Mobile is the most common way for users to access the internet. Currently, 57 percent of traffic comes from mobile devices and desktop usage continues to lag. If you aren’t already engaging with your customers via a mobile retail application, you’re already behind the wave. Apps offer a direct engagement method that drives tremendous value. More than that, millennials even more likely to use mobile devices to engage with brands. Thus, you can no longer ignore potential revenue streams available through an app. Here are five ways your app can help build revenue streams.
1. Push Notifications
When you have a special offer, discount code, or sale, the biggest challenge is getting the offer in front of your customers’ eyes. Traditional mailings are expensive and email open rates are minimal. However, push notifications allow you to deliver the offer directly to customers and guarantee they will see it. Plus, it offers you a way to engage specifically with mobile customers by offering some specials exclusively through your app.
2. Loyalty Rewards
Repeat customers are the backbone of a stable and successful business. Not only do new customers cost more to acquire, often five to 10 times more, they spend a lot less. Your mobile retail application can come with a loyalty program to engage with repeat customers. Since repeat customers spend an average of 67 percent more, loyalty rewards programs are a great way of showing appreciation. By tracking info through your app, you can make it easier for customers to use their rewards and get rid of some of the purchase friction by storing payment information.
3. GPS Coupons
Coffee shops have shown the value of the geo-targeted offer, but the application are endless for a brick-and-mortar store of any type. By using GPS location data to send out coupons directly to local shoppers, you can increase the number of visitors to your locations.
4. Streamline Operations
A convenient customer experience drives more business. For example, Chick-Fil-A and McDonald’s are leading the charge with a mobile retail application payment system. This allows customers to place an order, pay in advance and skip the line at pick up. This is an added convenience for both the restaurant and the diner. By putting more work hours into product creation and less into transaction handling, businesses improve their bottom line and help control one of the largest cost lines of doing business: man hours.
5. Price Comparison
While no store likes the idea of being a showroom for their competitors, the behavior is not going to disappear from consumer consciousness. However, an agile and smart business turns that to their advantage. Consider Best Buy’s app that allows consumers to scan items and get instant access to reviews. Since Best Buy also offers a Price Match, they don’t lose out on sales when customers pull out a mobile device.
There are many ways to use an app to engage with your customers, and all of them will eventually drive more revenue for your business. Some offer direct value propositions like discount offers and coupon redemption. Others are an added value that brings customers back to the experts. Hollister is a good example of a value-added app function. They provide a guide within their mobile app to display the perfect fit for each style of jeans. So how can your retail business benefit from this type of mobile retail application?
Look at your customers and performance, then find ways that you can connect through a custom app that represents your business. Specific-Group is here to help you through the process.