Drop Tank, a market-leading loyalty technology and rewards company, has teamed up with blockchain startup SKUxchange. This new relationship will allow CPG brands to deliver smart and secure digital offers to thousands of participating convenience store locations throughout the US.
Headquartered in the greater Tampa Bay area, SKUxchange is a blockchain-based software company that partners with brands, retailers, online marketplace platforms, and service providers across multiple industries to deliver smart and secure digital offers. The company’s mission is to eliminate promotional offer fraud, while driving transparency through smart data and AI-driven offers. The company’s core product, “SKUx,” generates proven offer ROI with near real-time offer reconciliation and settlement for their enterprise partners.
“Fuel and convenience store brands are actively searching for new and innovative ways to drive sales across retail locations that often have inconsistent retail technology,” said David VanWiggeren, Drop Tank chief executive officer. “Combining Drop Tank’s loyalty integrations in the industry with the solution SKUx has developed represents a major step forward for this industry. We are excited to be working with them.”
How It Works: Ubiquitous Point-Of-Sale Acceptance
Over 65% of convenience stores are independently operated, where limited if any purchase data is available in a standardized, usable format. These limitations, combined with wasteful and costly processes that require offers to be hand-counted for reconciliation and settlement (i.e. clearinghouse), are major reasons why promotional offer programs haven’t traditionally worked in the fuel industry at scale.
In contrast, through a simple API, SKUx’s brand partners submit promotional offer content into a shared blockchain database. Each offer is then serialized through SKUx and distributed by SKUx’s partner retailers, mobile app partners, online marketplace platforms, and service providers; allowing brands to track their promotional offers across industry verticals in real-time, ubiquitously recognized at any point-of-sale.
For example, Drop Tank’s loyalty programs are focused on driving incremental fuel and non-fuel sales through its partnerships with some of the nation’s leading loyalty programs. Members enter their phone number at the pump or inside the store to earn every time they purchase fuel, select c-store items, and more.
SKUx’s patent-pending technology enables Drop Tank’s platform to eliminate offer fraud while driving transparency and assuring brands ROI – resulting in greater savings for consumers, and unlocking new loyalty capabilities for consumer package goods companies and fuel marketers of all sizes.
SKUx’s co-founder and chief executive officer, Kenneth Douglas, added, “We are excited to be working with Drop Tank as we deploy our technology across the c-store industry and beyond. Drop Tank’s commitment to innovation, integrity, and adding value to its partners is right in line with our philosophy at SKUx, and we see tremendous opportunities to work together to push this industry forward.”