What is mobile wallet marketing?
It encompasses all marketing efforts and tools (such as loyalty cards, and coupons) that engage, grow, and retain the customers of a mobile wallet app.
Strategies to Retain Customers
Following are Some Fruitful Strategies to Retain Potential Customers:-
1. Offer Cashback to Customers
Customers love to have cash backs in their e-wallet while purchasing products. So, you can have the ability to create cashback rules & conditions based on which the customers will get the cash backs in their wallets.
2. Money Transfer from One wallet to another
Transferring money always takes place between two friends or relatives. This becomes more easy with the Wallet Management App. This app facilitates the users to transfer money from one wallet to another. Thus, customers can now have more flexibility in payment transfer via wallet.
3. Reward Customers on New Registration
Offering reward points to new customers will let the customers explore your brand. Wallet Management App helps the merchants to provide cash back to the customers once they get registered for the first time to your website. Thus, you can have more customers in less time span.
4. Refund Request Option for Customers
Offering refund request option to the customers builds trust among customers. This feature is already there in the wallet app through which customers can anytime request the admin to refund the amount. You as a merchant will get the request & refund the money to the customer’s wallet.
This seamless transaction of the amount between the merchant and the customer will help to build up trust & long term relationship between them.
5. Aware Customers about Wallet Cashback
How customer will get to know how much amount he/she needs to spend in order to get cash back?
You can grab this idea of showing a banner or label on the cart page of your store. Now, once the customer adds the products to cart and added amount is not satisfying your cashback rule then, at least he/she will know how much the additional amount he needs to add in order to earn cash back on that purchase.
Summary
If you’re a business owner, improving your merchant services by accepting multiple forms of payments, and rewarding customers for their loyalty isn’t just a luxury. It’s a necessity. Think of a marriage of social, mobile, and loyalty is a winning combination that puts brands top-of-mind, creates new customer-facing experiences, and allows companies to learn more about your hardcore fans.
Incorporating loyalty and rewards programs is an effective way to gain a competitive edge. It allows you to engage your customers, and build a long-lasting relationship. All of which ways will lead to your business gaining more revenue.
Team Oasis recommends you work with a Monetary Authority of Singapore (MAS) compliant eWallet vendor with a valid licence to build your app.
E-wallet services in Singapore are regulated by legislation. Under the Payment Services Act, any person who wishes to carry on a business of providing payment services (such as an e-wallet service) is required to have a licence.
Avoid mobile app development companies who are unable to share with you the legal concern when designing your ewallet program.
