Many U.S. consumers are familiar with the term “mobile wallet,” but most don’t really know how to use their smartphones to pay for goods and services. Fortunately, savvy small-business owners can help their customers learn more about the process and, at the same time, boost repeat business by encouraging them to make mobile payments.
Here are eight perks you can offer to get customers to open their mobile wallets:
1. Easier (and better) loyalty programs — When you see a buyer fishing a loyalty punch card out of a wallet or purse, point out that a mobile wallet can store that loyalty card electronically and automatically update its status with each purchase. It also can notify the customer when he or she is eligible for a reward.
2. Electronic gift card storage — If your business offers and accepts gift cards, a mobile wallet has the capacity to store those, too. The mobile wallet simply reduces the balance of the gift card as purchases are made. Tip: Remind customers of this whenever they lament that they forgot a (traditional) gift card at home.
3. More coupons, vouchers, and discounts — You know those shoppers who revel in getting great deals and saving money? Once you reveal the broad range of coupons, free gift vouchers, mobile-only discounts, and/or special limited-time offers that can be found in their mobile wallets, you’re likely to win them over.
4. Personalized marketing — Who doesn’t appreciate being treated like a business’s #1 customer? With personalized marketing, you can tailor your offers and promotions to the patterns and desires of each shopper. This could include notifying someone when the new season of clothing has arrived or providing discounts on a product that a particular shopper loves to purchase repeatedly.
5. Integration with your company’s mobile app — If you have a smartphone app, tie it in to your customers’ mobile wallets. Smartphone users are more likely than other consumers to download free merchant apps, so telling them that your app works with mobile wallet technology may be just what they need to embrace the technology.
6. Faster refunds and returns — Even though many customers will never request a refund, they’ll appreciate knowing that the process of doing so is simple and hassle-free with a mobile wallet. You only need to press a few buttons, and the refund money gets transferred back into a buyer’s account.
7. Paperless transactions — Eco-friendly patrons will welcome your efforts to minimize your use of paper products. Tell them that the flyers, vouchers, and coupons that you send to customers in the mail, plus all of the printed receipts generated with traditional sales, could be replaced with emails if they start using mobile wallets at your establishment.
8. Cost savings — In many cases, mobile wallet transactions are cheaper than traditional credit card transactions. When calling attention to this fact, tell your customers that you will pass those cost savings on to them.