Digital Wallet for Ecommerce Users on the Next Basket Platform
The NEXT BASKET platform allows e-commerce stores to allow customers to use digital wallet payments for online purchases. The digital wallet feature integrates into your e-commerce shop for people to make cashless, cardless, and contactless online payments on their mobile devices.
Accepting digital wallet payments becomes much easier to manage with NEXT BASKET. The e-wallet works as a place to accumulate funds from returned orders. As a result, returns are less of a financial impact.
The digital wallet can also link to your loyalty program. When customers make purchases, they earn bonus points, redeemable for future purchases. It expands the payment options available for consumers.
Ready-to-use e-wallet in the e-shop
An electronic wallet connected to your online store is available for account users. They simply create a profile and receive a personal e-wallet, which is a digital form of payment.
Customers appreciate that this type of digital wallet payment method doesn’t link to a credit or debit card. Funds in the wallet are from previous returns or loyalty points, and shoppers decide how to use these in your store.
These payment exchanges are fast and easy. They can be a key differentiator for your brand in attracting and retaining customers. Having such a solution is part of modern mobile commerce and improves the customer experience.
Cashless and cardless payments online
With an electronic wallet, your customers have access to funds to make cashless and cardless payments. The amount in the digital wallet is only available for purchases in your online store.
Since everything occurs in your ecosystem, it’s an excellent payment method with no bank account details needed. Balances from returns are now back to you, and there are no fees you would typically pay in accepting credit and debit cards from external digital wallet apps.
Accumulate amounts from returned orders
With an integrated digital wallet, ecommerce businesses use flexible options when it comes to product returns. In traditional interactions, customers get a refund, and you have costs associated with fees and restocking.
With NEXT BASKET digital wallets, ecommerce stores can mitigate these losses.
You can also determine parameters around returns and offer customers free product return shipping. Should the product not work out for the customer, the amount paid goes into their virtual wallet as an e-voucher. You can then influence future payments and reduce cart abandonment.
Reuse of points in the online store
Establishing a loyalty program for your customers allows them to collect points that convert to a dollar amount for use on future purchases. It’s a benefit for you and consumers.
The money loop remains within your online store with e-wallets functioning as a commerce boarding pass.
Long-term customers and higher engagement rates
Keeping customers loyal to your brand requires many factors. Your products must remain high-quality, and customer service has to be consistent and reliable. These things ensure higher engagement and retention.
A digital wallet and loyalty program can help you meet these goals. They support building long-term relationships with shoppers. It can also help you learn more about their spending preferences, which yields more personalized offers.
Customers can access their virtual wallets on mobile and desktop. Making them available on smartphones enhances the mobile experience. Stay ahead of consumer preferences by adding this feature.
Transparency, accountability, and trust
When you integrate digital wallet payments into your NEXT BASKET online store, you ensure customers have:
- Transparency regarding how they accumulate and use funds
- Accountability related to all ecommerce transactions in their account
- Trust in your ecommerce site, brand, and products
Frequently asked questions
What is an e-wallet in NEXT BASKET?
An e-wallet on the NEXT BASKET platform is a feature that allows shoppers to use funds in a cashless and cardless transaction. Funds come from returns and loyalty points, thus eliminating the need of using other payment methods for subsequent purchases.
What is a loyalty program?
A loyalty program is a marketing strategy to encourage customers to shop and increase their ecommerce spending. These programs can include discounts and e-vouchers for anyone enrolled and the ability to earn reward points from purchases.
How does a customer accumulate points in their e-wallet?
Customers can earn points in their e-wallets when they are part of a loyalty program. The points come from making purchases and can vary. They remain in the digital wallet until the person uses them. No card details need to be added into the system.