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.