Start-up of the week: Online retail rewards scheme Luckycycle
Start-ups in retail technology are growing and Retail Week is highlighting some of the best. This week Luckycycle is in the spotlight.
Luckycycle brings drama to the online shopping experience by offering shoppers the chance to win their online basket for free and share their results on social media. Luckycycle’s co-founder and managing director Géraud de Borchgrave explains more.
|Founded: 2013 |
Investment: £710,000 from several private investors.
Retail partners: Over 30 retail partners including Clinique, Royal Canin, Latestinbeauty.com and Media Markt
Founders: Géraud de Borchgrave, Nicolas Coppee and Jean-Marc Goemaere
What it does
Luckycycle’s technology enables retailers to reward customers by giving them the chance to win what they’ve purchased. This buy and win concept allows a customer visits a retailer’s website, shops as usual, and after payment get a one in five or one in 10 chance to win their basket for free. Shoppers are notified instantly and have the option to share their good fortune on social media, further amplifying the campaign.
Luckycycle’s offer brings an element excitement to customers’ online shopping experience as well as differentiating a retailer’s online promotion strategy. Promotions can run across individual products, categories or an entire range.
What problem does the technology solve for retailers?
Luckycycle allows retailers to run online promotions without discounting for both pure play and multichannel retailers. A unique receipt number can be used to play online, while a ‘reserve and collect’ feature allows customers to win their basket by playing on an iPad in the store.
We’re not trying to replace voucher codes, but we’re interested in changing the incentive culture – retailers don’t have to offer a discount to run a promotion says Luckycycle’s co-founder and managing director Géraud de Borchgrave.
What we offer is essentially a consumer behaviour tool. It’s a fun way for retailers to engage with shoppers, increase conversion rates and reward loyal customers.
Published on Wednesday 27 May 2015 by Grace Bowden
To visit the press release on the Retail Week ( available for the subscribers of the magazine only), please click here.