Staying up to date with the latest marketing trends can help level-up your business and customer experience. Especially if your goal is to help your business ride out a recession, investing in modern and effective marketing tactics can give you an edge over your competitors. One strategy to consider is mobile wallet marketing.
Mobile wallet marketing refers to the use of mobile wallets that store payment information for the promotion and enhancement of your business. These mobile wallets rely on digital cards like Apple or Google Pay to process online transactions.
Although the first mobile wallet was released in just 2011, the digital payment option is already dominating the e-commerce market. More than one in three consumers have at least three mobile wallets downloaded. By 2027, the global mobile wallet market is projected to be worth over $12 trillion. To help your business take advantage of this profitable trend, we explain the top five ways to use mobile wallet marketing.
Send Push Notifications
Mobile wallets allow businesses to send push notifications to their customer’s devices. When a reminder about a coupon or limited-time offer appears on a user’s lock screen, the user may be more likely to make an online purchase or stop by the store.
With these reminders, your businesses may be able to generate higher redemption rates for offers promoted on mobile wallets.
Sending personalized messages is another way to up your mobile wallet marketing game. According to a survey, every respondent reported that they would save content from their mobile wallet onto their device if it was personalized.
Some simple ways to customize your mobile wallet content include using your customer’s name in notifications and sending promotions catered toward the individual user’s location and preferences.
If your business has its own app, it’s a good idea to sync app content onto mobile wallets. That way, customers will be able to save coupons, loyalty cards, and other promotions from your app in their mobile wallets.
Syncing app and mobile wallet content can help encourage customer loyalty and create a streamlined user experience.
Provide Live Updates
Today, customers rely on real-time updates to keep up with their favorite brands. In 2020 alone, over 70 billion real-time purchases were made. To provide your customers with this real-time experience, send them regular updates on loyalty points and potential offers.
If an offer is new or time-sensitive, consumers might feel more urgency and eagerness to make a purchase.
For businesses that sell tickets, mobile wallet marketing can be an especially important strategy. Rather than having to carry around loose papers, mobile wallet users can store their boarding passes and theater tickets on their devices.
To make mobile wallets even more beneficial for ticket holders, send them helpful updates about any venue policies or flight delays.
As you can see, there are several ways to use mobile wallet marketing to improve your marketing strategy. Keeping up with the latest e-commerce trends can help give your business the boost it needs.
Want to learn even more about mobile wallet marketing? Check out the infographic