In a very short time, wallets have become very popular. Many companies are starting their wallets as this is the new earning strategy companies have. Paytm has a wallet, Jabong has one, Freecharge has one, Myntra and even Airtel and others have their own wallets. Surely you know these wallets but you don’t know what these wallets are doing is changing a lot of our spending habits and we don’t even know how they are winning our minds. Let us try to understand this “wallet marketing” and how it works.
What is wallet marketing?
In the early days of e-commerce, the online selling companies used to refund the money back to the accounts of those who wanted to return something but now most of the refunds are done in these wallets. In a simple language, you don’t actually get your money directly back to the account and there is a high tendency that you will end up in using that refund in buying something else.
What is the Objective of wallet marketing
This makes us easier to understand the main objective of these wallets which is to lock the customer for long period and make him spend more and more to earn profits by increasing sales as the competition has become very tough for them. It is not easy to not get attracted to these wallets as they showed us the benefits such as security and fast one-click transactions.
Growth in wallet marketing
Marketers tried a lot of methods to make people use these wallets, they introduced big offers in using these first time and everyone suddenly became addicted to using them. One thing that customers forgot was this money in the wallets will never get the interest as they do get in banks. This was also a very big source of income for the companies as they have that capital, the most interesting thing some of the companies do is set an expiry date to use their money in the wallets which also makes spending money even if we don’t have a need for anything.
What we can do?
We should be aware of all these above facts and don’t put much of our valuable money in these wallets but yes you cant get away from the fact that wallet marketing is awesome and this has made a lot of change in the thinking of customers in terms of shopping.
Are you someone whos buying behavior has changed by these wallets? do share your thoughts on this post.