What is a Closed-Loop Environment?
A closed-loop environment is a place where consumers are known to the facility such as employees at a company, students at a university, or residents in an apartment complex. This offering can come in many forms such as: vending machines, office coffee services, micro markets, laundry facilities, and more for which people can pay with a prepaid card or mobile app.
Why Do I Need a Loyalty Program in my Closed-Loop Environment?
A closed-loop environment provides an excellent opportunity for loyalty programs because there is an existing and consistent customer base. Below we will highlight the advantages of using a mobile loyalty app such as Monyx Wallet in your unattended business operation such as helping you engage with customers and increase their stickiness.
1. Get to Know Your Customers
The first advantage of loyalty programs is that they help you get to know your customers and what their favorite products are. With the information you receive about customer transactions, you can learn about their buying habits and improve your offering. For example, a lot of your customers make purchases between 11:00am-12:00pm but the number of transactions taper off between 2:00pm and 3:00pm. So what do you do? You can create a happy hour promotion from 2:00 pm-3:00pm to get more buyers during those times.
All transaction and product data can be found in Nayax Core, formerly known as NayaxVend, Nayax’s backend management system that gets the data from your card readers via telemetry. You can manage your Monyx Wallet campaigns from there as well. Campaigns can be managed by machine, location, or product meaning that you can also test different campaigns and see what works best.
2. Reach Out to Your Customers
These kinds of targeted promotions will help you reach your customers and interact with them better. Giving them access to all of the information and promotions in the palm of their hand eases and enhances the purchasing experience. With Monxy Wallet, you not only reach out to them with different discounts and promotions, but you can also provide them with instant refunds through the app. This great customer service further improves customer experience and makes it more likely for people to shop with you.
3. Get Loyal Customers
Vending, coffee machine, and micro market operators that work in a closed environment already have a leg up when it comes to loyalty. However, they can greatly increase their customer’s loyalty with the proper marketing tools. Monyx Wallet allows operators to offer: prepaid cards, punch card campaigns, happy hour promotions, top up bonuses, and cashback and other benefits through gamification.
Paying with Monyx Wallet is extremely simple and convenient for the customer. All they have to do is download the app and add their credit card or closed loop prepaid card number. Then, they just tap their phone to complete the transaction. Adding these promotions will make them want to use this payment method more.
Imagine getting a notification that there’s a discount for your favorite product nearby, and on top of that, when you’ve completed your purchase, you can play a game and get cash back! This makes the shopping experience not only seamless, but also fun and interactive.
4. Improve Employee or Student Welfare
When you operate in a closed-loop environment you can work together with the company or university you’re located at and develop a prepaid card system which boosts employee or student welfare. If employees or students get some “spending money” from their employer or university, they are extremely likely to use it. They’ll get to know you and your products and then likely continue to shop with you even if their monthly allotted amount is spent. If you already have a branded payment app or mobile wallet, but want to integrate Monyx Wallet‘s capabilities into it you can get the Monyx SDK, which does just that.
5. Future-Proof Your Business
More and more customers are starting to pay with their mobile phones or smart watches because it’s so convenient and secure. By offering mobile payments, you are ensuring that your business keeps up with technology. And by offering mobile wallets you also have an opportunity to create marketing campaigns, provide punch cards, refunds, top up bonuses on prepaid cards, make discounts available for users, and more. With the proper tools and incentives, customers will return again and again, converting into loyal customers and even advocates for your business.
6. Increase Your Revenue
By getting to know your customers and providing them with an improved offering, you can greatly increase your revenue. Loyal customers are much more likely to shop more often and to spend more at a business, and if you’re in an environment that your customers visit almost every day, you are guaranteed to experience a great increase in revenue.
7. Boost Payment Security
Mobile payments increase the security of the transaction because they are encrypted and can be monitored easily by the user. The only time users enter their real card number is when they set up their mobile wallets. However, mobile wallets don’t use your card number in transactions, which adds an additional layer of security.
In conclusion, including loyalty programs in your closed-loop operation is not only beneficial for your customers but also for your business. Want to hear more about Nayax’s Monyx Wallet? Contact us here.