Why retailers should adopt a mobile wallet strategy

BY Samantha Mimeran / 14 Jun 2016 / No Comments

The potential for in-store mobile payments has created lots of hype over the past 18 months – and with good reason. A mobile environment is extremely beneficial to all participants in the retail ecosystem. In fact, a mobile wallet has the potential to both boost revenue and reduce operating costs for retailers. Processing fees using mobile wallets are usually much lower than traditional fees (often cited as the highest expense after labour) and retailers are able to lessen queue times thus driving revenue.

But more importantly, true mobile wallets like SweetSpot – those that are not just about payment but are a complete 360 degree ecosystem offering coupons, loyalty, payment and more – provide an immediate connection with a hyper-linked consumer base – helping to create interactive rich experiences and therefore increase loyalty, basket size and conversion rates.

So while reducing costs and driving revenue is important, a mobile-enabled environment’s ability to enhance a customer experience and further a brand’s proposition is even more so. Creating consumer-centric shopping experiences enables retailers to remain competitive in this ever-changing landscape.

Why mobile?

A once linear path to purchase has been disrupted by mobile – transforming predictable customer journeys into omnichannel explosions. Mobile is the bridge between the physical and the online world and can provide a context around the entire purchasing decision-making process. Through the mobile wallet, SweetSpot enables retailers to tailor offers based on preferences, gender, geolocation, time of day, purchase history, hyper-location, loyalty, transaction spend, dwell time and even weather. Consumers can use mobiles either in store or on the go to help them locate the desired product or help them compare prices. Moreover, mobile offers brands a real-time, direct contact with consumers – something that has not been possible before.

The anywhere, anytime consumer

Today’s retailer, consumer food service operator or brand needs to play an integral part in a consumer’s mobile world. Having an effective and robust mobile strategy – which encompasses both internet-based mobile purchases (in-app) as well as in-store purchases – is critical for businesses across a number of different categories. This mobile strategy needs to meet the demands of the new hyper-connected consumer base that expects a personal touch. Those retailers not doing something today in the mobile sphere need to remedy this immediately. Contact us today to find out how SweetSpot can provide you with an effective and robust mobile strategy – out of the box and ready to deploy now! With minimum cost and minimal disruption to your every day operations.

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