Wallet Circle is redefining its business model post-Brexit, inviting both large and small retail businesses to join its loyalty app for free.
Wallet Circle offers free mobile loyalty cards to Brexit-threatened retailers & restaurants
Mobile start-up believes data and relevance keys to unlocking consumer spending
19 July 2016, London - Having raised £190K GBP in angel funding from private investors to develop its proximity engagement technology, mobile start-up Wallet Circle is redefining its business model post-Brexit, inviting both large and small retail businesses to join its loyalty app for free. The company will set up a customised mobile loyalty card and supply an iBeacon, which acts as a digital version of an ink-stamp, together with flyers and business cards for free, to all eligible ‘bricks-n-mortar’ retail, café and restaurant businesses across the UK.
Wallet Circle co-founder Manas Abichandani says: “Wallet Circle is adapting to the changing economic times. We understand that businesses both big and small have become more cautious and will only invest in new technology when there is a definite ROI. In response, we have decided to let businesses join our loyalty app for free so they can grow their user base with no risk and no obligation.
“Only once they see lots of their customers using Wallet Circle's app, and believe in its potential, they can choose to upgrade to our Premium tier, which starts from £25 GBP / month, to help them engage with these users.“
There will be no obligation to do this according to Abichandani: “We obviously hope that retailers will recognise the value of customer insight and the means to act upon it but we will not force retailers to upgrade. Regardless, as a paperless loyalty card, businesses can make tangible savings on design and print as well as doing their bit for the environment.”
Abichandani continues: “Similarly, in the face of a falling pound and millions wiped off share values, consumers may exercise a little more caution in regard to their own spending. For any business, no matter its size, knowing its customers is a key differentiator in the post-Brexit trading environment. Our mission is to help businesses grow and in order to do so, they need to strengthen customer relationships.
“Wallet Circle helps businesses of any size gather data and increase their understanding of their customers. Actioning this data via our dashboard, businesses can create personalised incentives that cut through customer caution. Combining proximity targeting together with highly-relevant offers delivers higher redemption and response rates than generic deals.”
Wallet Circle’s approach has generated traction for the recently funded start up, attracting new business customers weekly, including restaurant and café chain Benugo which is trialling Wallet Circle’s app to provide loyalty cards in its London outlets.
Benugo Marketing Manager Katherine Aylmer says: “Our customers love earning rewards and a loyalty card they can never forget because it’s on their phone. We are only just beginning to understand what we can do with the platform to attract new and lapsed customers, reward our regulars and incentivise visits in quieter times. Wallet Circle’s technology is helping us redefine customer engagement. “
Wallet Circle co-founder Abichandani concludes: “When we first launched in 2014, Wallet Circle used to bill each of its business customers set-up costs and for an iBeacon, a small-battery powered disc that helps determine customers’ location. Thanks to investment, and in the face of Brexit’s possible financial impact, we can offer retailers of any size a completely free service that enhances customer experience.”
Wallet Circle can be found in the app store for iPhone and Android.
Businesses interested in joining Wallet Circle should complete the form at Join
For more information, please contact:
+44 7448 159 842
Images can be downloaded from Press Kit
About Wallet Circle
Wallet Circle connects merchants and their customers via iBeacon powered mobile engagement that delivers loyalty, gaming and survey interactions based on location.
Founded in 2014, Wallet Circle has over 100 customers, encompassing not only high street chains Benugo, Whitworth Pharmacy and The Savanna but also smaller independent retailers and cafes. The company also white labels it's technology for larger businesses including retail marketing specialist TCC, Publicis Group and SCA, owners of the Velvet and Plenty tissue brands.
How Wallet Circle works
Businesses need to supply their logo, offer, address and preferred images and Wallet Circle will create a mobile loyalty card for them. Retailers need to simply unpack the beacon and keep it and the marketing materials by the till. Once an end user downloads the Wallet Circle app, they see the appropriate loyalty card automatically in proximity to the retailers’ iBeacon.
The iBeacon acts like an old fashioned ink stamp, but without the mess and a lot quicker. Staff hold the iBeacon to the top of a customer’s mobile handset and a stamp appears instantly.
Benefits of Wallet Circle
Wallet Circle’s unique technology combines a branded mobile loyalty card, an iBeacon to gather visitor data and an online dashboard. This dashboard provides actionable insight on customer’s visits including frequency and time. Offers and instant rewards can be set to run in quiet periods, reward regulars or to entice lapsed customers to return. Businesses can also reach out to customers in proximity to their store increasing footfall, expand their reach via 'tell a friend' campaigns and request feedback while customers are in-store.
Customers prefer Wallet Circle as they don’t need to carry lots of loyalty cards; they can instead store several on one app. It’s easier to earn rewards on a loyalty card that can’t be forgotten. Customers can easily keep track of rewards earned and redeemed.
A single app also means end users don’t need to install individual apps for each brand, saving memory and battery life.
This press release was distributed by ResponseSource Press Release Wire on behalf of Wallet Circle in the following categories: Business & Finance, Retail & Fashion, Computing & Telecoms, for more information visit https://pressreleasewire.responsesource.com/about.