Wednesday, February 21, 2024

Wallet Inc.: Elevating customer retention strategies with personalized digital wallets

 

Customer loyalty programs drive customer retention while helping organizations generate revenue and increase referrals. However, due to an overwhelming delivery of offers, usually through email, customers often miss out on valuable loyalty program opportunities. John Turnham, the CTO and Founder of Wallet Inc. was nimble in noticing the gap between businesses and consumers that could soon hinder their mutually beneficial relationship. John is an industry veteran with over two decades of software-development experience in banking & finance. He leveraged this expertise to lay the foundation of Wallet Inc., a proprietary, web-based SaaS system, which combines rewards organization, CRM, digital-payment technology, and a direct-to-consumer marketing platform.

John unified the benefits of CRM, marketing, loyalty programs, and digital payments into a one-of-its-kind B2C platform called Wallet Inc. In 2015, John and his team launched the platform’s first version. Initially, Wallet Inc chose the casino industry as it catered to different industries and vast customer data. “In addition to gaming, casinos have retail outlets, hotels, restaurants, spas, etc., and much of that data is siloed since many of these systems don’t integrate with one another. As a result, the establishment can miss valuable details about the purchasing preferences and patterns of even its most regular customers,” explained John.

So far, we’ve generated more than one million digital wallets and have facilitated over $1 billion in value, exchanged between businesses and their customers in the form of rewards and loyalty benefits,” proudly asserts John.

Improving the existing systems & tools

Wallet Inc. provides businesses with a toolkit to optimize the customer lifecycle. It has combined CRM, marketing, loyalty programs, messaging, and digital payments into a centralized system. Wallet Inc. offers businesses real-time analytics that can support their business and customers at every step. The platform can easily integrate with the existing tools and processes of the merchants it serves. John asserts, “Our platform improves the processes and tools you already have in place!

  • Customer Relationship Management: Wallet Inc. assists businesses in building a solid rapport with their customers. It offers real-time insights which can support building better customer relationships. The software can easily be integrated with the pre-existing business’s CRM system.
  • Communications: Wallet Inc. offers a platform where customers can easily engage with the brand. The businesses can send and receive TCPA-compliant SMS/MMS messages with the customers and support them with the browser or in-app live chat.
  • Digital Payments: Businesses that have an existing Point-of-Sale system can seamlessly integrate Wallet, eliminating the need to install new apps or buy new hardware. 
  • Marketing & Loyalty: The tool automates the reward to the customers for their continued business. Businesses can integrate the tool with existing loyalty systems and with their e-commerce website, with plug-and-play modules for popular platforms like Shopify, Wix, WordPress, and more.

Reinventing and adapting

Marketing trends experienced a pivotal change during the COVID-19 wave. Traditional marketing campaigns were rendered ineffective amid the crisis thus the companies focused on direct targeting. Relying solely on email marketing would not prove beneficial for the companies. John explains, “Emails are not suitable for loyalty programs. Customers are already bombarded and typical open rates for email marketing is in the 10%-15% range, so this means that 85% -90% of targeted customers are missing the opportunities provided by their loyalty programs.” Data is always collected in large numbers, so much of the data is lost or siloed even in the same company. With the integration of Wallet Inc, the companies can further improve their existing tools and systems. 

John added, “The Wallet platform scales to suit companies of any size with any number of departments and employees. This allows the business to manage its customers, club members, transactions, rewards, messages, integrated systems, and analytics. It serves as the communication hub for these different systems, connecting customer data from different environments, and consolidating it so the business can make informed decisions from a single centralized system.”

More than a digital wallet

Digital payments were a form of convenience but in the midst of the pandemic, contactless payment became a requisite. With the advent of COVID-19 businesses suspended the use of cash leading to an abrupt shortage of money. Wallet Inc modified the regular digital payment and created a modern-day digital wallet that can begin a transaction, locate, and apply any current offers. The user can pay from their device initiating a touchless point of sale. There is no extra fee or ads for the public to access these features. 

John has changed the traditional digital wallet with the addition of features and is undoubtedly competing with the big names. By far, businesses have relied on robust CRMs but with the introduction of Wallet Inc, the paradigm is shifting by providing customers with a one-of-its-kind Merchant Relationship Management system.

John concludes, “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.” He adds, “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.”

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