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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 retail technology led by mobile, according to Forrester.
Current consumer opinion supports Forrester’s prediction, according to 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 (source: Ofcom), mobile evidently needs to sit at the centre of a retail technology strategy.
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 (source: 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 a personalised experiences.
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 technology, so it was seen as a fantastic innovation.
But, the fundamental reality is that most mobile payment experiences add little extra value to either the retailer or the consumer – one form of payment has been replaced by another.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 CTO to create the fast, convenient and personalised experiences consumers now demand from their retail experience (PwC).
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. Research reveals these to be the key pain points for customers when they shop in-store (source: YouGov).Customer data insight and enhanced retail technology (both delivered through a single Yoyo-powered app experience) enables a CTO to 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.
Yoyo enables our retail partners to deliver seamless payment and automated rewards to your customers, whether they shop in-store or online.
And 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, which can be undertaken by your marketing team.
For a retailer’s tech team, think about a First Transaction campaign as the next step. This could take the form of automatically rewarding new customers with double points on their first three transactions. 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 provide CTOs with the retail technology that can identify what customers like to buy and when, whether they shop in-store or online. What next? Find a way to talk to them in a way you know will suit them best.
On average, we check our phone screens for texts, emails, social updates, push notifications etc, every 12 minutes of the waking day, so grabbing a customer’s attention at just the right moment is crucial. 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 retail technology platform not only enables you to view business performance, it also reveals real-time campaign impact, whether your customers are making those key return visits or using their personalised rewards and offers.
And of course the platforms enables your marketing team to measure whether your Yoyo-powered app experiences have resulted in an uplift in overall sales.