Let’s start with a consumer’s wallet; the old-school, physical variety. The wallet has compartments to store cash, stack prepaid cards, among others. In effect, all the currencies a consumer will have a need for during a transaction.
Now, imagine retailers having access to such a wallet. Consumers’ wallets in retailers’ hands. Except, this one will be managed by the retailer and used by the consumer. We call this the consumer convenience point because it allows consumers to consolidate their payment options during purchases, and the retailers to build brand loyalty.
9 reasons why consumer convenience point is the most powerful tool in a retailer’s arsenal.
- Provide a unified shopping experience for consumers.
- Push offers/ promotions/ coupons directly to consumers’ wallets.
- Free consumers from carrying zillion cards.
- Configure redemption rules for currencies as per business needs.
- Enforce compliance requirements..
- Enables P2P transfer.
- Capture consumer details and other behavioural insights.
- Track campaign success & conversion rates.
- Engage with consumers through targeted promotions.
How retailers acquire and retain consumers?
Brands primarily issue six different types of currencies to acquire and retain consumers.
Prepaid reloadable account: Unique to every consumer, it provides seamless check-out experience, without exposing their card/bank details.
Gift Cards: A prepaid reloadable instrument issued by brands, usable against all the merchandise. Learn the different variants of Gift Cards.
Promotional Cards: Conditional instruments issued by brands to drive sales & consumer acquisition. Learn the 10 types of consumer promotions.
Refunds: An effective way of handling customer returns, usually managed in the form of credit notes. Learn how to happify unhappy consumer.
Cashback: An incentive given to a consumer, post the purchase of a product from a retail or online store.
Referral Incentive: Another form of incentive given to ‘existing’ consumers, when they bring newer customers to the store.
From currency to concurrency
Issuing six different currencies makes sense only if customers know when to use each of them, and more importantly, how to club them during purchases and create concurrent shopping synergies. The only plausible solution to this problem is to find a way to manage all of them from one place.
Introducing QwikWalletx, the consumer convenience point from which retailers can manage all their currencies. Ask for a personalized demo and assess if it can suit your business needs.