WOW (Wallet credits On a Winning spree)!

Wallet, a mini portable locker that keeps our money and other personal credentials safe. The virtual wallet is no different from the physical one. In fact, a digital wallet helps an individual to get benefited from the additional services like cash back, bonus points, fast transaction, etc. After demonetization drive, India has started to increase its dependence on the usage of digital wallet services. Reports state that, well known digital wallet platforms like Paytm, Freecharge, Mobikwik etc., witnessed a huge hike during the biggest cash crunch period. With a whopping 250% rise in transactional value and 200% increase in the app downloads, PayTm benefited the most. But, how business marathon sees WOW, is quite interesting!

WOW, the Sneak-Peek

Caption: The Sneak-peek

Digital wallet space is gearing up to the next level of digital transaction by combining loyalty and engagement. So, businesses find this as an opportunity to knock off the barriers that hinder them from identifying loyal customers. With the help of digital wallet, businesses get to track the real-time customer data (like number of purchase, interests, amount spent) and provide interesting opportunities to their customers to increase the repeat purchase.

WOW for boosting the Repeat Purchase

Caption: Boosting Repeat Purchase

As wallets maximize redemption via location aware information and SMS notifications, it is easy for businesses to help customers remind and foster them to make more purchases across their platforms. Unlike the old methods, wallet has bridged the communication gap, increased number of purchases and has increased the excitement level of the customers with automated SMS notification triggers and by setting milestones, resulting in increasing customer affinity/repeat purchase and engagement.

WOW for identifying the Loyal Customers

“Giving away something for free that customers probably would have purchased anyway isn’t the key to true customer loyalty “- Gabe Zichermann

Caption: Identifying Loyal Customers

With wallet system, businesses have a potential to create a Wow (Wow — exclaiming something is great) and distinguishable effect by tracking the repeat purchase rate of their customers. With real-time data tracking, digital wallet can help in filtering the loyal customers and trigger special promotions, coupons, rewards and cashbacks for the customers to pick and use within a specific period. The net effect is that, customers don’t feel the constraint to pay or spend more and the businesses are encouraged to build a loyal customer community.

Hence, wallet helps businesses identify the purchase behaviour and customer loyalty and creates a win-win situation for both customer and the business. Are you looking forward to leveraging wallet system? Opt for Codemojo’s Wallet Mojo.

What is Wallet Mojo ?

Wallet Mojo is a closed loop white labelled rewards component, where loyalty, gamification and even transactional currency can be stored as credits to leverage repeat purchase of your customers. In under 10 minutes of integration and 10 lines of codes, we help you create a benchmark for your business.

As Wallet Credits is On a Winning Spree (WOW), get ready to drive loyalty and engagement by integrating Codemojo’s plug and play component, Wallet Mojo. You are just a click away from unlocking customer engagement.