Developing an app is one thing but generating its adoption on a large scale is a different ball game. Before downloading any app, customers compare the offerings of different apps, go through reviews, and scan for coupons. Forrester Consulting published a report that suggested only 60% consumers in the U.S. have two or less retail apps and 21% of them have not downloaded any! Moreover, only 50% of respondents indicated that they use those apps once or month at most. With such behavioural trends, how do super apps attract consumers to make them an integral part of their lives?
The Southeast Asian leading super app Grab which initially began as a ride-hail app and then broadened its proposition to include in-app messaging, food delivery and courier services has gone a step ahead to offer financial services. Grab’s financial services became bigger than its original business. Introducing GrabRewards programme was a key component which popularised and increased its adoption!
Following the same trajectory, PayTM is now capable of competing with two of the world’s super app giants, GoJek and Grab, with a merchant base of 21.1 million in 2021. To encourage regular usage of the app, it consistently offers exclusive deals and offers from a variety of merchants which can be redeemed by continuing using the app.
Merchant offers not only reinforce the customers’ behaviour of availing the services provided via the app but also prevent drop-offs of users who download the app for the initial deal. Sending notifications about the latest offers on their smartphones attracts them to use the super app to meet each of their needs, not just now and then. And the more frequently they use it, the more integrated it’ll be in their lives!
Frequent usage generates huge amounts of customer data. Is it that the more data, the merrier it is? Yes and no! Having the right data, more specifically the spending data, is important for super apps. And leveraging data needs a different skill set. Unlike offline retail stores which offer generic discounts, super apps use customer data to provide personalized offers to deliver superior experience. While there has been skepticism of sharing personal data with new firms, a report by EY showed that 46% users are happy to share their data for accessing better deals from their service provider.
A well-designed merchant reward program complements the IT strategy. Super apps having tie ups with merchants provide a platform for implementation of such reward programs. This helps marketers to overcome their long-standing problems and offer consumers a wide selection with higher value while dividing the cost of this reward funding program among multiple stakeholders.
Merchant offers satisfy the needs of members of getting valuable offers, merchants of reducing marketing costs, and the super builders of the super app of greater customer engagement. These programs are on a constant rise, but the boom comes with pains. To ease this out, Pulse iD offers an innovative solution to customize, personalise, and democratise merchant offers inside the loyalty programs of financial institutions. Visit https://www.pulseid.com to learn more!