What Restaurants Need to Know About Mobile Wallet Technology
- The old fashioned punch card: While it is an antiquated loyalty tool, many restaurant and retail locations still utilize these cards to try and incentivize customer retention. However, today’s consumer relies heavily on his or her mobile phone, and if businesses want to reach them effectively and efficiently, that is the place to do so.
- Communication channel overload: Consider the connection points advertisers and marketers have to reach their audience, such as TV, emails, and text messages. All of these mediums have grown increasingly cluttered, and few consumers are paying attention to the messages received via these avenues.
- Liability of holding guest information: To add another issue to the loyalty program conundrum, businesses carry liability when holding a guest’s personal information. If there is ever a technical glitch and your customer’s loyalty points are no longer available in your system, you will not be able to reconcile in real time the loyalty benefits that customer has earned. On the other end, if you keep rewards on the books too long, your financials do not look as healthy as they might actually be.
- Convenience of accruing and redeeming points; building loyalty status and customization very easily and with ubiquitous user experiences
- Adding and redeeming gift cards
- Adding and redeeming coupons
- Keeping track of past transactions and their locations
Viren Balar, chief technology officer and co-founder of Ziosk, is an expert in technology architecture and systems engineering with an extensive background in wireless, broadband, and digital signal processing technologies. Viren holds a Master of Science in electrical engineering from the University of Southern California and an MBA from Southern Methodist University.