A startup is streamlining the traditional reward scheme process into one app for both retailers and consumers.
Springwise has spotted various ways that retailers are using incentives to improve consumer brand loyalty. A fashion brand used innovative technology to reward customers according to how often they wore products. Converting steps into loyalty points also worked for this shopping centre. Yet the process of loyalty programmes, despite being popular, doesn’t always work to the advantage of the customer or the retailer. An Australian startup identified these inefficiencies and is now seeking to plug the gaps.
OpenSparkz is a fintech startup based in Sydney that wants to optimise the value of loyalty programmes for those on both sides. Founder and CEO Terry McMullen believes that there is too much friction in existing schemes. Dealing with physical loyalty cards, vouchers, or discount codes adds to many obstacles to the modern order process. To make it more fluid, he and his team designed a dynamic new system. It allows consumers to link their payment card via an app. They can then internally browse offers and make a purchase, either online or offline. After purchase and payment, the user will then receive a notification in the app confirming the fulfilment of their chosen offer.
It takes no extra work on behalf of the retailer to register such offers, making life easier for both sides. OpenSparkz can also close the gap between online and offline sales by illustrating offers in physical stores digitally. This creates wider awareness of offers specifically for those they are relevant to.
OpenSparkz is currently part of Mastercard’s Start Path program and is seeking to implement themselves into existing retailers strategies.