25 Sep 2022| ONPASSIVE
Why Retailers Should Have Their Own Digital Wallet?
The retail landscape is growing at a rapid pace as emerging technologies and trends are changing expectations of the in-store experience. Customer experience transformation is inevitable under the influence of the latest technological advancements. Retailers are implementing new settlement processes that are making the purchase process much more comfortable for customers than ever before.
As the online and mobile e-commerce channels are continuously expanding, retailers are being urged to re-evaluate their offerings and approach. Retailers are trying to find new and robust ways to engage with consumers. Payments are currently being identified not just as a necessary process to be managed, but as an opportunity.
With most retailers are expected to maintain or increase investment in payments, we explore the five primary reasons why digital wallets make more and more sense to the retailers.
Reduce transaction fees:
All retailers are subjected to transaction fees while processing a debit and credit card transactions. These fees are high, particularly for large retailers, so working to reduce the fees makes commercial sense.
For example, integrating a store card within the digital wallet can reduce costs by making fewer transactions subject to fees. The retailer can also push in-app discounts while using the store card to encourage adoption, recognition, loyalty, and driving brand engagement. Also, providing the card digitally removes the costs of manufacturing and distributing physical store cards.
86% of customers avoid stores with long queues, and 38% of customers have ditched a purchase due to excessive queuing time. In-store checkout systems don’t work for modern consumers.
A Virtual Point of Sale the digital wallet system allows customers to check out via in-app payment, dismissing the need to stand in the queue. It frees up staff to be redeployed elsewhere in the store, increasing customer satisfaction and efficiency as well as reducing costs.
The plastic store and cardboard coupons, gift cards, print advertising, and paper receipts generated by retailers have enormous monetary and environmental costs. Digital wallets instantly reduce these costs and are more efficient. Cards can be digitalized, customized push notifications and in-app notifications can replace digital receipts, and flyers can be stored in-app.
For retailers, a mobile wallet is a channel to a considerably more cost-effective, efficient, and sustainable future, while delivering increased loyalty, insight, and consumer engagement.
Today, consumer purchasing behavior is driven by the quality of the overall purchasing experience rather than merely the good itself. A digital wallet enables retailers to provide a robust and engaging in-store offer to tap into the demand for this experimental economy.
Also, digital wallets allow retailers to utilize emerging technologies such as augmented reality to leverage consumer data or drive engagement further to provide smart recommendations.
Many retailers are bringing payments in-house to avoid theft of customer identity, payment credentials, and transaction history.
Digital wallets integrate various technologies and techniques to enhance security and reduce risk, minimizing the chances and impact of breaches. Importantly, retailers can increase the level of security to meet their requirements and maintain simplicity and support usability of payment, which remains necessary to customers.
GoFounders platform provides you an excellent opportunity for retailers to utilize ONPASSIVE’s AI-driven digital wallet specifically designed to reduce operational costs, increase revenues, deliver an enhanced experience, and improve payment security.
Join us now to make optimum use of the latest AI-driven digital wallet to take your business to that next level!
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