Start-ups in retail technology are growing and Retail Week is highlighting some of the best. This week Karrot is in the spotlight.
Karrot is a mobile app that rewards shoppers for purchases with money off their phone bills. Co-founder Adam Ward explains more.
Founded: June 2014
Retail partners: H Samuel, Blue Inc and Caffè Nero
Founders: Adam Ward and Josh Graham
What it does
Karrot is a loyalty mobile app that allows retailers to reward customers for spending in store by deducting money from their phone bill.
App users register their regular payment card on Karrot and spending is tracked through payment providers Visa and Mastercard. Points for purchases through Karrot’s retail partners are accumulated and customers are able to cash out rewards against their phone bill.
Karrot works across all major network operators, including O2, Vodafone, Three and EE, for both pre-pay and pay-monthly accounts. The app is available on Apple and Android devices.
Ward says: “The adaptability of the Karrot offering enables retailers to run highly targeted campaigns to attract both new customers as well as rewarding their most loyal.”
What problem it solves
This adaption of an app retail loyalty scheme incentivises purchases for shoppers.
Karrot is designed to bring longevity and convenience to a retailer’s loyalty offer, rather than relying on a card that is easily lost and forgotten.
The reward of a reduced phone bill in exchange for purchases is likely to appeal to increasingly smartphone-dependent shoppers.
“Karrot offers retailers a highly scalable loyalty scheme which is simple and cost effective to implement” says Ward.
“Smartphones have quickly become an everyday life essential, which is why an app that significantly reduces the ongoing costs of owning one has such a wide appeal.”
More information: karrot.co.uk