Because of the lockdown and social distance limitations imposed by the Covid-19 epidemic, digital channels have become the principal source for vocations like law and court hearings, medical consultations, automotive sales, and banking services. Even while digital appears to be the way forward, it may take some time before consumers can engage in digital ways of doing things as we go forward to adapt to the new way of life. On the other hand, for certain merchants and consumers, digital may not be a viable option.
Many industries, such as online shopping on Amazon or supermarket shopping on Groffers, have seen remarkable growth in numbers and business and would want to stick to the digital form of purchasing. However, brick-and-mortar institutions such as warehouses are necessary for those enterprises, implying that the physical mode is essential for many businesses. As a result, PHYGITAL, a harmonious blend of both physical and digital modalities, is the need of the hour.
We need to modify economic ways of doing business as a strategy to foster and support the phygital style of marketing for development as a result of the Covid-19 pandemic’s significant effect. Businesses must research how to best cater to customer service and experience while keeping in mind the phygital way of life in order to achieve this.
What is Phygital marketing?
Phygital marketing is a marketing and business method that combines the finest of both physical brick and store marketing and internet marketing. According to empirical research, the phrase phygital for B2B marketing appeared as a notable search in the greatest keywords search. Due to the Covid-19 pandemic lockdown limitations, clients have been forced to go entirely online for their purchases, such as online clothing shopping, rather than visiting the mall. Physical components, on the other hand, are required for extra services such as a sensory real-world shopping experience to meet the demands of particular client wants and experiences.
With the quick recharging of prepaid cards it produces and the diverse utilisation of these cards, various vendors for prepaid cards have emerged in the markets in the recent that provide numerous innovative options for satisfying the prerequisites for adopting a phygital way of life. Most commonly, the cards come in three different types, depending on the demands and requirements of each customer, ranging from physical to virtual to wearable. However, because the physical card requires the use of a PIN, the distinctive features of wearable and virtual cards are better suited to going phygital, as these cards are not identical to physically issued prepaid cards. The credits for these cards are distributed to users via an app. Gift certificates are another option offered by these vendors to facilitate the widening of the scope of the process of going phygital. These are reloadable gift cards that can only be used once.
The in-person encounter may be almost essential to deliver an experience that is not available through the internet or a mobile-based app. As a result, the phygital marketing form of business may boost the total experience in the immediate future as well as in the long term. There are several brands in the market that have had a promising success in the phygital domain even before others ventured into the field by providing a comprehensive online in-app experience that is consistent with the brick & mortar physical stores, allowing customers to try the products as much as they want. Most companies are aiming to provide people with a smooth, convenient experience while also ensuring that value is produced.
Can going phygital help in reaping economic gains?
With the volume and sophistication of technology available these days, there’s even more motivation to use it to our advantage to supplementing our market knowledge. By breaking the old paradigm and combining physical and digital elements, it is possible to improve many areas of delivery and product servicing, such as putting in-store customer experiences online for customers. This will not only enhance the experience, but will also improve the comfort and ease of doing business while facilitating increased security, speed, and convenience. This is exactly what the phygital nature of the business of using these prepaid cards involves.
Since the Covid-19 epidemic, companies have been able to interact with customers more and more, which has aided in the economic recovery from the lockdowns. Going phygital may bolster a company’s client relationships by facilitating stronger interactions in an environment where customers are paying less and investments are dwindling. This will be especially beneficial for banking solutions since it would allow customers to access and manage their financial decisions more judiciously. It may assist provide better, deeper insights into customer behaviour patterns and on the finance front if it is implemented wisely and completely. The contactless transactions provided by the prepaid card service providers are perfectly ideal for this.
Adopting a phygital business model can have a long-term influence on the workforce in terms of the skills necessary for new positions that will need to be re-evaluated. New staff training programmes would need to be created in order to improve productivity, with a specific emphasis on soft skills in order to engage with clients in the market as a result of digitalisation. Of course, improved technology is required to provide customers with the finest in-store online experience. This is especially true in B2B markets, where clients are prepared to pay more for services if they have a good experience, and it can even increase sales by a factor of ten because impulsive spending is encouraged. Phygital mechanism, when used wisely, maybe a strong tool for interacting with and engaging clients.
