Welcome to the new era, where a mobile device is not only used for clicking selfies, but it is also used for sending and receiving information and supporting product-specific applications. Digital payments have been around for a while now. While the technology may be considered old, but what makes it exciting is how retail merchants are making use of this medium.
In short, it removes the inconvenience of handling hard cash, digital wallets based payments are a new way the retail giants are connecting with their customers.
Digital wallets have come out as the new poster boy of online payments. These wallets enable the merchants to send promotional offers to their customers with a higher chance of hitting the sales every time by adding a new dimension to customized and real-time marketing.
So, what makes these Digital Wallets so unique?
The fact that it promotes payments while simultaneously enabling streamlined delivery of value-added services before, during, or after the actual sale is completed. Customers receive appropriate and personalized offerings delivered directly to their digital wallets.
Here, the merchant gets a new cost-effective way to test new products, and it’s pricing points by providing digital coupons. This allows retail brands to follow up and pinpoint campaigns on an individual level.
Industry research suggests that customers are more inclined to adopt a digital wallet that ensures monetary savings, improved loyalty offerings, convenience, and security.
The customer loyalty program is considered as the factor with the most significant potential to drive consumer adoption of digital payments. Industry reports suggest that close to 89% of customers hold at least one merchant loyalty program membership. This is what inspires the retailers to sit up and take notice!
After loyalty, the second selling point is a great advertising campaign that will come in handy to present your product as convenient, contextually relevant and compelling.
Thirdly, it shouldn’t send spam messages. Customers look for transactions with personalized content and services delivered in context. Relevant information accessible throughout the sale journey creates greater efficiency and enables smarter transactions for consumers and merchants.
Finally, the challenge of securing, analyzing, and acting upon that data to deliver value to consumers has to be eliminated.
Now, let’s have a look at various benefits of using digital wallets as your form of payment method:
- With digital wallets, retailers are trying to attract customers based on their vicinity to a physical retail store. This includes the whole in-store promotions to reminders about existing offers.
- A digital wallet service that helps customers save money is most likely to gain attention. Providing discounts through digital wallets is the best way to attract new customers and retain old customers. After all, who does not like discounts?
- By deploying digital wallet technology, retailers can now keep track of their payment receipts and streamline the procedure of returning and exchanging a product. Retailers can enable a faster checkout process for their customers with wireless prints of the receipts or receipts being emailed to them.
Join GoFounders today to experience the power of ONPASSIVE’s AI-driven digital wallet. The ONPASSIVE wallet will not only help you receive payments but will also grant you the power of technology that will help you empower customers and other stakeholders as well.
Take that first step by joining GoFounders.net and revolutionize the way you have been handling payments and enhance your brand value to your customers.