CRM Facilitating E-Wallets For Brokers
In today’s world, everything is done online and on smartphones; we mean everything, literally. Therefore, it is absolutely crucial for brokers to encourage their customers to use e-wallets for their payments for so many reasons. However, this transition is easier said than done because a lot of people are still unfamiliar with this form of payment, don't know how to work with it, or do not really know which one they can fully trust.
In this article, we are going to answer some common and frequently asked questions about e-wallets and try to clarify why they are an important feature for CRM systems and brokerage companies. But, let us start with some basics first.
What Are E-wallets?
An e-wallet is a digital system that stores a person’s payment information. By “digital” here, we mean that it exists purely electronically, and they are sometimes referred to as “digital wallets” as well. Using your card details stored by the e-wallet, you will be able to pay for things or services online and in shops. It is worth noting that the number of shops that accept this form of payment is rapidly growing all over the world.
Why should we use e-wallets?
Unfortunately, talking about the advantages of using e-wallets for users in full detail is beyond this article. Still, if we had to mention some of their benefits briefly, they would be:
- Improved comfort
- Saving time
- Better expenses tracking
- Enhanced security
- Special rewards
- Lower costs
- Time and money investments.
However, the main focus of this article is to introduce the advantages of using e-wallets for CRM owners, or in other words, brokers.
E-wallets enable your brokerage to improve its loyalty programs.
To encourage clients to come back for a second purchase and make them loyal customers to their brand and name, different companies and shops long ago came up with the idea of coupons. This genius idea at the time revolutionized the world of marketing. People were fascinated by the fact that they could get points for each purchase, even the smallest ones, and then later use them to get discounts on the product or service they are buying. This method of the loyalty program was later on evolved and become plastic loyalty cards. Shops would give you a plastic card, exactly the size of your credit or debit card that could easily fit in your wallet, which could store your personal information. So, this time, even if you forgot to bring the physical card with you to the shop, you could use your details such as phone number or name to add to your point or to use them for discounts.
E-payment systems also use the same marketing strategy to encourage their clients to use their applications and platforms to make more and more payments for a reward. The astonishing news is that this little trick seems to be working. According to The State of Mobile Wallet Marketing Report, 69 percent of consumers are more likely to use a mobile loyalty card when it is on their phone. Additionally, 73 percent of people are more likely to use mobile payments like Apple Pay if loyalty rewards and discounts are automatically applied.
So, as a broker, do you really want to play against those numbers, or would you like to take advantage of them? By adding these forms of payments to your system, they will be encouraged to make more payments on your platform because they know they are getting a reward.
Using E-wallets can create a new acquisition channel for your CRM.
Whenever a client uses one of their e-wallets, for example, Apple Pay, to pay for one of your services, invest at your company, or buy a certain asset such as cryptocurrencies, they can be promoted to join your brand’s loyalty program. Without having to fill out any forms, their information is pulled out from their e-wallets and then transported into your CRM so that later on, you can use this data to reach out to this user for any marketing campaigns or to promote your services.
In addition to this, research shows that 82 percent of consumers are more likely to join a loyalty program if they can automatically join at the point of purchase (POS) with no forms to complete. This can turn what was once just a transaction into a long-term mobile engagement channel.
E-wallets can help your company take advantage of an ongoing relationship.
As soon as a client uses the e-wallet on your platform, their information is imported to your CRM system. So, that is just the beginning of the relationship between your brand and the client. E-wallets can be updated, and multiple notifications can be sent on the users' smartphones. These abilities can be exploited in order to make the client feel positive about your brand. According to statistics, more than half of the consumers feel that the benefits they get from joining loyalty programs, such as birthday messages or double/triple point days, are necessary. They expect them from your company and many others.
Marketing campaigns can also be used via e-wallets. For example, if your company has developed new services or programs for clients, they can easily be communicated to them via a simple message or notification on their phones. For example, a new cryptocurrency that was not available to buy or sell on your website in the past is now up for grabs. Clients can now trade this crypto as well as many others. How do you tell those clients who have not been on the platform for a long time about this change? As a broker, you must make sure that you reach out to as many people as possible and not lose a single potential customer.
As you can see, e-wallets are very versatile. They can be used in many different ways and come with several advantages both for the clients and the brokers. In this article, we mentioned the benefits of e-wallets for your clients. However, we mainly stayed focused on different ways that brokers can use this feature to their benefit.
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