Mobile wallet technology set to provide the next wave of CRM data

Published on 15 November 2012 by in Latest News

mobile CRM contactless payment1 Mobile wallet technology set to provide the next wave of CRM dataMajor UK banks The Royal Bank of Scotland (RBS) and NatWest are the latest brands to announce they will be offering customers the option to pay for purchases via mobile wallet technology.

The availability of this technology represents an important opportunity for consumers and retailers alike to benefit from the increased speed and convenience of contactless transactions. Perhaps more significantly, however, it also offers a crucial advancement in the field of customer relationship management.

“Merchants are already spending money on things like advertising, food and drink specials and daily deal sites in an effort to grow their business,” explains a mobile CRM industry specialist.

“But trying to figure out what’s working, and tracking the ROI on those investments is difficult at best.

Mobile wallet technology may provide a solution to this issue, allowing retailers to automatically register purchase history data to better keep track of each customer’s preferences. This could then be integrated with other information within the company’s CRM system for a more rounded view of each consumer.

This comprehensive record of each individual could not only be utilised to inform customer service interactions, but could also enable better profiling of consumers for the sake of promotional activities and more accurate monitoring of whether these strategies succeed. For example, a customer who recently purchased a razor could be directly prompted with offers on replacement blades via their mobile.

As expressed by an eminent CRM expert, by linking mobile wallet technology to CRM systems, “merchants can see which programs are effective, target and segment offers to the guests they want to bring into their location, and personalise the guest experience like never before.”

In light of these numerous benefits, predictions anticipate rapid adoption of digital wallet technology. Research firm Gartner goes as far as to suggest that contactless payments will account for $617 billion worth of transactions by 2016.

Find further information on the multiple advantages of mobile CRM systems here.

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