A Hong Kong startup aims to turn “worthless” shopping receipts into points for customer rewards. Stamplet, founded Indian couple Nav Singh and Simran Kaur, offers shopping coupons to users who send in pictures of their receipts.
“We accept all receipts – restaurant, shopping, taxis, and even utility bills,” the startup said on its website. Users can snap a picture of the shopping receipt, upload it to Stamplet’s mobile app, and earn stamps for it.
The stamps can be redeemed later for shopping discounts and offers, which are tailored according to each user’s preference.
The number of stamps earned will be equivalent to as much as 2 percent of the total spending amount for each receipt. For example, a receipt for a HK$120 meal in a restaurant can earn three stamps.
In order to encourage users to upload more receipts, the app-based platform features a “BE-A-STAR” campaign, which allows users to complete the daily challenge, or refer a friend to earn “STARS”. The top 200 users with the highest number of STARS will be awarded additional rewards like supermarket coupons.
So what does Stamplet do with all the receipts?
“There are lots of information about people’s consumption habits on every single shopping receipt, such as the shopping location, time and consumption items,” said Singh.
And marketers and companies have been spending a huge effort and time collecting and analyzing consumer data through various marketing researches and studies.
With the emerging mobile internet technology, Singh has a vision that data on shopping receipts can be accumulated and uploaded to an online platform, allowing companies and marketers to gain quicker access to such data for analysis.
On the other hand, companies have to offer incentives for consumers to encourage them to share their receipts.
Launched in March, Stamplet’s mobile app has been downloaded over 2,000 times, with more than 60,000 pieces of receipts uploaded to the platform. It has now partnered with about 10 merchants, including MTR Corp. (00066.HK), the city’s railway operator, which offers the app’s users with coupons for shopping in the company’s CityLink shopping mall.
But Stamplet is more than just a rewards app offering shopping discounts, Singh and Kaur told the Hong Kong Economic Journal in an interview. It is also a “customer acquisition and customer retention” platform for business-to-consumer (B2C) merchants.
The duo expect Stamplet to earn income from consumption data subscription service, advertisement, and partnering with merchants to assist in their customer loyalty programs.
This article appeared in the Hong Kong Economic Journal on Sept 10
Translation by Ben Ng
[Chinese version 中文版]
– Contact us at [email protected]