Swapi, the global digital loyalty wallet, has today revealed the latest feature as part of its industry-first app which is set to launch later this autumn - Swapi Points.
Swapi, which is mid-way through its latest funding round set to take its total amount raised to over £750k, is gearing up for launch at a time when loyalty has never been more important for retailers and consumers alike.
Swapi Points will aspire to become the nation’s ‘loyalty currency’, allowing brands to award Swapi Points to consumers who make purchases with a debit or credit card linked to the Swapi app. Consumers will be able to collate loyalty points from over 100 household brands and connect any bank card to the Swapi app, to automatically collect points when they shop in-store and online.
This latest addition to Swapi’s growing offering will provide even greater incentives for brands signed up for Swapi’s existing Points Swap product, which was unveiled late last year by founder and CEO, Pete Howroyd, to give consumers the power to swap their unused loyalty points for other promotions and incentives in the Swapi marketplace, while providing brands with an innovative solution for the common problem of the points liability that sits on company accounts every year. In the UK the average consumer has £47-worth of loyalty rewards sitting unused on their loyalty cards, totalling £6 billion across the UK and £360 billion globally.
Swapi Points will offer retailers a more collaborative and cost-effective loyalty programme solution with a simple onboarding process, allowing brands to expand their loyalty offerings to a larger market and incentivise a global customer base with bespoke perks and rewards through the Swapi app.
Swapi already has over 100 brands and retailers signed up ahead of its Autumn launch, including rental car giant Europcar UK.
Clive Forsythe, Commercial Director at Europcar UK, commented: ‘Swapi Points are an appealing proposition for us because they provide a way to engage and reward our customers in a more effective way than through a traditional loyalty model. It’s an easy and modern way for our business to drive both new customer acquisition and retention of our valued existing customers. Most importantly, it means our customers can enjoy a broad range of exciting offers and perks which they control, in return for their loyalty to Europcar, which is a top priority for us as a business.”
With power shifting from businesses to consumer - a trend accelerated by the pandemic - Swapi will give consumers power over their points for the first time and give brands the opportunity for much-needed innovation. Instead of being tied to one retailer or brand, consumers can earn loyalty points in their digital wallet and spend them with a variety of different brands within the Swapi marketplace.
Swapi founder and CEO, Pete Howroyd, said: “Our latest addition to Swapi’s growing suite of products, Swapi Points, will revolutionise the way retailers and consumers think about and interact with retail loyalty for the foreseeable future. With the Swapi app we aim to encourage greater collaboration to the retail space by offering loyalty points to customers irrespective of brand, company size or location. Customers can engage and purchase from their favourite local and national retailers and brands, and through those transactions open up a whole new world of rewards and perks via Swapi Points.”