Bitmo, the San Diego-based fintech company, will announce the official launch of its MarTech platform for retailers at Finovate’s fall conference in New York, September 23-25, 2019.
Mike Smallwood, founder and CEO, aims to disrupt the $160 billion gift card industry which poses unique challenges for retailers. In addition to a lack of measurable data—specifically repeat purchases and loyalty insights—Smallwood identifies a disconnect between plastic gift cards in a largely digital world.
Bitmo’s mobile app utilizes digital gift cards to measure four core tenants of customer success: acquisition, retention, reengagement, and increased revenue. A recent partnership with a national home improvement chain proved Bitmo’s ability to reactivate dormant customers to the tune of nearly half its total cohort. Additionally, one in four shoppers were new customers who hadn’t previously visited the retailer.
The model is Bitmo’s answer to traditional marketing methods such as CPC/CPA, ad platforms like Yelp, and direct mailers which had a response rate of 4.9% and 9% for prospect and house lists, respectively, in 20181. Comparatively, when a consumer audience was presented with weekly food and retail offers, Bitmo received a response rate of 30% or higher.
Smallwood will be featured on FinovateFall’s panel: “The evolution of the payments experience” on Wednesday alongside executives from Wells Fargo and TD Bank. As a four-time entrepreneur, Smallwood will share his expertise on the ever-changing nature of ecommerce and mobile payments along with ideas on how Bitmo can help power the gig economy and upend outdated marketing tactics employed by brick and mortar retailers.
“We know retailer app adoption rates are climbing and that’s a win for everyone in the mobile payments space,” says Smallwood, “but what Bitmo has created is a platform that allows retail partners to connect new and existing customers to the right offer at the right time. App fatigue is inevitable and we want to be at the helm of that shift toward consolidation.”