Marketplaces can significantly increase their business by incorporating Non-Cash Digital Value Products (DVPs) in their product portfolio. Here are key ways in which this integration can drive growth:
- Expanded Product Offerings
- Diverse Digital Products: Adding DVPs such as mobile top-ups, prepaid gift cards, and utility payments expands the marketplace’s portfolio, provides more value to customers and increases daily transaction opportunities, making the platform more appealing for a variety of digital needs.
- Cross-Selling Opportunities: Marketplaces can bundle DVPs with existing physical products or services, boosting average order values and enhancing customer convenience. For instance, users purchasing electronics could also buy a prepaid gift card or mobile top-up at checkout.
- Increased Customer Engagement
- Increased Frequency of Purchases: Unlike many physical goods, DVPs (e.g., mobile top-ups, subscription renewals) are purchased more frequently, leading to more frequent customer visits and interactions on the platform. This sustained engagement, improves retention and customer lifetime value, having a positive impact on churn rates and customer loyalty. In fact, DVPs are great products to use when developing loyalty programs since they may be built with low-cost products that have a high perceived customer value.
- Personalized Offers: Marketplaces can tailor their offerings to individual customer demands. Personalized offers on digital products based on previous purchases enhance customer satisfaction and encourage continued platform engagement.
- Access to Global Markets
- Serving Global and Diaspora Communities: With Prepay Nation’s global network, marketplaces can reach users looking to purchase digital services for international recipients. Non-cash DVPs such as mobile top-ups and bill payments are in high demand in many emerging markets. This opens up significant revenue potential in international markets, particularly in regions with high remittance flows or diaspora communities.
- Localized Products: Marketplaces can offer region-specific digital products such as localized mobile top-ups or other digital value products. This makes the platform more relevant to different markets and customer segments.
- New Revenue Streams
- Transaction-Based Revenue: Every digital product purchase generates commission-based revenue for the marketplace. This model allows for scalability as more transactions occur.
- Recurring Income: DVPs, like mobile top-ups are purchased more frequently than many physical goods. By offering these products, marketplaces can increase transaction frequency and overall volume, driving revenue growth.
- Operational Efficiency
- Quick Integration: By partnering with Prepay Nation, marketplaces can seamlessly integrate a wide range of DVPs using API technology. This reduces the need for significant infrastructure investment, speeds up time-to-market and minimizes operational complexity.
- Low Risk and High Security: Prepay Nation’s prepayment model minimizes risks like fraud or defaults, ensuring secure and reliable service for both the marketplace and its customers.
- Co-Branded Marketing and Promotions
- Joint Promotions: Marketplaces can work with Prepay Nation to launch tailored promotions and marketing campaigns to attract new customers or incentivize existing ones and boost transaction volumes. Offering discounts, bonuses or bundles on digital products can enhance brand visibility, increase purchases and hence drive business growth.
By incorporating Non-Cash Digital Value Products into its product portfolio, marketplaces can increase engagement and diversify their offerings but also open up new revenue streams and improve operational efficiency, especially if they establish a partnership with a global partner like Prepay Nation.
Partnering with us offers scalability, access to global markets, and a variety of monetization opportunities. A collaboration between a marketplace and Prepay Nation is, for sure built, on long-term growth, making it a highly lucrative strategy.
Interested in boosting your marketplace’s offerings with digital value products? Partner with Prepay Nation today to unlock new opportunities. Get in touch with us at Prepay Nation!
Author
Ana Vargas, Customer Success and Partner Marketing Manager
