Tips to Grow Digital Wallet App with Right Customer Rewards

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March 9, 2023

Reading time about 5 minutes

Making a place in the world of a competitive business era is not an easy task, which is why most brands are struggling to win new customers & retain their existing ones.
With the evolution of new technologies, customers today are becoming more tech-savvy, which has led to an increase in demand for highly personalized experiences.
To meet the evolving buying behavior of customers, your business must make use of innovative technologies to acquire, engage and retain its customer base.
One of the latest technologies that are used by several successful companies is electronic wallet (e-wallet) apps for easy contactless payments and banking.
In this blog, we will check out some of the best tips to grow your digital wallet app by making use of the right customer rewards with the help of a reliable Loyalty Program Software Solutions Company.

How to Match the Most Suitable Rewards Program with Your Business?

Irrespective of the industry type, any business can become a digital wallet operator after integrating an e-wallet solution into its growth strategies.
For better-personalized experiences, brands must take their apps one step ahead by combining them with customer loyalty programs.
Loyal customers are an invaluable asset to help your business meet its goals effectively. The best way to boost loyalty is to incentivize customers with rewards like points, special bonuses & access to exclusive giveaways with enhanced shopping experiences.
Before hiring experts from the reliable iPhone Mobile App Development Services Company to integrate the mobile app with loyalty programs, you must know the relevant rewards to make your program a success.
Another aspect is to get rid of older technological solutions you may be using but is no longer effective.
Consider upgrading for a more modernized experience on both the front and back end using an actionable loyalty program to meet your business goals!

Also Read: Tips to Boost Engagement and Lessen Dormancy in Your Loyalty Program

Ways that show how a loyalty program can help your business meet goals –

  • Attract

Gain the attention of new audiences to your retail business with the help of lucrative loyalty rewards & bonuses!

  • Engage

Keep the focus on retaining your existing customer base with incentive-based programs that support traditional shopping behaviors and increase repeat sales!

  • Improve

Increase the customer lifetime value in terms of higher average check growth and the number of return customers by offering added benefits over time as they stick to your brand for a longer time.

  • Encourage

Offer special rewards to your most loyal customers and encourage them for more referrals by sharing the word about your brand.
Referrals often lead to new customers as well as retention of old ones. If you fulfill these above goals through your loyalty rewards program, customers are more likely to stick with your brand in long run and become less likely to fall prey to competitors’ unappetizing solutions.

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Also Read: How Does Loyalty Program for Hospitals Work and Build Your Trust?

Must-Have Features to Keep in Mind While Building a Digital Wallet App

We live in an era where customers prefer contactless payments and banking. An e-wallet app acts as a boon for business owners who deal with online payments, which helps not just in offering an enhanced buying experience to customers but also helps to increasing revenue.
Many brands especially the banking sector, non-banking financial firms, eCommerce, and online-to-offline retailers (O2O) are increasingly making use of e-wallet solutions in their business solutions to boost growth.
With the increase in the number of loyalty programs, competition is quite high, which is why customers expect more in terms of the rewards they will be receiving.
Apart from personalized in-app rewards, customers need enhanced user experiences across every phase of their customer journey to build stronger customer bonds with the brands.
Here are some of the best features that you must keep in mind while building the e-wallet app and integrating it with a loyalty solution-

  • Frictionless Payment Mode

Customers today typically look for ease and convenience over anything, which is why they prefer payment through digital wallet apps for their everyday needs, both online stores and physical shops.
However, the most important aspect is to make sure that payment data is safe and secure to gain the trust of the users while they make payments.
Make sure that the app is easy to use and secure, with the latest technology features for QR-code and NFC transactions.

  • Personalized Finance Assistant

Ensure that the digital wallet is built in such a way that it acts as a finance assistant to guide users with personalized money-saving tips based on their earlier shopping behavior and purchase habits.
You can also offer personalized insights with the best deals on trending products and the latest services that you or your third-party partners are offering along with in-app features for tracking available balance in card and transaction details.

  • Treasure Chest

Make sure that your customers feel like using a treasure chest through your app where they enjoy being rewarded just for being associated with the brand. This will not only help to meet expectations but also gain trust.
Ensure that you make their customer journey with your brand rewarding with more exciting gifts with daily activities, personalized in-app offers, redemption codes, and discounts & more to witness increased impulse shopping & better customer experiences.

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