For details of this update, please visit: https://hub.wallet.dev/changelog/v1-8-4

For details of this update, please visit: https://hub.wallet.dev/changelog/v1-8-3

For details of this update, please visit: https://hub.wallet.dev/changelog/v1-8-2

Our users already know that the links generated by our system to items in your digital wallet are short and simple, using the incredibly tiny url of https://wall.et/[your-wallet]

As a reminder, we use this tiny URL to save space in your outbound SMS messages to customers. It allows you to deliver great content without stressing about the 160-character limit from the major phone carriers. 

Also, customers don't want to receive SMS messages containing ridiculously long URLs. They want to focus on your message, promotion, news, or incentives and make their decision in an instant. 

The "wall.et" tiny URL conveys to your customers in a split second that they've received something of value in a digital wallet from your company, meant specifically for them. 

These short URLs are so effective, that we just launched a new feature that allows you to rewrite any URLs with a new, short Wallet URL. We call it the Link Shortener. This tool makes your existing links more attractive for customers to click, while also saving space in social media posts & emails, and it automatically generates analytics for the traffic to them.

For example, you can now convert a link on your website that looks like this:

https://www.yourbusiness.com/blog-article-number-123456/my-favorite-recipe.html

to something like this:

https://wall.et/MU0dD0nZK1Dq

Our tool also generates a QR code for you automatically which you can download and use in any print or digital media.

After you've created a tiny URL, you can monitor the traffic from within your Wallet Administrative Portal. Just login, visit the "Link Shortener" page, select the link and voila! Stats!

We think you'll like this new feature, so we're eager to hear your feedback. Please let us know how you use it and if you have any suggestions for making it even better.

Thanks!

For details of this update, please visit: https://hub.wallet.dev/changelog/v1-8-1

You walk into a new business, download a new app, get a new points system or loyalty program, and lose track of most – if not all of it – immediately after you walk out the door. As a consumer, this is time-consuming and irritating. As a business owner, it could be costing your business anywhere between 25%-95% in additional annual revenue.  

In a moment, I will show you five easy to implement strategies that your business can use right now.

Simply put: If you want your customers coming back through the doors of your business more often, you are going to want to read on.

Let’s jump into five ways you can increase your customer retention.

#1) Create a Smooth Customer Experience

If you have ever purchased something from Amazon, you are familiar with their “one-click buy” option. With the advent of the “one-click buy” option, Amazon found that if their customers clicked only one more button or diverted to a different landing page, conversion rates decreased significantly. If they forced customers to click on a third button, conversion rates dropped off a cliff. Amazon created such a frictionless experience that it became a hassle for their customers to shop elsewhere.

 By having a smooth, easy-to-use, and contactless digital payment option, your business can create a pleasant, more enjoyable experience for your customers. If your customer can use one application to access all their points, rewards, and loyalty programs, they will enjoy buying from your business more and spending their hard-earned money with your business.

#2) Top-Notch Customer Support

This is a win-win. When your customers feel heard, you gain their trust and continued business. When your customers provide feedback, you get a look at your business’s blind spots. When your business puts its customers first, your customers put your business first. A great way to show your customers that you genuinely care is to sit down with them when they have concerns.  People want to do business with brands that make them feel good. To be utterly cliché, I will quote Maya Angelou.

 “I’ve learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel.”

Utilizing messaging tools that allow for a personal touch will make your customers feel like they are your top priority. With a customer-first approach, this is the emotion you want them to feel, so that they will be saying to themselves, “We will definitely be coming back for more”.

#3) Get Your Customers Excited!

Scarcity, Urgency, FOMO (or Fear of Missing Out). Combine any of these powerful emotions with a promotion or discount, and you are cooking with grease. One of the most powerful groundbreaking tools available through Wallet Inc is their dynamic voucher. With the ability to bring customers through the doors on demand you will find that you’re able to create an even deeper customer relationship that will lead to more sales and an overall healthier business.

#4) Meet Your Customers Where They Are

How many emails do you get daily? Maybe a better question is how many emails do you ignore daily?

According to Mailchimp, the average email open rate – across industries – is 21.33%. The average click-through rate of those campaigns is only 2.62%. Now contrast that with the 98% - 99% open rate of text messages and an incredible 29% click-through rate according to Textedly. Additionally, 85% of emails are considered spam and have an average response rate of 90 minutes. SMS messages, however, are considered spam less than 3% of the time and boasts a 90 second average response time.

It’s no secret that people are on their phones a lot. Even though we all have access to our email on our smart devices, SMS continues to be king. Your business can send fewer messages (1-2 a week) and see greater customer retention by meeting your customers where they are.

