3 Reasons Why Mobile Wallet Is A Win-Win

Mobile tech has changed the way we interact with the world, with almost no activity or sphere left out. As more and more advanced solutions come by, the success is increasingly dependent on whether businesses manage to quickly adopt them.

Few technologies have been seeing so much growth and evolution within the last decades as have payments. From cash to checks, to credit and debit cards, to online banking and mobile commerce… Banks have become virtual, stores came online, and even your wallet has turned more mobile than ever.

You should bear in mind the fact that there’s a clear distinction between a mobile wallet and wallet services.

No more huge stacks of brand-specific plastic you forget to use — it’s all neatly folded into your mobile screen, there with you at all times. A huge win for customers: making purchases online, ordering meals, buying tickets and whatnot in an easier and fun way. What’s cool about mobile wallet technology is that it’s a huge win for businesses, too. Here’s why.

1. Improved sales through better customer loyalty programs

Better online sales and satisfied customers are the ultimate goals of every business out there. You’ve got a tool to create a whole new business eco-system and the consumer network, all traceable and controllable.

Everyone loves discounts.

With mobile wallets, all your loyalty programs and incentive programs into a single mobile experience. You get your business right into customer’s pocket, how cool is that. Naturally, the design and development of such a tool is a task you want to trust to top-notch professionals with vast expertise. While smaller systems may need less specificity, larger and more scalable solutions are a quite challenging task.

Mobile wallets not only carry details to allow their owners to make purchases, but they also help them manage loyalty cards. New offers, discounts, deals — all carefully catered to the customers’ fingertips. When done right, loyalty programs increase sales, maximize return and boost conversion rate. Integration of discount cards and coupons, creation of algorithms and logics of the referral systems, logic of accumulation and a clear visualization of it all in the client app enables businesses seamlessly integrate existing market systems. Make sure it pays to be loyal to you.

Recommended reading: How Much to Build An App?

2. Tracked customer trends and inventory

Tracking customer activity, being constantly and perfectly aware of the inventory, and making great business decisions on the both — is a real pain for many owners.

With mobile wallet, you don’t have to work any arcane magic. For example — with mobile wallet analytics tools you’ll get precious insights like — “I sell a lot of jackets on Thursdays and Saturdays” and make sure you’ve got your warehouse full of great jackets your customers will love. Or “people tend to by this particular meal with this drink; then you offer a discount for the bundle.

Win-win for you and the customers.

The better you know what your customers love — the more they love you. All made possible by mobile wallet apps, and there’s literally infinite business possibilities.

3. Increase the speed of customer checkout

Scientific fact: customers like quick service. Obviously, paying with credit card is less hassle, than dealing with cash. But for that, you have to make sure the tech behind payment is done well.

Mobile wallet applications allow accommodating more customers in the same period of time. That’s especially handy during rush hours/holidays/high seasons, when the flow tends to become tough to deal with.

“By using mobile payments, we can move customers through the hot dog shop quicker. During a busy lunch we can serve 250 customers if we keep people moving!” Says Philadelphia-based restaurant Hot Diggity owner Keith Garabedian.

Increased brand awareness, less hassle with checkouts, fast and easy-to-use customer tools, full control over the process, and detailed statistics on your trends — sounds like the receipt of a successful business solution. And satisfied customers, ready to come back again.

Originally published at provectus.com.