3 minute read
OUT THE BOX
NOW THAT’S A GOOD IDEA…SWIPII
CASHBACK APP AIMS TO FUEL LOCAL SHOP REVIVAL
SWIPII, THE CASHBACK APP, HAS ANNOUNCED PLANS TO QUADRUPLE ITS BUSINESS NETWORK AS ITSEEKS TO HELP LOCAL RETAILERS FUEL THE SHOP LOCAL REVIVAL.
WHAT’S THE BIG IDEA?
Cashback app Swipii wants to help local retailers “rebuild their businesses post lockdown” and “fuel the local shop revival”.
DO LOCAL RETAILERS NEED TO REBUILD THEIR BUSINESSES?
Well, it’s been a bumper year for most local retailers but anything that helps them maintain and grow their businesses even further is no doubt welcome. The app is also being pitched, however, at all those non-essential stores that have been forced to close during lockdown.
6.6K APP INSTALLS
1,200 AVERAGE MONTHLY ACTIVE USERS
16.7K+ SOCIAL MEDIA FOLLOWERS
[DATA: 2019-2020]
HOW CAN SWIPII HELP?
The VC-backed Glasgow-based business plans to quadruple its business network with its “big brand tech and instant cashback offering powering a levelling of the playing field between small local and large online retailers”. Swipii says it can help local businesses attract, reward and retain customers. Launched in 2018, Swipii has helped local businesses generate spend of £440k to date. Even during lockdown, Swipii’s personalised offers have seen businesses increase customer spend by 16%.
HOW DOES IT WORK?
Swipii believes other solutions connecting consumers and local businesses are “outdated, clunky and ineffective”, with small businesses mainly relying on paper stamp loyalty cards. Even big high street retailers loyalty programmes have limited effectiveness, says the company, as represented by the £4.5bn worth of loyalty points lying dormant unredeemed across Tesco Clubcard, Nectar and Boots Advantage schemes. Swipii doesn’t rely on separate loyalty cards but simply saves users money by providing cashback incentives when they shop locally with their normal bank card through seamless cardlink technology. Users can get up to 25% off every time they spend, just by using their normal debit or credit card.
Customers earn between 1% and 25% on every purchase they make instore. No messing around with QR codes, tracking links or a different loyalty app for every business they visit.
There are no contracts, monthly subscriptions or set-up fees and retailers only pay when Swipii has driven extra revenue to their business.
When existing customers download the app, they get added to your marketing pool and will be targeted with smart push notifications alerting them to extra cashback offers, which brings repeat transactions.
WHO USES THE APP?
The app is currently used by almost 100 businesses, mostly in Scotland’s central belt, but the company is currently working to roll out the service to hundreds more businesses as high streets begin to reopen. Swipii is working with a number of British BIDs on this.
AND CONSUMERS?
The Swipii app has 26,500 registered users. Despite lockdown, 33% of them still made at least one cashback qualifying transaction each month throughout 2020 with the average cashback amount earned per user being 4.1%. Swipii customers have saved between 1-30% on transactions in 2020, with one Swipii user cashing out £55 on a single balance withdrawal.
WHY THE NEW GROWTH STRATEGY?
The company feels the time is right for smaller, local businesses to capitalise on the consumer shift to local buying from smaller stores and to buying online. Swipii intends building on these favourable market conditions by extending its offering throughout the UK and building what it calls “the world’s largest local marketplace”.
WHAT IS SWIPII SAYING?
Louis Schena, Swipii co-founder and CEO, says: “Local independent businesses form the backbone of our economy. The unfortunate truth is they are decades behind online businesses and big corporations when it comes to the technology they have. Our mission is to level the playing field as markets open up.”
HOW DO I FIND OUT MORE?
Email hello@swipiicard.com, call 0800 368 7416 or visit swipii’s website.
