Amid a global cost of living crisis, consumers are increasingly turning to innovative solutions to manage their budgets and stretch their dollars further.

Stocard (a Klarna Group Company) centralises all of a consumer’s loyalty cards in a single mobile application for 5.3 million of its users in Australia and New Zealand, eliminating the need to carry physical cards. However, its value extends far beyond mere convenience and loyalty, as the app allows users to discover great deals, sign up to new loyalty programs, as well as search for and activate coupons, which are applied automatically at the checkout – thus providing value-conscious customers with ways to save their money through promotions and being a loyalty member. I’ve summarised three main ways Stocard provides consumers the opportunity to maximise their savings:

Customers are notified of both instore and online promotions in one central app

Today’s time-poor customers expect an omnichannel and personalised experience as standard. The internet has given consumers access to endless shopping options, and the proliferation of mobile devices has put offers and information at their fingertips – anywhere, anytime. With consumers now able to make purchasing decisions at any point along the customer journey, an omnichannel strategy is more important than ever. Mobile wallets are no longer a ‘nice to have’ – they’re an essential component of the everyday shopping experience where customers can access and be notified of both in-store and online promotions in one app.

Customers receive relevant and timely deals straight to the smartphone

Stocard enhances the shopping experience by leveraging technology to bring convenience and efficiency to the forefront. Users receive notifications of special offers and discounts at nearby stores, making it easier to take advantage of timely deals without the need for extensive research or planning. This feature is particularly beneficial during the cost of living crisis, as it helps consumers make informed decisions on the go, ensuring they can access savings whenever and wherever they shop.

Customers can join loyalty programs quicker and easier than ever before

Stocard also plays a vital role in building loyalty and community among users. By centralising loyalty programs, the app encourages continued engagement with your favourite brands and retailers, fostering a sense of loyalty and belonging. This connection is especially important during tough economic times, as it can lead to additional savings and rewards for consumers, further alleviating financial pressures.

Customers are facing strong headwinds with high interest rates and inflation resulting in a cost-of-living crisis. The rising cost-of-living pressures are impacting brand loyalty with consumers now more open to product and retailer switching. Shoppers are also becoming more savvy and spending less and delaying purchases and are also increasingly turning to cashback and loyalty programs for better deals. In this environment, Stocard gives customers value for money, ensuring they navigate this cost of living crisis as best they can.

• About the author: Tyler W Condon is head of partner success & commercial at Klarna.