shoppers walking past a retail store

How Retailers Can Use Mobile Wallet

With it being harder and harder for retailers to keep the attention of consumers, one positive trend that is standing out with a high success rate is the mobile wallet. With so many features to love about this marketing tool and payment platform, there are a million reasons why this should be part of your marketing strategy.

First, the Digital Payment Component

The main draw for many consumers with mobile wallets is having the ability to leave their credit and debit cards at home. Simply tapping their Android or Apple phone to a card processing kiosk in a store allows them to pay for transactions without rummaging through a purse or physical wallet.

Still, not every retailer accepts mobile wallet payments, and yet consumers are seeking to do business with those that do. Being an early adopter could mean you are seen as a leader, and that alone could win you additional business.

Next, the Promotions Aspect

What makes the mobile wallet all the more appealing to mobile users is the fact that they can get access to coupons and promotions from their favorite retailersNo more cutting coupons; shoppers just view an offer, save it to their wallet, then show the offer when they’re making a purchase in-store.

For you, this is wonderful for several reasons. First, you can send push notifications of new coupons or offers, which consumers will immediately see on their phones if they enable push notifications (and more than half of mobile users do).

But here’s what’s even better: once a user saves your offer to their mobile wallet, you can continue to update that offer so that you always have something relevant available to them. You can even create incentives to take advantage of an offer. Let’s say you create an offer for 15% off of one item in your retail store. A consumer saves that offer but does not redeem it. You then update the offer to increase the savings to 25% for anyone who hasn’t redeemed it within a week. You could also send a push notification when you’re 24 hours away from the deal expiring. These are just two examples of how you can deliver value and engage consumers through mobile wallet offers.

Getting Started with Mobile Wallet

The Vibes Mobile Engagement platform makes it simple to create and manage offers, while affording you the ability to send them at scale to your mobile marketing subscribers. Whether you want to DIY or get help from our mobile marketing experts, we’ve got you covered.

Here are some ideas to get your mobile wallet marketing campaign up and running:

Step 1: Get Mobile Signups. You can’t market to your audience if you don’t have subscribers. Place signage in your store to alert shoppers that they can add your loyalty card to their mobile wallet and enable your offers. You might even provide instructions on how to do that.

Step 2: Find the Right Offers. This may take some trial and error. You want to create promotions that really grab mobile users and make them drive to your store to redeem. Be generous with your early offers to pique consumers’ interest about the value you will offer through mobile wallet. Over time, you will be able to assess which offers are getting redeemed the most. Here are a few ideas:

  • Buy one get one free
  • Free gift with purchase (great way to get rid of nonselling inventory)
  • $ off a purchase
  • % off a purchase
  • Shop today to save big on next purchase
  • Get early access to a sale or in-demand product

Step 3: Inspire Redemption: Don’t overlook those people who save your offers but don’t redeem them right away. Gradually increase the offer to boost conversion rate, and send an alert when the offer is about to expire.

Step 4: Continue to Update Offer: Take advantage of that real estate in a shopper’s mobile wallet. Refresh the offer so that you’re constantly on their minds.

Leveraging all the benefits of mobile wallet puts you ahead of the competition. With so little barriers to getting started, what are you waiting for?

 
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