Welcome!

Oracle Authors: Michael Meiner, Trevor Parsons, Carmen Gonzalez, MC Brown, Pat Romanski

News Feed Item

FreeMonee Finds Little Fidelity in Fashion: Helps Retailers Win Back Cheating Hearts With Gifts

Analysis of $8 Billion of Consumer Spend Shows How to Easily Find Incremental Sales

SAN MATEO, CA -- (Marketwire) -- 11/12/12 -- For retailers, this final quarter of the calendar year is when sales targets are made or missed. Marketers try every method in the book to entice shoppers into stores, from BOGO (buy-one-get-one) and couponing to Santa's visits and puppies in the windows -- and for good reason. But to what return?

Not a particularly measurable one, often -- and certainly not one that's easy to predict or scale when successful. Until the FreeMonee Network: the world's first and only provider of consumer gift incentives. FreeMonee today released findings from an in-depth look at 'customer loyalty,' and found that even retailers' most loyal customers are cheating on them.

Using its patented Gift Underwriting Engine, FreeMonee analyzed the spending patterns of more than one million U.S. cardholders over two years, totaling more than 200 million transactions and $8 billion. The analysis included clothing stores ranging from big box retailers like Target and Sears to malls' anchors like Macy's and Kohl's, all the way up to the high-end department stores like Neiman Marcus and Bloomingdales, and uncovered:

  • Even the most loyal shoppers cheat: A retailer's most loyal customers (those visiting at least nine times a year), spend $1.44 with competitors for every $1.00 spent with them.
  • The most loyal aren't necessarily the most valuable: Low frequency visitors (those coming 2-3 times per year) make up on average 26 percent of revenue, higher than the contribution from the most loyal (24 percent). Just one more visit from these less frequent shoppers would fundamentally change revenue numbers.
  • Retailers fight for same slice of the wallet: On average, customers spend the same amount per visit at each retailer, regardless of how frequently they shop there. Across a nationally-representative competitive set of department store retailers, the average spend per visit was the same -- whether they shopped at a particular store once or more than nine times each year.

"The retailer with most foot traffic wins; this holiday season, and in general," said Jim Taschetta, chief marketing officer at FreeMonee. "Since there seems to be no fidelity in fashion, retail marketers need new ways to entice their existing customer base -- whether frequent or occasional shoppers -- to reach revenue goals at this vital time of the year. People like to shop in store; we help retail partners make sure they're the ones earning the valuable visit, by delivering a hard to resist incentive, the FreeMonee Gift."

With Black Friday just around the corner, there is not time to develop programs to reach consumers through the traditional marketing efforts retailers rely on to seduce shoppers into their stores. With no set-up required by the merchant, there's still plenty of time to launch a FreeMonee campaign that will impact sales in Q4.

The FreeMonee Gift arrives as an email or text from the consumer's card issuer, enticing them to shop. The consumer uses their credit or debit card to make a purchase at the retailer and the gift amount is automatically credited to their account.

Made possible through proprietary underwriting science, FreeMonee gives businesses the ability to do something very powerful: to directly connect with millions of customers through no-strings attached gifts that work just like cash. FreeMonee's Gift Underwriting Engine engages in complex predictive science to determine what gift amount to give to which potential customer, making certain that gifts result in increased foot traffic and profitable sales for the merchant.

About FreeMonee
FreeMonee is changing the economics of advertising by enabling stores and restaurants to attract Customers On-Demand using FreeMonee Gifts. With its unique new consumer incentive, FreeMonee delivers gifts of money directly to cardholders of the largest financial institutions. Customized to precisely match consumer interest, gifts allow consumers to purchase anything they want at designated stores or restaurants -- no strings attached. The gifts are made possible by FreeMonee's proprietary Gift Underwriting Engine, which accurately determines the right gift to ensure the highest level of consumer interest and the best return on ad spend for a merchant. Unlike traditional coupons or offers, FreeMonee Gifts feel like a gift card from a friend -- money to spend at places consumers like. For retail marketers, FreeMonee Gifts enable brands to attract large volumes of profitable, incremental customer visits -- without discounting. For banks and credit card companies, FreeMonee provides the opportunity to positively engage customers and strengthen loyalty.

