Fobi and Yotpo to offer Digital Wallet Loyalty Solution to Yotpo’s over 300,000 accounts.
Last year Yotpo achieved unicorn status with a valuation of $1.4 billion, including a $200 million raise and an investment of $30 million by Shopify. Fobi’s new Yotpo Wallet pass solution will initially focus on Shopify retail and E-commerce customers and will eventually expand into other POS and E-commerce platforms. Fobi will make revenue from one-time setup fees per retailer and per-pass monthly licensing fees.
PARTNERSHIP TO PROVIDE FOBI’S MOBILE WALLET LOYALTY OFFERING TO THOUSANDS OF TOP-TIER BRANDS
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. Yotpo’s loyalty functionality is fully featured and has already seen great success with brands in the marketplace. 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 perfectly complements Fobi’s Wallet pass platform. The combination of Fobi’s Wallet pass platform and Yotpo’s loyalty features will provide brands with one of the most fully functional loyalty platforms available today.
FOBI AND YOTPO PARTNERSHIP WILL IMPROVE THE CUSTOMER EXPERIENCE FOR YOTPO’S CUSTOMERS BOTH ONLINE & IN-STORE
There are 2 key areas of the Yotpo customer experience, online and offline that Fobi’s Wallet pass platform improves. First, the wallet pass provides a simple and easy way for users to monitor and manage their Yotpo loyalty points right from their mobile phones. Connected to this, it enables Yotpo brand customers to utilize the Wallet pass to directly engage with their end-users by sending personalized real-time notifications and offers right to the lock screens of their mobile phones. As brands struggle with building their own zero and first-party data programs, direct customer engagement on their mobile phone is a key component of any loyalty program and something that Yotpo is extremely excited to now be able to offer to their brands.
Secondly, the Fobi Wallet pass solution significantly improves the end users’ experience for those 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 or full name to the cashier, which is personally identifiable information that they must say publicly, and which the cashier needs to input correctly. 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. This is a significant enhancement of the in-store customer experience, helping offline retailers compete against the online Ecommerce giants.
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 the Fobi mobile wallet technology is well suited to deliver the next evolution in loyalty and rewards and with our partnership with Yotpo we are well positioned for early success.”
LOYALTY BECOMING EVEN MORE IMPORTANT FOR BRANDS AND LOYALTY MARKET & WALLET PASS USAGE GROWING AT A VERY RAPID RATE
In the 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. And 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 & Yotpo solution for brands today.
The global loyalty management market size is projected to grow from USD $3.65 billion in 2020 to USD $18.22 billion by 2028 with a Consolidated Annual Growth Rate (CAGR) of 22.4% during the forecast period, showing significant growth and opportunity for Fobi & Yotpo.
This partnership with Yotpo extends the Shopify integration that Fobi has already completed to now include Loyalty and the Wallet pass.
With the most advanced solutions for Loyalty & Referrals, SMS Marketing, Reviews, and Visual UGC, Yotpo helps brands accelerate their growth by enabling advocacy and maximizing customer lifetime value. With Yotpo, brands can effectively leverage social proof to increase trust and sales, cultivate loyal customer advocates, engage shoppers on top engagement channels, and so much more. And we want to make it all easy, too, for brands of all sizes.
Fobi is a cutting-edge data intelligence company that helps our clients turn real-time data into actionable insights and personalized customer engagement to generate increased profits. Fobi’s unique IoT device has the ability to integrate seamlessly into existing infrastructure to enable data connectivity across online and on-premise platforms creating highly scalable solutions for our global clients. Fobi partners with some of the largest companies in the world to deliver best-in-class solutions and operates globally in the retail, telecom, sports & entertainment, casino gaming, and hospitality & tourism industries.