Since the introduction of Apple Pay and Android Pay in the 2010s, mobile wallet technology has spread like wildfire with consumers everywhere. Thanks to their ubiquity and convenience, mobile wallets have seen a steady adoption rate, with their transaction value estimated to reach $14 trillion in just two years’ time.
But mobile wallets aren’t just great for payments. The technology offers a range of opportunities to speak directly to your audience in innovative ways to enrich their shopping experiences. And considering that nearly three-quarters of Australians already use mobile payment technology, brands that don’t take advantage of this will be left in the dust.
Here are four types of marketing promotions that greatly benefit from mobile wallet technology.
1) Loyalty Programs
If a customer signs up to your loyalty program, they’re obviously already a fan of your products and services or want to engage more with the brand. These devoted consumers are always looking for new ways to earn loyalty points and free merch. Thanks to their convenience, mobile wallets allow users to earn rewards more easily and frequently.
A mobile wallet app lets you transform the flimsy paper or plastic loyalty cards of days gone by into digital files. Unlike physical cards that are easily lost or misplaced, digital loyalty cards are securely stored in your mobile wallet, ready to be used.
This means customers can easily check important information like their card balance and earned loyalty points, without having to going in-store or log-in online.
As an early adopter to mobile wallet technology, Starbucks has created one of the most popular loyalty programs around the world. Rewarding shoppers just for signing up, Starbucks Rewards lets users earn free food and drinks, birthday goodies, while providing access to exclusive offers and events just for users. Customers can use earned points to buy coffee and check their account balance in seconds.
When you buy tickets online, whether it’s for an event or a concert, you usually choose between receiving your tickets as a PDF file via email, or a physical ticket in the mail. Neither option is that convenient – printed tickets are easily misplaced, and an email ticket is quickly swamped by a sea of other emails, which makes it difficult to locate on the day. And if you don’t remember to save the PDF, you could well be stuck without Wi-Fi, desperately trying to find and download the ticket at the door.
Thankfully, many brands, venues and airlines now offer mobile tickets, sending the ticket via SMS. These digital files, known as mobile passes, are then stored right in your mobile wallet, so customers can access the ticket in seconds without any Internet or data usage while saving them from having to scroll through weeks of emails to find the needle in a haystack.
Acting as ‘lightweight apps’, mobile wallets allow you to communicate directly with consumers via push notifications that go straight to their lock-screen. This is a valuable way to get your marketing promotions in front of people when it’s most relevant, and make sure your message grabs attention.
With many airlines using mobile boarding passes, these companies often send push notifications to ticket holders about boarding times, gate information and more. Similarly, concert and sporting venues send lock-screen messages to fans about nearby merch stands and other facilities available. Doing this transforms these mobile wallets from a digital storage app to a fully-fledged communications channel.
3) Vouchers/Coupon Codes
When consumers sign up to your loyalty program or purchase tickets from you, they often opt in to providing other important personal data. This ranges from simple stats like age and gender to more complex things like their purchasing habits.
Most of the time, they’ve offered this data because there’s nothing customers love more than a freebie, particularly if it’s for a product or service they’re passionate about. Today’s consumer is always striving for a unique shopping experience that’s centred around them. With so much data at your fingertips, you can use this to create enticing coupons and offers that are stored in mobile wallets, making them easier to engage with.
A common example is sending out a birthday voucher, or a special offer that’s only available at a certain physical location a shopper regularly purchases from. You can also get more advanced with your messaging, offering customers a discount on a product that’s been sitting in their shopping cart for weeks, or using transaction data to discount other relevant items.
While this type of sales promotion is perfect for rewarding loyal customers, it’s also a fantastic tactic to re-engage customers who have fallen by the wayside. 59 per cent of consumers believe that digital coupons hold the most swaying power out of all promotion types, so sending a unique voucher based on a lapsed customer’s habits is an effective way to bring them back.
Competitions are one of the most effective marketing promotions to have in your arsenal. This win-win promotion style not only encourages people to interact with your brand, but does wonders for your business.
You want to give your audience a prize they want to win. A great competition prize should reflect the interests of your customer base, so take advantage of personal data from digital loyalty programs to create enticing prices shoppers will love.
You can then integrate the competition engine with the consumer’s mobile wallet to provide an easy, engaging experience. For example, host a prize giveaway on social media and when consumers enter their details, send a mobile pass with their entry info that’s stored in their mobile wallet. To create a sense of urgency, you can also send push notifications to entrants, either stating how much time is left in the competition or encouraging people to enter again to increase their chances of winning.
You can then update the mobile pass automatically, without any user interaction to notify them of their win or alert them about another giveaway.
With the number of people adopting mobile wallets growing by 140 million people per year, now is the time to take advantage of this ground-breaking technology. From competitions and loyalty programs to interactive event tickets and personalised coupons, mobile wallets offer simpler, streamlined marketing promotion tactics that will have consumers coming back for more.