This summer, Wal-Mart launched its mobile pay program nationwide. Similar to Apple Pay, users of Wal-Mart’s mobile app can now pay for their purchases through the app at any of the 4,600 Wal-Mart stores in the US. The app is available for both iOS and Android.
To use Wal-Mart pay, customers open their app at the register. The app generates a code that the cashier scans. The receipt appears automatically in the app, and the credit or debit card associated with the Wal-Mart account is charged. Each transaction is secure, taking place behind Wal-Mart’s firewall.
So far, the app is seeing great success, with 88 percent of people who try Wal-Mart Pay becoming repeat users. More than 20 million people used Wal-Mart’s app for discounts and store information before the roll-out of Wal-Mart pay, giving the app a wide user audience.
Consumer usage of the Wal-Mart Pay app reveals interesting information about consumers and how they want to pay and interact with businesses. Marketers across the country can learn about customer shopping preferences by studying Wal-Mart’s success.
Consumers want convenience
The Wal-Mart Pay app is supposed to save time in the checkout line, helping busy shoppers be on their way. Though Wal-Mart has not revealed how much time the app can save, the number of repeat users seems to suggest that the app is convenient, easy-to-use and beneficial to their shopping experience. Marketers should find ways to create an easier customer experience, no matter what the industry, whether it is through a similar pay app or other tools used to speed up the buying process.
Consumers want more deals and offers
The 20 million users of Wal-Mart’s app most frequently use it to find discounts and deals, assuring they get the best price on the products they purchase. Your customers want the same deals and offers through a loyalty club or special offers made available only to app users. To draw in more customers or app users, consider ways to make it worth the customer’s while by offering coupons or other promotions that reflects their desire to save money.
Marketers should find a way to collect data
Wal-Mart’s app gives the retailer unprecedented access to data about the user’s purchase history and habits. Wal-Mart wants this data to better tailor deals and promotions to specific users as well as make the shopping experience easier by generating automatic shopping lists based on the users past purchases. Using this data, Wal-Mart can create custom marketing for each of its users, likely resulting in more purchases.
Other business should also focus on data collection. Data from similar apps can reveal consumer shopping preferences that allow you to customize how you reach out to each shopper, giving them only the information they want to receive. This type of targeted marketing can lead to higher customer loyalty and better sales numbers.
As time goes by, more and more retailers are likely to roll out a similar pay app. Starbucks also use a Pay app that’s tied to its loyalty and discount programs. More businesses accept both Apple Pay and Samsung Pay. To stay on the leading edge, marketers should find similar ways to capture customer data and use it to create a personalized shopping experience that keeps consumers coming back time and time again.