Paul Sheedy, CEO of Reward Technology, has come up with a breakthrough innovation for loyalty card shoppers.
Reward Technology is a new start based at Level39 that is going to change the way retailers provide their shoppers with special offers and sales. Paul explains that this is different to the traditional voucher concept in that it is meant to “stretch the customer”, or add to the customer’s shopping basket. Instead of sending vouchers out in the hope of bringing the customer into the store, Reward’s loyalty card focuses on adding value for the customer once in the store: it “finds customers at the start of their journey rather than at the end” says Sheedy. Reward Technology is a “multi-lane highway, allowing customers to decide what they want to receive and how they want to receive it.”
How it works: The shopper walks into a store with their loyalty card and mobile phone. Upon store entry, the loyalty card transmits a signal that triggers a text to get sent to your phone with special offers. You scan your loyalty card at the point of sale system when checking out and the system already knows what offers were sent to you.
The loyalty card gathers the following information:
- Where you shop
- Where you browse
- When you shop (day and time)
- Type of stores you prefer
With all this information, a customer profile is made, helping to refine what offers are best for that specific customer.
Some other advantages of implementing Reward Technology for your business include:
- Massive reduction of paper usage – reducing global footprint
- Reward Technology works with any phone, not just smart phones
- No need for an app
- Hits a wider customer base
And this is not just for big businesses with big budgets. Reward Technology is relatively cheap to implement, especially for new businesses with new point of sale systems: installation is simple. Some businesses already lined up to install Reward Technology include a small wine store as well as a range of London based supermarkets. IT certainly doesn’t feel like a fad: this is an innovation that benefits both retailer and customer, and may well play a part in the future of retail.
Reward Technology are about 2 months from going live, so do keep your eyes open for their technology in your favourite stores. And for more information about Reward Technology, visit their website.
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