TAKING MOBILE BEYOND PAYMENT SUPPLIER ARTICLE
Fast payment, ordering ahead and intelligent loyalty are the three elements of a successful mobile-led customer retention strategy
T
he rise of mobile payment is putting the spotlight on a long-established question – how can we use technology to meaningfully engage with our customers and increase sales? Before I launched Yoyo with co-founder
Michael Rolph, I was initially sceptical about mobile payments. Just because we all owned a smartphone didn’t necessarily mean we’d start using them to pay for our shopping, buy our morning coffee or pay for lunch. But then Starbucks launched a new payment and loyalty app. It was a clunky process and the user experience wasn’t quite up to scratch, but the app was attempting to combine payment with a positive customer experience. It was the moment that I realised that mobile payment was going to be big.
That was four years ago and since then mobile payment adoption has risen considerably. According to Worldpay, UK con- sumers spent £370m through mobile payment in the first six months of 2017 – a massive 336% year-on-year increase. However, while the big guys out there like Apple and Sam- sung have led the way in mobile payment, they have just focused on how to make another form of payment work, providing zero added value to catering compa- nies or their customers.
20 | Technology Prospectus 2018
A REWARDING EXPERIENCE What are customers looking for? It can be summed up in three words: faster, cheaper, better. Mobile is the fastest method of trans- action for customers. We know this because it currently takes just 1.5 seconds using Yoyo’s combined mobile payment and loyalty app. That’s seven times faster than a contactless card. Mobile also provides a way to instantly reward a customer with loyalty points or stamps at the exact same time (no more forgetting/ losing your stamp or loyalty card at the checkout!). And mobile gives customers the ability to remotely order ahead, an industry that will be worth $38b (£28.8b), according to BI Intelligence. For quick-service res- taurants (QSRs) and other catering sectors, combin- ing these three elements into one mobile-led expe- rience is essential for a successful digital customer retention strategy.
Through one platform, customers are presented with a faster way to pay (no more queues), can instantly access and use relevant rewards through their smartphone, and be given the opportunity to order ahead, receiving a more personalised experi- ence that nurtures loyalty.
KNOW THY CUSTOMER A caterer’s strategy can be drilled down into three questions: Who is my customer? How do I engage them? How do I sell more to them? Mobile opens up the opportunity for cater- ers to identify every customer at point of sale, turning anonymous shoppers into individu- als with purchasing preferences and habits. From every mobile transaction, caterers have the opportunity to analyse the resulting basket data produced. This can include items purchased, the date and time of purchase, previous purchasing habits and the average monthly spend and visits. Retailers can then use these insights to engage each individual customer by person- alising their experience and sending offers and rewards that are most relevant to them.
A BETTER EXPERIENCE Half of British consumers are said to buy more from brands that personalise the customer experience. Mobile makes payment take a back seat, while a positive experience becomes primary at the point of sale. Why? Because a mobile-led experience isn’t just another payment method – it’s a way to create a personalised experience, boost reten- tion and, ultimately, increase sales.
By Alain Falys, co-founder and chief executive at Yoyo
www.thecaterer.com
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