How BankIt is physically and digitally helping businesses
GO PHYGITAL WITH BANKIT CARDS!
Prepaid service card providers, with their wide range of services, are a one-stop shop for everyone in the market, as it also offers Prepaid Cards Services, which is a bonus for clients who may use these services in conjunction with prepaid card vendor services. Your FASTag may be loaded with information from your credit card, insurance, bill payment reminders with due dates, recharge, loans, and other sources.
- Prepaid card services for online shopping: Prepaid card services can enable you go cashless when shopping, allowing you to get the most discounts and cash back.
- Reloadable prepaid card services: Money can be recharged up to the RBI’s limit via an online prepaid card mobile application or by making a deposit at a local retail location.
- Virtual prepaid cards: TThe cards are not real prepaid cards, and the credits for them are distributed to customers via an app.
- Gift cards: These are one-time-loadable cards that may be given to anybody, from friends to business associates.
In here, prepaid card service providers provides around about six types of cards/solutions. However, their use cases can be endless which makes it all the more lucrative to be used by customers and merchants involved in the contactless transactions.
Key features of prepaid cards that facilitate going phygital seamlessly:
- Prepaid cards with no balance
- With an OVD (official valid document) number, you may get started right away.
- There is no need for a bank account.
- Use it at any store that accepts RuPay and for any merchant’s online transactions.
- Services for instant money transfer to any other card
- The BankIt app may be used to reload the card at any time and from anywhere.
- With operational bank-level security measures, it’s quite safe.
- Get rewards such as loyalty points and other perks.
- Take advantage of enticing discounts and cashbacks on fantastic brands.
5 Ways on how being Phygital can Transform the Businesses of today
The phygital method of mechanism has a lot of promise to transform the way business is done in the future. A mix like Phygital may offer an advantage over the standard in a variety of ways, including enabling greater consumer and company connection and engagement. The following are a few of them:
1.Reduces costs while increasing revenue:
Corporations may use actual brick and mortar venues to store their surplus stock and items, similar to the Lenskart model of business, by first allowing buyers to shortlist their chosen products online. Customers can then choose to have the items delivered to them directly or to have their bucket list of shortlisted things sent to their house for testing. Customers may choose the final product and make payment for what they want to buy. It reduces all in-store expenses such as power, rent, and other overhead costs, allowing companies to offer greater discounts and so increase sales, resulting in increased income.
2.Helps to expanding the business
Because a large portion of a business’s operations can be done online, they can expand the variety of products or services they offer with maximum leverage at hand, allowing them to extract the most for each client while still using physical mode for those needs that cannot be met online, maximising the use of the Phygital mode of payment. They may even outsource the task to a firm that can assist them in dealing with overseas clients.
3.Offers valuable insights of the customers
The phygital mode, which combines the physical and online modes to give a seamless consumer experience, may deliver outstanding value addition and provide a smooth customer experience. It guarantees that convenience and ease are provided. It also offers a variety of other benefits to customers, such as physical, virtual, and wearable payment options through the prepaid card itself. Fastag services, insurance, and the simplicity of getting a loan, for example, all assist companies provide a comprehensive overall experience to their clients.
4.Risk-proof system for its customers
Clients and customers have a continual back-and-forth contact in the phygital way of business. This allows for better data and information tracking and record-keeping, as well as increased security. This, together with the company’s typical business features, provides all-around protection for the company’s clients.
5. Customer loyalty
Your business may deepen and strengthen the link that consumers have with you by using the phygital mechanism. This allows you to achieve a stronghold of the market by maintaining previous customers while gaining new ones. As a result, it aids in both the development and adding of value.
The conversion to phygital, as lucrative as it is, may be a guiding principle for banks and financial organisations’ success. However, converting to the phygital mode is a big step since you’re no longer simply selling cards; you’re also selling a variety of perks and conveniences. You’re taking a risk by integrating them into a tight-knit network for improved productivity and customer service.