as a cashless society. As per a statics report, one in five individuals already uses cash seldom. Although we have possesses the technology to become a cashless society, there are still many obstacles to overcome before we can be certain that businesses and the government will protect and not share our personal information.
Any business’ success depends on maintaining customer loyalty, and adopting mobile wallets might change everything. By utilizing the advantages of mobile wallets, such as loyalty programs that result in client rewards, loyalty can be developed. Consumers should be keen to adopt a digital wallet loyalty program given their familiarity with smartphones and the opportunity for frictionless checkout. Want to start cultivating a following of devoted customers? Make contact with the most trustworthy loyalty solution provider firm Novus Loyalty and sit back to experience the awesomeness of mobile wallets with customer loyalty.