BOSTON, Sept. 12, 2011 /PRNewswire/—Pricetector today announced the launch of its new social loyalty platform for retailers. Pricetector combines a highly scalable, cloud-based platform with a consumer-facing mobile app to help retailers engage with their customers and build long-lasting, personalized relationships.
Founded by Rob Levy, ex-CTO of BEA Systems, Pricetector is the only company to offer a loyalty platform that helps shoppers get the best prices before and after they buy, using just their smartphone.
“Brick and mortar retailers are being squeezed from all directions,” said Rob Levy, Pricetector CEO. “They are faced with a fragile economy, customers who expect daily discounts, and relentless price competition from e-tailers, making their loyalty programs more important than ever. Yet 64% of consumers say they have never received a loyalty program offer that made them go back to the store. We want to help retailers change this,” added Levy.
Retailers who use Pricetector’s social loyalty platform benefit from social web and gamification techniques that help retailers make their customers feel valued and engage more deeply with their brand. Unlike impulse daily deals and coupons for occasional purchases, Pricetector’s co-branded app lets shoppers name their own price for the everyday products they want, and protects their purchases in the case of price drops.
How Pricetector Works – Before Purchase
Before buying an item, shoppers can use their smartphone to scan the product’s barcode and then name the price they would be willing to pay. Using Pricetector’s cloud-based platform, the retailer views the price and can choose to give their customer either a personalized one-time discount, or notify them if the item goes on sale at their target price.
How Pricetector Works – After Purchase
Pricetector also works with retailers’ price adjustment policies to protect against price drops after a purchase is made. The shopper simply snaps a photograph of their receipt using their smartphone and Pricetector does the rest. If the price of an item drops within the time period set by the retailer’s policy, Pricetector will prompt the retailer to issue a promotional branded gift card which drives repeat purchases and builds loyalty.
Loyalty Programs Ripe for Innovation
The average American household is a member of 14 loyalty programs, yet these legacy approaches typically experience low traction with consumers who often feel like ‘hostages’ and end up paying higher prices to earn points. In fact, only 27% of loyalty program members report receiving a reward or promotion that made them feel they were valued.*
“Technology is changing the way shoppers buy, and it should be changing the way retailers sell to their customers,” said Levy. “Our social loyalty platform providers retailers with a powerful way to upgrade their current loyalty programs and create deeper relationships with their customers.”
Pricetector will be demonstrating their new social loyalty platform at Shop.org’s Annual Summit, September 12-14, at booth number 656.
Pricetector was founded to help retailers use the latest technology innovations to engage with their customers and build long-lasting, personalized relationships. Pricetector’s social loyalty platform combines a highly scalable, cloud-based retailer platform with a consumer-facing mobile app that helps shoppers get the best prices before and after they buy, using just their smartphone. Pricetector is based in Los Gatos, CA. For more information visit www.pricetector.com.
*ACI Research Worldwide
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