Snipp Interactive (TSX: V.SPN, Stock Forum) has set its sights on the relatively traditional $8.0 billion rebate industry when the company announced the launch of its revolutionary SnippRebates program.
According to the news release, SnippRebates is intended to reduce costs for manufacturers while creating a better experience overall for customers.
SnippRebates is built around the company's leading purchase validation platform, SnippCheck, granting manufacturers total flexibility on configuring their rebate program while enabling customers to submit their rebate form and proof of purchase via mobile, email or web uploads, track the status of their rebates and receive funds electronically, all within 48 hours.
Because the rebate process is carried out electronically, the analytical power of SnippRebates is massive as it will provide manufacturers with not only insights into the demographic profile of participants, but a detailed analysis of where goods were purchased and even a breakdown of what other products and brands were purchased at the same time.
Consumers also benefit from a significantly more transparent and easier process which will only serve to enhance their brand experience.
SnippRebates will also allow manufacturers to evolve past the standard dollar amount off a single purchase paradigm, by enabling them to configure more complex and compelling rebate offers for consumers such as rebates on purchases of multiple products or repeat purchases of a single product.
Company CEO, Atul Sabharwal, commented on the current state of the rebate industry, “The rebate industry is ripe for disruption to the benefit of both manufacturers and consumers. There's a fine line between creating breakage and breaking your relationship with your customers. It's one thing to require a customer take an extra step (or two) to claim their rebate post-purchase; it's another thing entirely to have them run a marathon for the extra savings.”
I, for one, am tickled with the prospect of collecting rebates on the fly as the typical process, if you can't immediately redeem the rebate at the till, is a royal pain in the... Also the cost benefit analysis of this should be very enticing for manufacturers to jump on board as well. An all-around win-win. Way to go, Snipp.
Snipp Interactive was in the news recently when the Bethesda, Maryland-based mobile marketing solution provider announced launching six new programs on its SnippCheck Receipt and Image Validation Platform back in the middle of November.
Shares climbed 7.37% on the news to $0.51 per share.
Currently there are 69.5m outstanding shares with a market cap of $35.5 million.