How to make mobile payment relevant for high street retail

Oct 20, 2017 · Guest post from Michael Rolph, co-founder and CPO at Yoyo Wallet

Screen shot 2017 10 20 at 06.11.15

The rise of mobile payment is putting the spotlight on a long-established retail problem - it’s 2017 and high street retailers are still failing to meaningfully engage with their customers.

According to Worldpay, UK consumers spent £370 million through mobile payment in the first six months of 2017 - a massive 336% year-on-year increase. Mobile payment is officially here to stay.

While big payments companies are adapting to mobile payment, their only focus has been how to make transactions work, which has offered zero added-value to retailers or their customers.

But what is the added value?

Put simply - payment needs to take a back seat and the personalised customer experience should become primary.

What are customers looking for when out shopping? It can be summed up in three words: Faster, Cheaper, Better.

A mobile-led retail experience provides the fastest method of transaction for customers - we know this because it currently takes just 1.5 seconds at the point of payment using Yoyo’s combined mobile payment and loyalty app. That’s seven times faster than using a contactless card.

More importantly, a mobile-led retail experience can also provide a way to instantly reward a customer with loyalty points or stamps at the very same moment (no more forgetting/losing your stamp or loyalty card at the checkout!).

Whatsmore, the retailer could also use the data collected from the point of payment to ensure that each loyal customer is personally rewarded with items they are most likely to want.

Customers instantly benefit from quicker service at the checkout, instant rewards and a personalised experience.

What about the retailers?

A retailer’s strategy can be drilled down into three questions: "Who is my customer? How do I engage them? How do I sell more to them?"

A mobile-led retail experience opens up the opportunity for high street retailers to identify every customer at the point-of-sale, turning anonymous shoppers into individuals with purchasing preferences and habits.

From every mobile-led transaction, retailers have the opportunity to analyse the resulting basket data produced. This can include items purchased, the date and time of purchase, previous purchasing habits, and the average monthly spend and visits.

Analysing individual basket data provides the ability to segment customers - connecting basket data to preferences and behaviours on an individual level.

Retailers can then use this insight to engage each individual customer by personalising their experience and sending offers and rewards that are the most relevant to them.

Half of British consumers buy more from brands that personalise the customer experience. This is exactly what a mobile-led retail experience, done correctly, can do.

Why? Because a mobile-led retail experience isn’t just another payment method - it’s a way to create a personalised interaction with customers - the holy grail in retail!

Check out our full interview with Yoyo Wallet's CEO, Alain Falys here. Want to get your company involved with the Mayor’s International Business Programme? Click here to learn more!

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Michael Rolph, co-founder and CPO at Yoyo Wallet

Michael is an experienced entrepreneur and business developer. He is co-founder and CPO at Yoyo, Europe's fastest growing mobile payment and loyalty marketing platform.

He was previously an advisor at Azimo, a mobile and internet money transfer company, and a mentor at Seedcamp, where he helped jumpstart the entrepreneurial community in Europe.

Prior to that, Michael was the non-executive director at The MoBank Group, which specialises in creating and operating transactional systems for mobile commerce, banking and payments. He was also director & EiR at Anthemis Group, a specialist advisory firm for growth-stage companies in financial services, markets and technology.

Michael also has experience working at PayPal, First Data Corporation and Barclaycard Business.

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