Humans demand some kind of incentive to stick around to a brand/product/service. Do you agree? Well, I assume most of you would otherwise; the statistics of 84% of customers wouldn’t be here to prove. Are you wondering what we are trying to say? According to the statistics we have, 84% of customers chose to stick to a brand having some kind of loyalty program. Also, 66% said that rewards and loyalty programs had an impact on their spending behavior. This definitely confirms that incentives, or call it loyalty points or rewards programs, drive the impulse of shopping and helps in retaining customers more than anything else.
Incentivize the reward app with stock share:
But what if I tell you that rewards and loyalty programs are now being overruled by a new emerging concept, “Earn stock as a reward.” Although it is very new, entrepreneurs interested in building rewards app development would have heard about the buzzing platform “WithApollo.” It is a debit card platform that gives you a stock share every time you spend on a debit card. The concept is newly hyped and gives banks and top brands a chance to give fractional shares to their customers. Sounds interesting, isn’t it? Do you want to go for such a debit card reward app development concept? If yes, here is what you should learn before you develop.
If I am to name a few platforms that have adopted the concept of debit card reward app development are, Bumped and WithApollo. Both of these platforms give their audience a chance to earn a fractional share or a full share of various stocks. The stock values are usually between $3 to $1000.
The emerging trend will give the audience an advantage to learn about the stock market. On the other hand, stock owners and brands can introduce themselves to a new set of audiences. The concept of reward app development seems to reshape the industry and give the audience a share of ownership.
How will the audience get the rewards if you develop a debit card payment platform like Withapollo?
The working process of debit card reward app development is pretty simple. Every time a user swipes the debit card, the rewards are directly sent to the app account. The user can track or redeem the rewards directly from the app.
A user earns a fractional share or many times full share with every swipe depending on the platform’s offerings. The transparency of the platforms and the security of the shareholders play a crucial role in attracting new customers.
One thing to make sure of here is, use bank-grade encryption to keep the transaction and data safe and secure.
If you are excited to pursue the development of a debit card reward app development, here are a few things to take note of:
#1 Capture your customer’s interest and plan a personalized experience:
Customer satisfaction is always the top priority of new businesses. Imagine a brand sending you favorite goodies on your special day! Yes, taking the experience of using a service to cloud nine is the desired approach towards mobile app development. An experienced mobile app development company would vouch for this theory 1000 times.
Hence, while developing a debit card payment platform like WithApollo, you should know the interest type your audience holds in the stock market. Provide them the stock share options accordingly.
#2 Bring big brands to allure customers:
If we look at the stock shares available on the platform WithApollo, we will see popular names like Google, Facebook, etc., on the list. Likewise, your platform too should offer some famous stock shares on the platform.
#3 If possible, increase the % share size:
Customers always want more (Well, we all do). Hence, if your platform permits or the stock owner agrees, you can try offering a higher percentage share for a greater amount of debit card swiping. This will boost up the customer relationship and hook them more with the platform.
#4 Collect their feedback:
A real businessman knows the importance of customer feedback. No doubt, sitting at home comfortably and having your share account is extraordinary, but you should always put your customers first and ask them about their experience with the platform.
If required, iterate the app based on the feedback. However, if you have followed the mobile app development process thoroughly from the lean canvas model to the prototyping to quality testing, there would be less need for any kind of iteration. Kody Technolab follows the full app development cycle, step-by-step and hence confirms the same.
Coming to the next interesting question,
What is the cost to develop a reward app like WithApollo?
Rewards app development cost is extremely profitable. You invest somewhere between $25,000 to $35,000 and reap benefits in billions for years to come.
Let me clarify; this is our rate of developing a debit card reward platform and may differ from other company’s rate cards. In general, the cost of development varies depending on factors such as expertise level, years of experience, location, and market demand.
A beginner developer will charge nearly 6.5 times less than an advanced developer. For example, if you go for hiring a mobile app developer, a beginner will come at the cost of $25 per hour. In contrast, an intermediate developer would work at $50 per hour, and an experienced developer will work at $160 per hour. Also, these charges are dependent on the location of the developer. US charges are the highest, followed by the UK and lastly India.
You can either opt for full-cycle app development or pay them on an hourly basis; the choice is yours.
Time to change according to the market demand:
Well, it’s time that customers will demand value back from the big brands, and offering them a percentage share through a reward app is a great way. If you have found this concept intriguing and want to know more about what things you can add to this innovative platform or how you can transform your existing reward program and upgrade to a new concept, you can ring our bells. We would be happy to do the research and help you develop an entirely new concept like WithApollo. Thanks for reading.