Is Mobile the new currency?

Image Courtesy www.datacapsystems.com

What if I were to tell you that increasing mobility in modern day markets gives the marketers a psychic superpower to read into the minds of their customers? Too farfetched right? But, recent trends of marketers and sellers have shown just that. Sellers and enterprises can tap into the information provided by each individual user’s smartphones to provide customized solutions and increase both saleability and scalability of their business.

Think of smartphones as the Google for customer information. Smartphones of today are not only a tool for making user’s life simpler but also a tool to provide enterprises and entrepreneurs new ventures to maximize sale and profit. Mobile Application Development progressed way beyond basic facilities to now providing- enterprise applications, m commerce platforms, payment & processing etc. But what is more is the fact that mobility driven technology has not stopped there.

Applications can now be tailored to analyse the demands and digital behaviour of the end user thereby converting any potential consumer into a loyal customer. How? While customers of today cash in on the plethora of features provided by smartphones, the service providers are equally treated to better ways of understanding their everyday smartphone customer.

Exploring Uncharted Territories

Consider the opportunities provided by location based services on a mobile platform to track the users’ travelling habits and thereby, to offer specially curated facilities for them from services in the vicinity. These kinds of offers are less likely to be read as spams and will not only engage the customer, but build standing relationships.

Specific immobile businesses are also likely to gain more out of location based services. In the case of bars and pubs, an application called SNAP has attempted to revolutionize their customers’ drink ordering experience, by simply letting them jump the queue. Drinks could be ordered from anywhere and with an exchange of passcodes and simple payment infrastructure, an order can be completed. The bartender would finish making the order and the customer could then go pick it up. Simple, yet so efficient that now user would not have to think about carrying money to the bar, or wait in a queue to order.

Generic approaches have also been made tapping into location based services offered by a smartphone. Location based services are primordial for women safety applications. But what is even more enticing in the app world is that these apps are now not only a means of business but also a means to advertise- a campaign driven in Singapore by the 313 Somerset mall made users in a range of 50–500 metres from the mall eligible for offers, by tracking them through an app. Retailers reported a 46% in sales conversion after the advertisement.

Redefining Payment

Technological intervention did not only make availing privatized products and services easier, it also did a world of good to fundamentally important processes like banking and transactions. With a smartphone in hand, the entirety of the country has the potential to work without physical cash and therefore the inhibiting factors of manual monetary handling and recording are done away with. No long hours of queue and no worrying about loss of physical cash.

Perhaps the most significant progress towards that direction is the Unified Payment Interface, which incorporates all major banking facilities into one application in your smartphone. The movement is a huge step towards making physical cash almost redundant in upcoming years.

Another pivotal application is the Samsung Pay- which stores all your cards online so that one does not even have to carry a card along. This wallet light application is also loaded with multiple security features incorporating your device’s fingerprint scanner into the security system.

The Commercial Mobile

Perhaps the most well-known advancement in the application industry catering to M commerce and enterprises.

Online retail sites like Amazon, Flipkart etc. have taken to applications not only because they are more convenient to the users but also because they have the potential to understand user demands better. Such applications can record any particular user’s buying trends and suggest them products to their liking, increasing business and convenience on both ends.

On the other hand the rise of the enterprise application also makes governing an organization simpler. Enterprise applications can do whatever is asked of them- from tracking location of employees to identify whether they have really reached the offices, to determining whether they took an unwarranted early leave; from tracking attendance to project completion and intra-organizational communication, even going so far as to record the sales and profits of organizations and sending important files across to every individual.

Apps of today are making more use of the increasing mobility trends to allow not just consumer convenience, but also business scalability. For any business, understanding consumer preference is pivotal, and what better way to understand your consumers than to take help from their pocket buddies? So, the next time someone says that a mobile has its own psychic powers, you have more reason to believe!