Gamification in Payments
With the evolution of eCommerce shopping, the etailers and eCommerce players have to make easy guiding, incentivising, and personalized experiences to the customers in order to achieve maximum conversions. If the eCommerce shopping experience is not a pleasant one, the X button is very near to the top of their consumer’s screen and in the next couple of seconds, the customer will be in your competitor's site.
If you are a tech enthusiastic, you can define, payment gamification as a new, innovative and crispy technology which is a wow factor during the eCommerce purchase of a customer. As it an evolving technology, the early adopters find their own way of doing it. Paytm was an early adopter of Payment gamification in India. When they first entered into the wallet business, they provided 10% discounts on the total cost if they make the payment processing with Paytm wallet. Once PayTm gained a considerable number of customers, providing 5-10% discounts were no more an economic way to attract users. At this point of time, they introduced gamification techniques to be economical. So every 5th and the 10th customer will be getting cash back, and it worked like a lottery. So any random purchase could win cashback while using Paytm.
In case of the traditional retailers, they gamify the payment checkout experience, or they gamify the entire shopping cycle. They just make it possible by making the entire online shopping experience with gamification technique. When a consumer added a product to the cart, then he has passed level 1, and with consecutive steps, the process keeps on encouraging the customer with passing levels.
In the case of payment gamification, few retailers provide the customers with random gifts when they make purchases. In case of payment failures, the concept of incentives encourages the consumers to try and complete the payments, which increases 15% more conversion. The customers can also share what they’ve won during the shopping and payments, which would, in turn, increase the traffic for the website.
There are many startups working in the area of gamification. Ingenico is a company innovates the payment and shopping experiences. which A Belgium-based startup called Luckycycle provides payment gamification technology to eCommerce websites. The product is easy to integrate into your legacy systems and API’s. They say, instead of providing regular discounts to the products during the purchase, if eCommerce companies provide gaming experience, where the customer has a chance to win the product for free through a lucky lottery, effects to double the click through rate in conversion.