Mobile devices are a lifeline for most people right now, but even under normal circumstances people rely on their mobile devices for all kinds of information. Last year, 69% of people looked up information about products and services while they were inside of stores rather than asking a store associate. Using mobile devices to get information has become commonplace, and businesses that don’t communicate with customers the way they want are likely to be left in the dust.
Consumers Use Mobile Devices For Just About Everything
From managing finances to accessing government services, consumers are really fond of their electronic devices. But, increasingly, those smartphone owners are wanting to communicate via text messaging. In fact, 85% of smartphone owners prefer text messages to calls or emails. More than half of smartphone owners ignore emails completely because their inboxes are overloaded. What’s more, almost a third never listen to voicemail messages.
Text Messages Are What Customers Use And Want
SMS messages are just simpler for a lot of people. 90% of people say they open text messages within three minutes, making this an optimal way for a business to communicate with consumers. SMS text messages have a 98% open rate, as opposed to a 20% rate for email. Response rates are five times higher for text messages than they are for emails, 45% and 6%, respectively.
The response time is even more staggering for SMS messages. The typical response rate for a text message is 90 seconds, whereas the typical response rate for an email is 90 minutes. Response rates for text messages are 60 times higher than that of emails.
In 2019, 68% of businesses used some kind of messaging to keep connected with customers, and now they are relying on this type of communication more than ever.
How Businesses Are Using Mobile Messaging
In retail, mobile messaging is used for a variety of purposes, including sending coupons and sale notifications to customers. Mobile messaging is a crucial part of curbside pickup, which has grown significantly in popularity. Mobile messages are used to confirm an order was received, tell a customer when an order is ready, and for a customer to tell the store they have arrived to pick up their order.
Mobile messaging is used in medical offices to remind patients of appointments, check in for appointments, and remind patients of upcoming tests and more. Some offices are also using mobile messaging for prescription refills and physician questions between visits, which has shown to increase patient satisfaction with their medical providers.
For restaurants, mobile messaging is crucial for a growing takeout business, allowing business and customers to communicate quickly and efficiently. Small order changes and communication about order status can be easily communicated through a quick message rather than taking up the time and resources for cumbersome phone calls.
Consumers Want Mobile Messaging
One in three consumers have sent a mobile message to a business and not received a response, and most of the time it was because the business simply hasn’t activated two-way messaging capabilities.
The fact of the matter is that customers feel better about a business that uses mobile messaging. 65% of consumers say they feel more positive toward a business after a mobile messaging exchange because of a number of factors.
Mobile messaging shows consumers that a company values their time – there’s nothing worse than waiting around for the phone to ring or sitting on hold waiting for someone to help you. The ability to communicate with a business via SMS messages makes customers more likely to choose that business, and it increases the chances of recommending that business to their friends and family.
Communication Is Key
In order for businesses to be successful, communication should take place wherever a customer wants it to, and, increasingly, customers are feeling comfortable messaging instead of making phone calls or talking to people in person. Mobile communication also gives businesses the power to reach customers who aren’t physically showing up in stores with specials to lure them back in or to get them to use curbside pickup services.
Businesses that don’t use mobile communication are going to be left behind. Learn more about the power of mobile communication in business from the infographic below.
The post Understanding How To Use Mobile Communication For Business appeared first on Dumb Little Man.
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Stripe has led a $12 million Series A round in Manila-based online payment platform PayMongo, the startup announced today.
PayMongo, which offers an online payments API for businesses in the Philippines, was the first Filipino-owned financial tech startup to take part in Y Combinator’s accelerator program. Y Combinator and Global Founders Capital, another previous investor, both returned for the Series A, which also included participation from new backer BedRock Capital.
PayMongo partners with financial institutions, and its products include a payments API that can be integrated into websites and apps, allowing them to accept payments from bank cards and digital wallets like GrabPay and GCash. For social commerce sellers and other people who sell mostly through messaging apps, the startup offers PayMongo Links, which buyers can click on to send money. PayMongo’s platform also includes features like a fraud and risk detection system.
In a statement, Stripe’s APAC business lead Noah Pepper said it invested in PayMongo because “we’ve been impressed with the PayMongo team and the speed at which they’ve made digital payments more accessible to so many businesses across the Philippines.”
The startup launched in June 2019 with $2.7 million in seed funding, which the founders said was one of the largest seed rounds ever raised by a Philippines-based fintech startup. PayMongo has now raised a total of almost $15 million in funding.
Co-founder and chief executive Francis Plaza said PayMongo has processed a total of almost $20 million in payments since launching, and grown at an average of 60% since the start of the year, with a surge after lockdowns began in March.
He added that the company originally planned to start raising its Series A in in the first half of next year, but the growth in demand for its services during COVID-19 prompted it to start the round earlier so it could hire for its product, design and engineering teams and speed up the release of new features. These will include more online payment options; features for invoicing and marketplaces; support for business models like subscriptions; and faster payout cycles.
PayMongo also plans to add more partnerships with financial service providers, improve its fraud and risk detection systems and secure more licenses from the central bank so it can start working on other types of financial products.
The startup is among fintech companies in Southeast Asia that have seen accelerated growth as the COVID-19 pandemic prompted many businesses to digitize more of their operations. Plaza said that overall digital transactions in the Philippines grew 42% between January and April because of the country’s lockdowns.
PayMongo is currently the only payments company in the Philippines with an onboarding process that was developed to be completely online, he added, which makes it attractive to merchants who are accepting online payments for the first time. “We have a more efficient review of compliance requirements for the expeditious approval of applications so that our merchants can use our platform right away and we make sure we have a fast payout to our merchants,” said Plaza.
If the momentum continues even as lockdowns are lifted in different cities, that means the Philippine’s central bank is on track to reach its goal of increasing the volume of e-payment transactions to 20% of total transactions in the country this year. The government began setting policies in 2015 to encourage more online payments, in a bid to bolster economic growth and financial inclusion, since smartphone penetration in the Philippines is high, but many people don’t have a traditional bank account, which often charge high fees.
Though lockdown restrictions in the Philippines have eased, Plaza said PayMongo is still seeing strong traction. “We believe the digital shift by Filipino businesses will continue, largely because both merchants and customers continue to practice safety measures such as staying at home and choosing online shopping despite the more lenient quarantine levels. Online will be the new normal for commerce.”