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UK consumers spent a record £25bn via their smartphones in 2019 – a 66% increase compared to 2018, according to data from uSwitch. More pertinently, within five years £1.1 trillion of offline sales will be influenced by mobile, according to Forrester.
Current consumer opinion supports Forrester’s prediction, with 71% of smartphone users saying they now use their device to research in-store, adding that it’s become an important part of the full customer experience (Google).
Last year, Deloitte said that retailers would have to “re-define convenience” around their in-store experience – with 95% of the UK’s 16 to 24-year-olds now using smartphones to run their daily lives, mobile evidently needs to sit at the centre of a retail marketing strategy in 2020.
In this How To Guide, we’ll show how an effective mobile strategy can be introduced to customers and reveal how it can be best utilized to drive customer footfall and sales.
When 3/4 of consumers say that mobile wallets are more convenient than contactless cards (PaySafe), it’s essential that your EPOS provider is not only able to accept mobile payments, but has the ability to extract the right customer data that will fuel the personalised experiences a CMO needs to deliver.
In 2020, an EPOS provider should be able to capture full SKU basket data at the point-of-sale (data that reveals who your in-store customers are, as well as exactly when, where and what they buy).
This is the data upon which real customer insight can be found, and why so many EPOS providers in the UK choose to partner with Yoyo (we’re one of the only companies worldwide that can access this granular level of data).
Apple Pay came along in 2014 and made taking mobile payment a no brainer – little had to change for retail infrastructure, so it was seen as a fantastic innovation.
But, the fundamental reality is that many mobile payment experiences add little extra value to either the retailer or the consumer – one form of payment has been replaced by another. We’ve all asked ourselves whether mobile really beats contactless.
The real opportunity for retailers lies in providing the customer with a positive mobile experience beyond payment.
Yoyo-powered apps are not only four times faster than contactless payment (check out the proof below), loyalty points / stamps are automatically collected, rewards are instantly delivered and fully-itemised digital receipts are immediately placed in-app.
At Yoyo, we also view the mobile wallet as the engine that drives customer insight, based on profile (who they are), preference (what they buy) and behaviour (when and how often). This is the vehicle that enables a CMO to deliver the fast, convenient and personalised experiences consumers now demand (PwC).
Off the back of this data insight, Yoyo enables CMOs to create dynamic segmented marketing campaigns based on tastes and habits. At this point a retailer transitions from having a “mobile wallet” to a ‘smart wallet’.
Nobody likes long queues, being unable to find what they want, waiting ages for the bill, or going through laborious red tape to earn loyalty points and rewards. All the research shows these to be key pain points for customers when they shop in-store (source: YouGov).
As well as fast payment and automated loyalty schemes, Yoyo enables physical retailers to easily incorporate features like order ahead, pay at table, bill splitting, stock checking and reward stores into a single app experience.
Customer data insight and enhanced customer experience both delivered through a single Yoyo-powered app experience, s retail CMO cam tailor their in-store experience exactly to how their customers like to shop.
More than a third of consumers are put off by retailers that deliver an inconsistent experience across online, mobile and in-store, according to Salesforce.
If your customers have the option to split a bill, use multiple payment methods, collect loyalty points and redeem a voucher when in-store, a successful omnichannel strategy will deliver the exact same options to customers on their desktops or tablets, as well as a mobile-friendly experience to those using their phone on the move.
What’s more, the more a Yoyo-powered app is used, the more data you capture and the greater your understanding of what generates loyalty from your customers.
We all know how difficult it is to get a customer to change their behaviour. If they seem happy with contactless or use another form of mobile payment, persuading them to move to your branded is a challenge.
Yoyo has several highly-successful launch strategies in place to educate and incentivise customers to choose retailer’s branded payment & loyalty app experience.
ATL campaigns featuring promo codes that reward new app users with a free product is a great first step.
This is followed by a First Transaction campaign, which rewards new customers with double points on their first three transactions. Not only does this campaign reward customers for downloading the app, they are incentivised to keep transacting.
We also undertake a gradual phase out of legacy points or stamp cards, while providing customers with an easy mechanism to transfer old points/stamps/rewards over to the app – ensuring nobody gets left behind.
Yoyo-powered apps enable CMOs to know what their customers like to buy and when, whether they shop in-store or online. What next? Talk to them in a way you know will suit them best. If you’ve identified a segment of customers who tend to visit your store in the morning on the way to work, you can create an automated campaign that delivers a timely reward or offer.
This places your brand front-of-mind at just the right moment, while making a customer feel like their being treated as an individual, not just another shopper.
Crucially, you’ll need to know the experiences you deliver are creating a return on investment, both for you and your customers.
Yoyo’s business and marketing platform not only enables you to view real-time business performance, it also reveals real-time campaign impact, whether your customers are making those key return visits and using their personalised rewards and offers.
And of course the platforms measures whether your Yoyo-powered app experiences have resulted in an uplift in overall sales.