Increase.com’s New App Lets You Purchase Discounted Present Playing cards To Immediately Save Whereas Buying
Present card market Increase.com has simply rolled out a brand new cellular software that allows you to save at your favourite native shops by shopping for unused present playing cards for lower than their face worth. In a matter of seconds, shoppers can can discover a discounted present card, buy it within the iPhone software, after which current a barcode for scanning at level-of-sale to scale back their complete out-of-pocket bills whereas purchasing.
The app is an extension of the Increase.com on-line market, which we famous final December had raised $18.1 million, in line with an SEC submitting. On the time, the corporate didn’t need to affirm the small print of the funding with us, however right now it’s happening the report. The Collection A spherical was led by Jeremy Levine of Bessemer Enterprise Companions, an investor in quite a few properly-recognized tech corporations, together with Pinterest, Yelp, Wikia, Shopify, LinkedIn and others.
Increase.com founder and CEO George Bousis nonetheless gained’t disclose his firm’s income, however he paints an image of ongoing progress, saying that “a whole lot of hundreds” of consumers have purchased or bought present playing cards by way of the Increase.com web site, which has provided round three,000 manufacturers’ present playing cards up to now. At any given time, there are 750 to 850 manufacturers out there on the location, and Increase.com is anticipating its clients will save over $10 million in the course of the 2014 vacation season.
The corporate has additionally grown by over 500% since its Collection A final yr, says Bousis. Its headcount has grown, too – as much as 107 staff over the thirteen it had earlier than the funding spherical.
The web site, for these unfamiliar, is a typical on-line market. Sellers can record their present playing cards with none promoting charges, after which Increase.com takes a 15% fee on present card gross sales. The thought is that, for sellers, their unused or partially used present playing cards are gadgets they’d moderately promote for rather less than face worth with a purpose to obtain money or put the funds towards a present card of their very own selecting. For consumers, Increase.com is an much more interesting – you’re principally getting free cash once you purchase a present card for lower than what it’s value.
However till the launch of the cellular software, utilizing Increase.com required a little bit of planning forward. Now, accessing the discounted present playing cards is simpler and faster to do out of your telephone. The corporate can also be experimenting with sensible push notifications in order that, sooner or later, the app would be capable of provide you with a warning once you’ve been in a retailer for a while that a present card is on the market.
To purchase or promote present playing cards within the app, shoppers arrange an account, affirm their cellular quantity (to chop down on spam), after which add their cost card info by holding up their card to the digital camera for automated enter. (Increase.com charged my account $1.00 once I examined this, as a affirmation of your checking account.)
Then you’ll be able to flick through the obtainable playing cards by “prime shops” (hottest), “close by” and “trending” (just lately common). The ensuing listing of obtainable playing cards could be sorted by sort, worth, % off, and worth. After buying, the playing cards are delivered to your PIN-protected pockets inside the Increase.com app.
Increase.com’s clients, who are likely to skew barely feminine and have median-degree incomes, are likely to promote excessive-worth present playing cards, averaging $one hundred to $200 per card. However with the addition of the cellular software, it’s potential that we’d see sellers including extra present playing cards with smaller quantities – for instance, as an alternative of abandoning a principally-used up card of their pockets after shopping for what they needed, they could determine it’s value placing the remaining $10 dollars or so on Increase.com as an alternative.
“It’s one thing that resonates with everybody, says Bousis of the Increase.com app’s attraction. “For us, it’s opening up that spectrum to permit anybody to economize at any retailer.”
“It’s altering the best way individuals are purchasing, that’s what cellular has finished in so many situations throughout so many industries,” he says.