Every marketer should have mobile wallets on their mind

In Australia, digital commerce continues to grow at a rapid pace and retailers are making the shift to digital to keep up with strong consumer demand. A recent eCommerce Industry Report by Australia Post reported that Australians spent an incredible AU$50.46 billion online over the year 2020, dwarfing the AU$32.1 billion e-commerce spending from 2019. Consequently, the lines between the physical and digital worlds are becoming increasingly blurred, as retailers look at new ways to provide a seamless omnichannel experience for their customers.

Mobile wallets can help facilitate the core of what omnichannel is trying to achieve; by definition omnichannel is immersive and puts the customer front and center. It’s about communicating in ways that are aligned with why they use a given channel and showing awareness of their individual stage in the purchasing journey. Customers can browse, research and purchase wherever they are in a more natural way, rather than treating channels separately and having fragmented experiences that result in poor conversion rates.   

But how exactly do mobile wallets achieve all of the above?

Mobile wallets facilitate omni-channel shopping experiences

The shift to seeing more digital purchasing puts even more emphasis on how digital is best integrated with the physical store network. Retailers will need to think about innovative ways to make the most of their brick-and-mortar stores and how to best link them to their digital channels. A great example of this shift occurred during Covid when stores were closed, but e-commerce suddenly boomed. Accent Group, Australia’s largest footwear retailer used their brick and mortar network throughout the lockdown period to fulfill online orders from ‘dark stores’ and saw their online sales increase exponentially in a matter of weeks.

A seamless shopping experience where customers can easily use different channels for various stages of the shopping journey is what customers in 2021 are looking for. According to a recent study by Nielsen and Stocard 67% of mobile app users research online for items and then buy the same items in-store whilst 50% of app users saying they are reluctant to purchase online because they can’t see or touch what they are buying.

A good example of this is at Dan Murphy’s, where you can now order online, enter your car number plate, drive to the store and wait for staff to deliver your order direct to your boot. Similarly, Woolworths has launched a convenient drive-through service allows customers to order groceries online and then when customers arrive to collect their shopping, they can alert staff via the Woolworths app or SMS link to notify the store team who will then pack the order directly in the boot.

Mobile wallets are strong enablers of cross-channel shopping experiences and provide full online to offline measurement and sales attribution. Stocard app users, for example, can browse a retailer’s catalogue and latest products prior to going in-store, be notified of a promotion when nearby, and even sign up to a new loyalty program, all whilst on their way to the office. 

Mobile wallets create tailored, targeted and relevant cross channel engagement at scale

A mobile wallet like Stocard is an excellent channel to deliver tailored and targeted digital marketing campaigns and content that is personalised to consumers. It is also a platform that can enhance a retailer’s loyalty program experience. For example, Stocard’s app users regularly receive notifications about nearby stores, new promotions or sales that match their shopping profile, as well as discounts at their favourite retailers. The overall impact is that Stocard shoppers feel more connected to the brand, are more engaged, and swipe their digital loyalty cards more regularly in-store.

Mobile wallets integrate with consumer needs and lifestyles

Mobile wallets help consumers simplify their day-to-day lives and they top the charts when it comes to delivering convenience. To become an indispensable tool in a consumer’s daily routine, a mobile wallet needs to support a huge range of functionality and join up the array of different features that deliver each part of the customer’s purchasing journey. This is why Stocard is unique, as it is essentially giving consumers the ability to research, purchase and pay for everything they need in a given situation, all from the palm of their hand.

We at Stocard are certainly excited for what is to come in 2021 as digital wallets continue to mature in Australia and become a critical component of a retailer’s omnichannel strategy. If you would like to discuss how Stocard can help connect the digital and offline worlds, please either visit our website or reach out to me directly via LinkedIn.