In the latest Groceryshop edition of the Omni Talk Spotlight Series, sponsored by 1010data, Chris Walton and Anne Mezzenga interview Wes Schroll, Founder and CEO Fetch Rewards.
“Adulting,” as Wes puts it, and living on his own during college, Wes couldn’t understand why retailers and brands asked consumers to jump through so many hoops to earn loyalty rewards. So, he set out to do something about it.
For his final business school assignment in his Sophomore year at the University of Wisconsin, Wes created what has now become Fetch Rewards. Soon after, he began pitching his business plan in startup competitions throughout the country and ultimately earned $185K in seed money.
Today, Fetch is now rumored to be worth almost $1.5 billion.
Free to consumers, Fetch Rewards app users take a photo of their receipts and then earn Fetch Rewards points from over 450 brands and retailers participating in the platform. On average, Fetch Rewards’ 7 million active users scan over 20 receipts per month!
Users get rewarded for shopping, and brands generate more loyalty for their products. It’s a win-win or 1 + 1 = 3 situation all around, and it also gives brands and retailers a tremendous longitudinal view into the shopping habits of their customers both online and in store. Wes and Fetch Rewards are even able to see how digital incentives impact store purchasing behavior. No panel data required.
The whole concept is about intuitive as it gets, and all the more reason to stop what you are doing, give the interview a listen, and see what you may have been missing below:
Chris even downloaded the app right in the middle of the interview.
Be careful out there.
– Chris, Anne, and the Omni Talk team