Fobi AI (TSX-V:FOBI, OTCQB:FOBIF) Inc, a data intelligence and digital wallet pass powerhouse, has announced a new digital loyalty partnership with e-commerce marketing platform Yotpo.
Yotpo provides loyalty and customer review solutions to over 300,000 customers across multiple industries. Last year, Yotpo raised $200 million from investors, including $30 million from Shopify and it resulted in a total company valuation of $1.4 billion, which earns Yotpo unicorn status, according to Fobi.
Fobi said its new Yotpo Wallet pass solution will initially focus on Shopify retail and e-commerce customers and will eventually expand into other point of sale (POS) and e-commerce platforms. Fobi will make revenue from one-time setup fees per retailer and per-pass monthly licensing fees.
READ: Fobi AI on growth fast-track as a data intelligence and digital wallet pass powerhouse
The partnership with Yotpo not only gives Fobi access to their thousands of brands and their millions of end-user customers. It also gives Fobi the ability to jointly provide together with Yotpo a more robust loyalty offering to Fobi customers and prospects as well.
With out-of-the-box campaigns for rewarding customers with points for their activities, multiple ways to collect and redeem points and advanced segmentation based on reward status or tier, Yotpo loyalty functionality complements Fobi’s Wallet pass platform, said the firm. A combination of Fobi’s Wallet pass platform and Yotpo’s loyalty features will provide brands with one of the most fully functional loyalty platforms, it added.
There are two key areas of the Yotpo customer experience, online and offline that Fobi’s Wallet pass platform improves. Firstly, the wallet pass provides a simple and easy way for users to manage their Yotpo loyalty points from their mobile phones. It also enables Yotpo brand customers to use Wallet pass to directly engage with end-users by sending personalized notifications and offers straight to the lock screens of mobile phones.
Secondly, the Fobi Wallet pass solution significantly improves the end users’ experience for retailers who have a physical presence. Currently, if an end user wants to collect or redeem Yotpo points at a physical retailer through the Shopify POS, they need to provide their email address. By using Fobi’s Wallet pass solution, however, the customer simply shows the QR code on their Yotpo Wallet pass to the cashier who scans it and the points are automatically credited or deducted.
In a statement, Fobi CEO Rob Anson stated: “We have been working for quite some time on the launch of the Fobi mobile wallet loyalty and rewards offering. We believe that Fobi mobile wallet technology is well suited to deliver the next evolution in loyalty and rewards...With our partnership with Yotpo, we are well positioned for early success.”
In a recent Yotpo State of Brand Loyalty report, respondents ranked loyalty programs as the top experience brands could provide to make them more loyal (69%), and a positive mobile-friendly experience (46%) was also in the top 3, which is obviously what Fobi helps Yotpo deliver. A high 83% of respondents said belonging to a loyalty program influences their decision to buy again from a brand, showing the power of loyalty programs such as the joint Fobi and Yotpo solution, said the company.
The global loyalty management market size is projected to soar from US$3.65 billion in 2020 to US$18.22 billion by 2028, with a consolidated annual growth rate (CAGR) of 22.4%, according to a study by Fortune Business Insights.
The partnership with Yotpo extends the Shopify integration that Fobi has already completed to now include Loyalty and the Wallet pass, said the company.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
Follow her on Twitter: @UttaraProactive
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June 21, 2022 at 08:32PM
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