Radinck van Vollenhoven
In Australia, digital commerce continues to grow rapidly and retailers are moving to digital to keep pace with strong consumer demand.
From Stocard Country Manager Australia and New Zealand Radinck van Vollenhoven.
A recent Australia Post ecommerce industry report found that Australians spent a staggering $ 50.46 billion online in 2020, bringing the ecommerce spending to $ 32.1 billion in 2019 dwarfs. As a result, the line between the physical and the digital world is becoming increasingly blurred. as retailers are looking for new ways to deliver a seamless omnichannel experience to their customers.
Mobile wallets can help facilitate the core of what omnichannel is trying to achieve. Omnichannel is by definition immersive and puts the customer first. It's about communicating in a way that is geared towards why they're using a particular channel and being aware of their individual stage on the shopping journey. Customers can browse, research, and buy wherever they are in a more natural way instead of treating channels separately and having fragmented experiences that can lead to poor conversion rates.
But how exactly do mobile wallets achieve all of this?
Enable omnichannel shopping experiences
The shift towards more digital shopping places even more importance on how digitally it is best integrated into the physical branch network. Retailers need to think about innovative ways to get the most out of their physical stores and best connect them to their digital channels. A great example of this shift came during the pandemic when stores were closing but e-commerce suddenly boomed. The Accent Group, Australia's largest shoe retailer, used its physical branch network to fulfill online orders from “dark stores” during the entire blocking period. Online sales grew exponentially in just a few weeks.
A seamless shopping experience that allows customers to easily use different channels for different stages of the shopping journey is what customers are looking for in 2021.
According to a recent study by Nielsen and Stocard, 67% of surveyed mobile app users researched items online and then bought the same items in-store, while 50% say they are reluctant to buy online because they can't see or touch anything.
A great example of the seamless shopping experience is at Dan Murphy's, where customers can order online, enter their license plate number, drive to the store and wait for staff to deliver their order straight to the trunk of their vehicle. Similarly, Woolworths has introduced a convenient drive-through service that allows customers to order groceries online. Then when they arrive to pick up their purchases, they can notify the staff via the Woolworths app or a text message link to notify the store team, which then packs the order right in the trunk.
Mobile wallets are powerful enablers for cross-channel shopping experiences and offer complete online and offline measurement and sales allocation. For example, shoppers can browse a retailer's catalog and the latest products before they go to the store, find out about an in-store promotion nearby, and even sign up for a new loyalty program, all on the way to work.
Create tailored, targeted, and relevant cross-channel interactions on a large scale
A mobile wallet provides an excellent channel for delivering bespoke and targeted digital marketing campaigns and personalized content to consumers. The platform can also enhance a retailer's loyalty program experience. For example, users receive regular notifications about nearby shops, new promotions or offers that match their shopping profile, as well as discounts from their favorite retailers. The overall effect is to make shoppers feel more connected to the brand, more engaged, and more regular with their digital loyalty cards in store.
Integrate with consumer needs and lifestyles
Mobile wallets help consumers to simplify their everyday lives. The platform tops the charts when it comes to providing convenience. To become an indispensable tool in a consumer's everyday life, a mobile wallet must support a wide variety of functions and combine the multitude of different functions that cover every part of the customer's shopping journey. This is why Stocard is unique in that it essentially gives consumers the ability to research and pay for every item they need in a given situation from the palm of their hand.
Now is the time for marketers to think about how a mobile wallet could be integrated into their omnichannel strategy. Dealers who do not integrate their offline and online channels could fall by the wayside. At Stocard, we're certainly excited about what's to come in 2021 as digital wallets continue to mature in Australia and become a vital part of a retailer's omnichannel strategy.
About Radinck Van Vollenhoven
Radinck van Vollenhoven is Country Manager of Stocard in Australia and New Zealand, the leading mobile wallet with more than five million app users and a strategic partner for retailers who want to close the circle between the digital and physical world.
Radinck is a highly motivated senior retail and technology executive who knows about the customers of the future and how to effectively engage them, encourage repeat business, and drive sales through strategic marketing. He has founded and scaled multiple technology, retail and media startups on multiple continents over the past decade. Radinck is particularly interested in disruptive technologies that have the potential to change the way consumers interact with each other and with the brands around them. Before joining Stocard, he worked for Apple, Criteo and Spotify in a variety of business development and management positions, building their Australian and European businesses.
Radinck is most active on LinkedIn. Click the link to view his profile.
Stocard is a fast growing fin tech start-up focused on improving the shopping experience and bridging the gap between the online and offline worlds. With more than 60 million users worldwide and 5 million in Australia and New Zealand, Stocard is the leading mobile wallet for the entire shopping journey from research to purchase. Stocard helps leading Australian retailers connect with customers and increase footfall and sales in their stores. Further information can be found at stocardapp.com/business.