Boost Customer Retention by Offering Walk-In Financial Services
As a retail store owner, you hear it all the time – retaining a loyal customer base is crucial to the success of your business. It helps your business earn more revenue and generate word-of-mouth marketing. By understanding your customers’ needs, you can boost customer retention without any hassle. Walk-in financial services are a critical component to competing in the retail space and maintaining consistent store traffic.
What is Customer Retention & Why Does it Matter?
Customer retention is the ability of a company to keep current customers with their business. Having high customer retention rates results in many benefits for your business such as:
- Increased customer lifetime value
- Greater customer satisfaction
- Higher average order values
This means your business has the opportunity to earn more when you focus on keeping a loyal customer base. Not only do high customer retention rates increase your store’s revenue, but it also improves your store’s promotability.
Retaining a loyal customer base results in shoppers becoming loyal supporters of your company which will motivate your customers to share your products and services with friends, family, and neighbors. This acts as word-of-mouth marketing (WOMM) which is a passive way of boosting your following and increasing your store’s foot traffic.
Suggestions made by friends and family members remain the most trusted source of brand information and purchasing influence. Plus, it is not limited to one interaction. As your customers tell their family and friends, each member will share their experience with another person they know. This means that WOMM can keep your business growing limitlessly – all for free.
Retaining Customers by Understanding Their Needs
Retaining a loyal customer base starts with understanding your customer’s needs. Several factors impact whether your customers need walk-in financial services.
Stores in a neighborhood-anchored location.
These are locations where locals often make quick trips for cash services. Stores in these areas act as community centers with repeat visitors from the surrounding neighborhoods.
Stores located within an ethnic diaspora.
International services, such as international Mobile Top-Up, are often a great fit for stores of all types in diasporas, regardless of average income. Customers can top-up their own phones or additional data or minutes to a family member.
Areas that are predominantly unbanked or underbanked.
Unbanked and underbanked citizens need the accessibility of paying bills online or adding additional minutes to their phone plan. If they find a retail store that offers these services within close proximity, they’ll continue to return to your store and share their experience with family and friends.
Walk-In Financial Services That Boost Customer Retention
Walk-in financial services necessitate more than a one-time visit. They are inherently a repeat business for monthly payments such as electricity bills, rent, and loans. Cash-paying customers who want to make purchases online will also revisit your store frequently to purchase digital or physical gift cards, or to reload a prepaid debit card.
Cash-paying citizens need to be able to pay their electricity bills, rent, and loans on a monthly basis. While some may have the option to mail their payment, others may be required to make these payments online. Without a debit or credit card number to enter on the bill payment website, they will rely on your store for walk-in financial services.
If the customers near your retail store rely on checks to make payments, they may often be found out of luck. Grocery stores, landlords, and utility providers often do not accept checks as a form of payment, which makes money orders the most convenient alternative. Money orders are a very mature financial instrument with a long history of trust through extensive use.
Mobile top-up, sometimes referred to as mobile recharge, is one of the fastest-growing cash financial services available. This service product allows a consumer to top-up their prepaid mobile phone with additional minutes or data. Fidelity Express offers an immediate top-up or PIN-less model that results in a quick transaction for both you and your customers.
Physical & Digital Gift Cards
Gift cards are a great way to add a simple service to your store for cash consumers. These services help cash-paying customers to make purchases online without the need for a debit or credit card number. Hence the name, they also make great gifts for cash-paying citizens.
Prepaid Debit Cards
Prepaid debit cards allow for a cash consumer to turn their cash balance into a debit card. This service is very similar to gift cards except customers have the option to reload their balance on a frequent basis. Prepaid debit cards are convenient for your customer because they can function similarly to a more permanent debit card, but they also benefit your store by providing a reason for your customers to come back.
Increase Retention Rates with Fidelity Express
Our financial services are offered at a low price, require minimal counter space, and are backed by excellent customer support. We offer low monthly minimums and require no monthly service fees. We’ll help you retain customers and earn more revenue without a huge investment. Our equipment is built with the latest technology. While our services are intuitive and come with free training sessions, our customer service representatives are happy to walk you through any questions you may have. Fidelity Express is here to serve you, so you can serve your community.