DigiPay is a next-gen mobile wallet solution which aims to bring a revolution in the FinTech and digital payment landscape with its unique and advanced offerings. Over the years, DigiPay has earned a reputation by delivering top-notch digital wallet and FinTech solutions to its clients.
Moreover, we always believe in making our solutions more robust and advanced by adding newer updates. Continuing that tradition, DigiPay has introduced a new product update in the form of customer loyalty programs.
With this update, all our existing and future clients can leverage customer loyalty features to skyrocket their profits and customer base. This feature will also play a pivotal role in attracting new customers and retaining the existing ones.
So, without any further ado, let’s understand what this update is all about and how can our clients utilize to the maximum effect.
DigiPay’s customer loyalty program
Many of our clients had demanded that they wanted to run customer loyalty programs through their wallets to gain competitive edge. We listened and understood their concerns and requirements carefully and then started working on creating a robust and highly customizable customer loyalty program feature. DigiPay’s customer loyalty program update can be bifurcated into two parts:
- Referral programs
Let’s have a look at them one by one.
DigiPay enables admin to add a customized referral program in which he can reward their customers in three ways:
- Cash: Cash amount that will be added directly into the user’s wallet.
- Points: User can redeem these points to unlock various discounts.
- Coupons: Users can utilize these coupons to enjoy various promos and offers.
The admin can decide referral awards in two ways:
Refer: In this, the user is eligible for a referral bonus only if the user refers their referral code to another user.
Transactions: In this, the user is eligible for a referral bonus only if the referee user completes a certain number of transactions.
DigiPay gives a number of options to admin as to how they want to add their referral program.
For example, the admin can decide to give referral rewards to:
- ‘both the users’
- ‘only to referrer’
- ‘only to referee’
Not only this, the admin can also decide if they want the referral rewards based on:
- Amount in $
- Percentage of the transaction amount
Let’s understand these various options with an example.
For amount in $
Case 1: A referrer user gets $2 and the referee user gets $1 when the referee user uses the referral code.
Case 2: Only the referrer user gets $2 when the referee user uses the referral code.
Case 2: Only the referee user gets $1 when he uses the referral code.
Percentage of the transaction amount
Case 1: A referrer user gets 2% and the referee user gets 1% of the amount when the referee user uses the referral code to complete a certain number of transactions with a minimum amount.
Case 2: Only the referrer user gets 2% of the amount when the referee user uses the referral code to complete a certain number of transactions with a minimum amount.
Case 3: Only the referee user gets 1% of the amount when he uses the referral code to complete a certain number of transactions with a minimum amount.
The above cases show the number of diverse options that DigiPay’s referral programs offer to its clients.
Apart from this admin can also perform functions like:
- Add Referral Program
- Edit Referral Program
- View Referral Program
- Activate/De-activate(End) Referral program
- Delete Referral program
Just like a referral program, we also offer multiple customized options to set reward programs. First, the admin can set reward programs for:
- Sign Up: The user receives a reward when he successfully signs up.
- Transaction: The user receives rewards when he completes a certain number or amount of transaction.
There are mainly three ways as to how users can earn rewards:
Award reward points on signup
In this, the admin can set X number of points for the reward program when a user signs up for the application. The admin can also frame spending rules and decide on how the user can withdraw their rewards points. For example, the admin can decide that a user will get $1 cashback value if he withdraws 10 reward points.
Award reward points on spend
In this scenario, the admin can award a certain number of points if the user spends a predefined amount of money. For example, a user will get 10 points if he spends $1. Similarly, he would be eligible for 100 points if he goes on to spend $10.
Award reward points on the number of transaction
In this scenario, the admin can award a certain number of points if he completes the predefined number of transactions. Moreover, admin can also decide to award points for a specific product like for a particular card or bank.
The user can also redeem their reward points to obtain an amount as set by the admin. In the below image, you can see the page which displays the total number of redeemable points. Moreover, it also shows the history of redeemable points with the date.
Apart from this, the admin can also perform various functions like:
- Add Reward Program
- Edit Reward Program
- View Reward Program
- Activate/De-activate(End) Reward program
- Delete Reward program
Benefits of customer loyalty update
Increase customer engagement
Mobile wallet loyalty programs can rapidly increase customer engagement . Your enterprise can utilize this marketing channel for offering special deals and pushing advertisements during a low season. Moreover, you can simply remind your customers about their current balance and about the redeemable points that are up for use.
Increasing customer retention also boosts the revenue because your loyal customers will have more trust in your offerings and thus will spend more. As per the research by Frederick Reichheld of Bain & Company, you can boost your revenue by 25 to 95% by increasing your customer retention by just 5%.
Collect crucial data
Nowadays, most of the millennial and young consumers prefer to have a personalized experience. You can motivate customers to fill out profiles as an essential part of your loyalty program which would provide you with critical data.
These data can help in providing personalized offerings to your customers. You can also create various target marketing campaigns that would build your bond with customers stronger than before.
Attract new customers
A good loyalty program plays a significant role in attracting new customers. You can attract new customers by offering discounts or points for signup. Moreover, if customers see value in your loyalty program and realizes that the rewards are well within reach then they would stay longer with your brand just to access easy rewards.
Furthermore, the customers that are satisfied with your service might share their experience with their friends and family thus increasing your new customers.
At DigiPay, we are always striving to become better than yesterday. This product update was also a part of this continuous effort. In the coming days, we will introduce new major and advanced updates which will make our mobile wallet solution stand apart from the rest. Till then continue reading this space for more updates.