From Fat Wallets to Mobile Apps

From Fat Wallets to Mobile Apps

Earlier last month I was giving a talk to the Senior Management of a large local SME. The talk revolved around the future of Mobile Technology.

My task for this morning was simple. To help my potential client, convince her boss and her board of directors that Mobile is the way to go and that they need to set aside a budget to invest in their Mobile strategy.

Rather than engaging in the usual spiel of future mobile trends, mobile landscape, etc., I decided to adopt a more intuitive approach.

During the session, I took out my wallet and told the Senior Management that herein lies the future of Mobile Technologies.

CONFUSED? Well, so were they.

You see, people frequently ask me how confident am I that Mobile Apps are not just a passing phase. This again is the wrong approach to take. Mobile Applications is not a question about technology. In fact, Mobile Technology is really about convenience and utility.

Human beings are innovate creatures. We constantly look for shortcuts to do things better and faster. The reason Mobile Apps have taken off, is because they allow people to be more effective and they provide plenty of increased convenience to customers.

A good example is loyalty card program. I am sure many of us have had this experience. We go to a shop or restaurant – make a purchase – we receive a loyalty card – we put it in our wallet – it makes our wallet look fat and ugly – we forget about it – it expires.

Annoying isn’t it? The beauty of a Mobile App, is that it helps to reduce all these inconveniences to the customers. Imagine this scenario. User download your apps – chalks up reward points – there’s no clutter to the wallet – when points are expiring, a notification gets sent to the user – they head down and redeem and probably makes a purchase – Customer Happy, Company Happier.

A BAD EXAMPLE

In Singapore, I see so many Mobile Apps for companies that fail. This is because they don’t approach the Mobile App development from the perspective of convenience to the customer. All they do is to lump everything from their website into their Mobile App. The moment you don’t provide convenience, well you can forget about people downloading your app.

WALLETS WILL GET FLATTER

Let me take out my crystal ball and do a prediction.
The trend for the next 10 years will be this.
Wallets will get flatter.

This is because many of the things found in your wallet can be easily converted into a Mobile App.
And of course, there is an inherent benefit to your customers.
They no longer need to carry heavy wallets full of expired coupons.
More importantly, if designed properly, your Mobile App can even enhanced the whole customer experience and bring out your Brand identity.

WHAT DOES THAT MEAN FOR BUSINESSES?

Well, take out your wallet.
Most of the things within your wallet can be digitized.
That is why you need to position yourself early in Mobile App adoption.
If you can start inculcating in your customers a habit of using your app, the dropout rate would be much lower.

This means that you need to start assessing the viability of a Mobile App loyalty program, mobile commerce, mobile reservation, etc.

Don’t let your competitors get a head start on you. Move fast, move quick, move now!

Feel free to call us at +65 64382006 or simply click here for enquiries.

Benjamin Yang

Managing Director