Founded in 2009 and located in San Mateo, California, FreeMonee is led by former executives of Google, Visa, Oracle, Cisco, Procter & Gamble and Coca-Cola. To date, FreeMonee has raised $45 million in funding with investments from Charles E. Ryan, Opus Capital Ventures, Redpoint Ventures and Sutter Hill Ventures, among others. Through continued partnerships with the top U.S. financial institutions, the company expects 50 million households to have access to FreeMonee Gifts in 2012. For more information, please visit www.freemonee.com.

PR Contact
Chelsea Boudreaux
Email Contact
(408) 828-4660

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
The major cloud platforms defy a simple, side-by-side analysis. Each of the major IaaS public-cloud platforms offers their own unique strengths and functionality. Options for on-site private cloud are diverse as well, and must be designed and deployed while taking existing legacy architecture and infrastructure into account. Then the reality is that most enterprises are embarking on a hybrid cloud strategy and programs. In this Power Panel at 15th Cloud Expo (http://www.CloudComputingExpo.com), moderated by Ashar Baig, Research Director, Cloud, at Gigaom Research, Nate Gordon, Director of T...
The definition of IoT is not new, in fact it’s been around for over a decade. What has changed is the public's awareness that the technology we use on a daily basis has caught up on the vision of an always on, always connected world. If you look into the details of what comprises the IoT, you’ll see that it includes everything from cloud computing, Big Data analytics, “Things,” Web communication, applications, network, storage, etc. It is essentially including everything connected online from hardware to software, or as we like to say, it’s an Internet of many different things. The difference ...

ARMONK, N.Y., Nov. 20, 2014 /PRNewswire/ --  IBM (NYSE: IBM) today announced that it is bringing a greater level of control, security and flexibility to cloud-based application development and delivery with a single-tenant version of Bluemix, IBM's platform-as-a-service. The new platform enables developers to build ap...

