There is already a lot of money swirling around the loyalty program space, and it appears as if even more will continue to funnel in. The reason, of course, is because loyalty programs, and similar customer engagement initiatives, when executed correctly, can bring tremendous value to brands and marketers.
Swipii, a Glasgow-based purveyor of customer loyalty and marketing CRM solutions, has been making progress across this industry by bolstering the loyalty of small businesses.
Since being founded in 2014 as the first automated marketing suite to “solve a multi-billion pound problem faced today by small ‘brick and mortar’ retail businesses,” Swipii has seen a significant amount of success and investors seem to agree on the potential of the platform.
To this end, Swipii has recently raised £2 million in additional inventor funding, which is potentially good news for the many loyalty platform providers still seeking to gain a stronger foothold across the industry. Following in Swipii’s footsteps, therefore, currently seems like a good place to start.
According to Swipii, after implementing a loyalty program, organizations typically see a 44% increase in customer visits with 80% of revenue being generated from the top 20% of customers.
For Swipii, this alone has proven the importance of customer loyalty, which has already been a boon for the platform. Swipii now it plans to use its new funding to expanding its current base of clients to a projected 4,500 by just next year.
“Swipii works with a large number of businesses, including barber shops, beauty salons and coffee shops and often they suffer from poor levels of customer data collection due to a lack of time and resources, which leads to the second problem of no follow-up communication to help increase repeat visits and drive customer loyalty,” said Chitresh Sharma, Swipii CEO and co-founder. “Our vision is for Swipii to become the sales force of hyperlocal retail. We want to give the power of systems such as big store loyalty cards to small and medium-sized retail businesses at a price that delivers a better ROI and significantly increases revenue for their business.”
Alongside working with many small businesses, Swipii has also formed partnerships with Cordia, one of Scotland’s largest providers of catering services, to motivate and reward students to eat healthier school lunches, which also showcases the usefulness of customer loyalty platforms even beyond the typical retail environment.