Mobile marketing. Engaging with users on mobile devices. It is something which everyone in the Forex world wants to do better, but not all actually accomplish. Leverate‘s Yael Warman takes a look at what Retail Forex brokers should know.
With FX brokerages having focused extensively on the trading platforms suited for computers and tablets, trading capability on mobiles has lagged significantly. However, with more and more of our everyday interactions taking place on our mobile devices, the industry would be well advised to turn its attention to developing technology conducive to performing trades on mobile devices. Other industries have quickly grasped that investments in such technology are more than worthwhile, and by looking at several examples, we can better learn how FX brokerages can utilize mobile technology to expand their horizons.
One excellent example of an industry utilizing mobile technology to both maintain their existing customer base and attract new users is the world of gambling. According to statistics released earlier this year by NewZoo, for the first time ever, mobile gaming will take a larger share than PC in 2016, with $36.9 billion, up 21.3% globally.
Whilst in a slightly different field, the CEO of one of the world’s biggest gaming sites explained, “Gaming has spread to a number of platforms, but at the end of the day, the platform that is always closest to us, is mobile. Mobile is where the future of gaming lies.”
The main question facing FX companies is how to develop their trading platform so as to allow first-rate trading to take place, and how to market this to existing and prospective customers.
One of the crucial considerations is the design of the page, ensuring that the mobile site should be uncluttered, and easy to navigate. Whether that means a responsive web design, or more likely mobile first web design, your company must ensure that the content is displayed in the most rational way to allow users access to the most important elements. Of course, the best option is to develop a mobile specific app, whereby the user is treated to a custom-made experience, which may differ substantially from that of a desktop, but allows the trader full access to the platform’s tools and links. Returning to our examples, the top gambling sites all offer custom made mobile apps for a tailor made experience.
On the theme of an app, this allows traders who download it to benefit from push notifications. In the world of trading, these will be a major benefit to clients, who could set the app to inform them of a change in market conditions in relation to a specific currency pair in which they are trading. Apps also allow brokers to benefit from the use of deep links, connecting traders immediately with a specific action they wish to encourage them to take. Apps in the gambling world benefit particularly from the latter of these, allowing customers to access the games they wish at the click of a button, rather than scrolling through a number of menu options.
In conclusion, a move to mobile specific technology is long overdue, and whilst the initial investment may be sizable, trading companies will reap the benefits in no time at all.