Cloud Expo 2014 TV commercials will feature @ThingsExpo, which was launched in June, 2014 at New York City's Javits Center as the largest 'Internet of Things' event in the world.
An entirely new security model is needed for the Internet of Things, or is it? Can we save some old and tested controls for this new and different environment? In his session at @ThingsExpo, New York's at the Javits Center, Davi Ottenheimer, EMC Senior Director of Trust, reviewed hands-on lessons with IoT devices and reveal a new risk balance you might not expect. Davi Ottenheimer, EMC Senior Director of Trust, has more than nineteen years' experience managing global security operations and assessments, including a decade of leading incident response and digital forensics. He is co-author of t...
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at Internet of @ThingsExpo, James Kirkland, Chief Architect for the Internet of Things and Intelligent Systems at Red Hat, described how to revolutioniz...
Technology is enabling a new approach to collecting and using data. This approach, commonly referred to as the "Internet of Things" (IoT), enables businesses to use real-time data from all sorts of things including machines, devices and sensors to make better decisions, improve customer service, and lower the risk in the creation of new revenue opportunities. In his General Session at Internet of @ThingsExpo, Dave Wagstaff, Vice President and Chief Architect at BSQUARE Corporation, discuss the real benefits to focus on, how to understand the requirements of a successful solution, the flow of ...
The security devil is always in the details of the attack: the ones you've endured, the ones you prepare yourself to fend off, and the ones that, you fear, will catch you completely unaware and defenseless. The Internet of Things (IoT) is nothing if not an endless proliferation of details. It's the vision of a world in which continuous Internet connectivity and addressability is embedded into a growing range of human artifacts, into the natural world, and even into our smartphones, appliances, and physical persons. In the IoT vision, every new "thing" - sensor, actuator, data source, data con...
"BSQUARE is in the business of selling software solutions for smart connected devices. It's obvious that IoT has moved from being a technology to being a fundamental part of business, and in the last 18 months people have said let's figure out how to do it and let's put some focus on it, " explained Dave Wagstaff, VP & Chief Architect, at BSQUARE Corporation, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Focused on this fast-growing market’s needs, Vitesse Semiconductor Corporation (Nasdaq: VTSS), a leading provider of IC solutions to advance "Ethernet Everywhere" in Carrier, Enterprise and Internet of Things (IoT) networks, introduced its IStaX™ software (VSC6815SDK), a robust protocol stack to simplify deployment and management of Industrial-IoT network applications such as Industrial Ethernet switching, surveillance, video distribution, LCD signage, intelligent sensors, and metering equipment. Leveraging technologies proven in the Carrier and Enterprise markets, IStaX is designed to work ac...
"There is a natural synchronization between the business models, the IoT is there to support ,” explained Brendan O'Brien, Co-founder and Chief Architect of Aria Systems, in this SYS-CON.tv interview at the 15th International Cloud Expo®, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
C-Labs LLC, a leading provider of remote and mobile access for the Internet of Things (IoT), announced the appointment of John Traynor to the position of chief operating officer. Previously a strategic advisor to the firm, Mr. Traynor will now oversee sales, marketing, finance, and operations. Mr. Traynor is based out of the C-Labs office in Redmond, Washington. He reports to Chris Muench, Chief Executive Officer. Mr. Traynor brings valuable business leadership and technology industry expertise to C-Labs. With over 30 years' experience in the high-tech sector, John Traynor has held numerous...
Bit6 today issued a challenge to the technology community implementing Web Real Time Communication (WebRTC). To leap beyond WebRTC’s significant limitations and fully leverage its underlying value to accelerate innovation, application developers need to consider the entire communications ecosystem.
The 3rd International @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades.
The Internet of Things is not new. Historically, smart businesses have used its basic concept of leveraging data to drive better decision making and have capitalized on those insights to realize additional revenue opportunities. So, what has changed to make the Internet of Things one of the hottest topics in tech? In his session at @ThingsExpo, Chris Gray, Director, Embedded and Internet of Things, discussed the underlying factors that are driving the economics of intelligent systems. Discover how hardware commoditization, the ubiquitous nature of connectivity, and the emergence of Big Data a...
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity.
SYS-CON Events announced today that Windstream, a leading provider of advanced network and cloud communications, has been named “Silver Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Windstream (Nasdaq: WIN), a FORTUNE 500 and S&P 500 company, is a leading provider of advanced network communications, including cloud computing and managed services, to businesses nationwide. The company also offers broadband, phone and digital TV services to consumers primarily in rural areas.
SYS-CON Events announced today that IDenticard will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. IDenticard™ is the security division of Brady Corp (NYSE: BRC), a $1.5 billion manufacturer of identification products. We have small-company values with the strength and stability of a major corporation. IDenticard offers local sales, support and service to our customers across the United States and Canada. Our partner network encompasses some 300 of the world's leading systems integrators and security s...
IoT is still a vague buzzword for many people. In his session at @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, discussed the business value of IoT that goes far beyond the general public's perception that IoT is all about wearables and home consumer services. He also discussed how IoT is perceived by investors and how venture capitalist access this space. Other topics discussed were barriers to success, what is new, what is old, and what the future may hold. Mike Kavis is Vice President & Principal Cloud Architect at Cloud Technology Pa...
Cloud Expo 2014 TV commercials will feature @ThingsExpo, which was launched in June, 2014 at New York City's Javits Center as the largest 'Internet of Things' event in the world. The next @ThingsExpo will take place November 4-6, 2014, at the Santa Clara Convention Center, in Santa Clara, California. Since its launch in 2008, Cloud Expo TV commercials have been aired and CNBC, Fox News Network, and Bloomberg TV. Please enjoy our 2014 commercial.