E-commerce apps are mushrooming everywhere. At the same time, brands and mobile marketers are using every trick in the book: fighting for user engagement, decreasing churn and increasing app downloads. While a few are still stuck to age-old methods, there are others who are more interested in setting the books of trade ablaze by growth hacking.
Offering a positive mobile wallet is one such growth hack that has not only piqued user’s interest but is also earning brownie points for particular brands and app marketers.
In this article, we will explore the dynamics of a mobile wallet, how it impacts users and brands as well as exploring positive wallet balance as a growth hack.
What Is A Mobile Wallet?
The benefits of In-app wallets are multifold-both for the user and the app marketers. Given the fact that most users are buying things on the go, In-app mobile wallets offer users an easy, convenient and an autonomous way of making purchases. Since the mobile wallets are usually pre-loaded with cash, it provides an instant shopping experience to the user, without having to worry about remembering tedious credit/debit card information.
But that’s not all. Brands and marketers can leverage mobile wallets in numerous others ways. Here’s a quick list>
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It elevates user experience– Imagine the comfort of hopping into a cab and getting out without the hassle of finding the exact change!
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It impacts brand image– Gone are the days when users went by what they saw on billboards. Offering a technology efficient solution is the need of the hour. In-app mobile wallets fit in perfectly here.
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Helps brands understand their customers, better– In-app mobile wallets are a treasure trove of data. It can give great insights into the type of purchases that your user are inclined to via the purchase history. This may form a solid base for mobile wallet based campaigns.
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It helps users hooked for long– A few apps offer wallets as a pitstop for re-directing refunds. By doing so, they keep the users hooked on to their app for long.
But what happens when a user’s wallet is empty? Empty wallets can be a contributing factor towards fewer purchases since it does not motivate users enough. Given that mobile wallets provide easy access to money, thereby facilitating faster purchase decisions, an absence of wallet cash bring them back to the same crossroads of remembering debit/credit card information- a lengthy and time-consuming exercise.
That’s when positive wallet balance can help the user to bounce back.
Positive Wallet Balance- The Newest Growth Hack!
At AppVirality, we support numerous e-commerce apps in their growth journey. According to our research, a positive wallet balance helps in reducing uninstall rates of mobile apps by almost 60%.*
A simple yet efficient hack like this is still under-utilized as it is rarely implemented. But for a few apps this strategy has worked wonders. Many app marketers believe in monitoring the wallet balances for users and reaching out to them at the right time. For example, sending a push notification, in-app message or even email triggers to user in case of low wallet balance and providing them an avenue to “win” positive balance is enough to gain the attention of a user.
We’ve discussed the theory of reciprocity in an earlier article which states that a person is bound to return a favor/give back something that is received, more than often.
Thus, offering a positive balance to users, may be just the right growth hack for sustained purchases and app growth!
Having understood the ways in which a positive mobile wallet can help your app grow, let’s dive into the various methods in which mobile app marketers can provide it to their users.
5 Ways To Offer A Positive Wallet Balance To Users
#1 Adding Bonus To A User’s Account
Adding bonus to a user’s wallet is a great way of pushing them for a purchase. When app marketers add a bonus, it works up the “free” psychology syndrome in the minds of users. A free product is a desired by all and therefore works like a bait, thereby ensuring a purchase.
#2 Offering Cash-Back In The Wallet
Offering cash back brings out the same psychology as mentioned in the above example. This can be used by marketers for attracting both new and old users. For example app marketers can offer cash back to users who purchase.
A lot of users may have limited transactions via the app, and such campaigns are a great way of winning them back.
#3 Offering Affiliates Via Product Sharing
For seasoned users, mobile app wallet upgradation can be tied to product sharing. This means users get a wallet bonus when they bring in more affiliates or refer more people to your app.
#4 Loyalty Offering
This technique can be used when a user takes a specific action. For example, when a user completes 5 transactions with an app, his wallet can be upgraded.
#5 Tying It up With In-App Referrals
Users love In-app referrals and we have enough example to prove it. Why not ask users to invite friends and earn money, if they go below a certain number in their wallet?
End Note
In-app mobile payments is a thing of present. It has changed the way e-commerce apps connect with their users and bring in more revenue. By upgrading a user’s wallet brands are reaching out to them at a personal level which makes interactions within the app quite fruitful.
Have you tested this growth hack for your app? Do let us know in the comments below!
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