#5) Make Your Loyalty Program Visible

Jump on Reddit, look at FAQs, or ask your customers. People think businesses are trying to hide their rewards or make redeeming those rewards so complicated that you won’t use them. Of course, that is not the case. Why would your business, or any business, offer a loyalty program if they did not want to increase their customers loyalty?

By putting your loyalty program in one centralized location (say like a digital wallet), you make your promotions more accessible to your customers. This makes them feel like you want to thank and reward them for their continued business. The principle of reciprocity, or the idea of returning the favor, suggests that when you do something for me, I am more likely to do something for you. When you give to your customers first (without expecting anything in return), they are much more likely to give their business to you.

When you make that process easy and fun to use, your customers will be thanking you while giving you their business.

Conclusion

Customer retention and a reliable stream of revenue are critical to your businesses. When your business makes life easier for your customers, they notice.

When your customers 1 – find your systems simple and easy to use, 2 - feel like they are your top priority, 3 – are excited by your offers, 4 – are met where they already are, and 5 – can easily access and use your loyalty program, customer retention will become second nature to you and your business.

Sources:

https://www.invespcro.com/blog/how-discounts-affect-online-consumer-buying-behavior/

https://www.invespcro.com/blog/customer-acquisition-retention/

https://www.invespcro.com/blog/do-loyalty-programs-work-whats-their-impact-on-customer-retention/

https://mailchimp.com/resources/email-marketing-benchmarks/

https://blog.textedly.com/email-vs-sms-marketing-when-to-use-which

For details of this update, please visit: https://hub.wallet.dev/changelog/v1-8-0

For details of this update, please visit: https://hub.wallet.dev/changelog/v1-7-2

For details of this update, please visit: https://hub.wallet.dev/changelog/v1-7-1

Merging CRM, Marketing, Loyalty, Messaging and Mobile Payments into the Perfect B2C Platform

Wallet Inc: Connecting businesses and customers directly, through a proprietary B2B Fintech SaaS digital wallet platform.

The Santa Barbara, California-based software company Wallet Inc. (https://wallet.inc) is changing the way that companies interact with their customers. Until now, businesses have relied on dozens of vendors to manage their customers’ data, with each vendor operating as an independent and disconnected silo.

These silos include the company’s social media profiles, website, blog, CRM system, revenue management system, loyalty system, email marketing campaigns, online advertising channels, and maybe their own mobile app. This has resulted in a complicated labyrinth of tools for each business to navigate, and it hinders each company’s ability to focus on their core competencies and competitive strengths.

Meanwhile, customers are trying to communicate with these businesses by phone or email, on social media, or through their website or blog, resulting in a scattered mess of tools and communications for both parties.

Wallet Inc. is approaching this problem with a new vision and fresh innovative software. By providing merchants with a specialized digital wallet platform, they can now connect directly with their customers for optimal efficiency, productivity, and profitability. Merchants simply create a free profile on Wallet’s Administrative Portal and begin connecting their existing tools and data sources.

Customers are then invited onto the platform with an SMS message. Each message contains a link to the customer’s personalized mobile wallet, which has been specially crafted for them by the business. From within the wallet, customers can easily locate their past transactions, along with redeemable vouchers, membership tiers, points, gift certificates, and creative new items like dynamic vouchers and advertisement credits, which breathe new life into these B2C relationships. Businesses can also share relevant news or upcoming events and communicate directly with customers through a private messaging feature.

Once a customer has opened their wallet, they can toggle between their favorite companies with a single click. The platform automatically surfaces all the customer’s favorite companies, by connecting directly with each merchant’s CRM system on the backend. Wallet Inc is entirely compensated by the merchants on the platform, so the public never pays a single cent or suffers through a single advertisement for access to these features.

“Sure, Apple, Google, Samsung and other companies provide some form of ‘digital wallet’, but they treat this space as a pet project. Their primary line of business is serving advertisements through search, or selling mobile devices.” says John Turnham, Founder & CTO. “They don’t see the possibilities in this space, which is why we named our company Wallet Inc. We expect our platform to be so ubiquitous that it becomes synonymous with the everyday use of a traditional wallet.”

At last, we might be seeing an end to cluttered email inboxes, overflowing home mailboxes, and the countless advertisements that we all encounter every day. For decades, businesses have benefited from many robust Customer Relationship Systems on the market, but now, Wallet Inc is changing this paradigm by providing customers with what may be the very first Merchant Relationship Management system.

We can’t wait to see what Wallet Inc delivers next.

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https://www.marketwatch.com/press-release/merging-crm-marketing-loyalty-messaging-and-mobile-payments-into-the-perfect-b2c-platform-2021-07-26