Finally, it's time to reveal this secret. Since the beginning, Reperks app was never built to be yet another rewards loyalty program. Our key focus for Reperks has always been Partner Rewards.
And now I'm happy to introduce Marketplace, an additional revenue channel for merchants to increase store revenue with zero maintenance. This will be used to power partner rewards.
In short, Marketplace allows you to buy/sell discount codes (aka "deals") with other ecommerce merchants. You can participate in Marketplace as buyer, seller, or both.
As Marketplace Seller
- Selling deals creates an additional revenue channel for your store.
- Having this new channel also allows you to acquire new customers with minimal costs.
- This is in some ways similar to Groupon but you get full control over deals pricing and terms.
- Since you have full control over deals pricing, you can structure it such that every deal sold will be profitable for your store.
- It should take no more than 30 mins to setup. After that, there's literally zero maintenance since trades and redemptions are all handled automatically by Reperks.
- If your ecommerce platform doesn't support auto-generated coupons, then you would need to manually upload coupons for usage.
As Marketplace Buyer
What do banks and airlines have in common to retain customers? A rewards program that supports partner rewards.
Rewards program used by ecommerce merchants today merely supports in-store rewards, which can be unattractive to customers. Your loyalty program is not going to convince customers to place their next purchase if they don't see the appeal in rewards. By adding partner rewards, customers will find loyalty points more applicable and make more repeat purchase from your store.
How do Reperks make money from this?
Currently, everything is free. I want to make sure Reperks can help bring in additional revenue for merchants before even thinking about charging. In the future, the plan is to take around 10%-20% revenue share from deals sold by sellers.
Why I'm focusing on Reperks?
Our goal with Reperks is to create an additional revenue channel for merchants by solving the problem of distributing deals. Why is this a great untapped opportunity? Let's look at where we can distribute your deals and coupon codes.
Partner Rewards for Online Stores
There are millions of online stores today and no one is offering partner rewards yet. This presents a great opportunity for marketplace buyers to make their rewards catalog more attractive and at the same time, opens up a huge potential market for marketplace sellers. Instead of spending advertising dollars to acquire new customers, why not partner with another merchant to bring in new customers in a cost-efficient manner.
Best of all, these are customers with higher lifetime value (LTV) and have shown willingness to spend online. Why do I say that? For a customer to redeem partner reward, they probably need to spend a certain amount of money before they're qualified for redemption. Thus, compared to one-time purchasers, this segment of customers has a higher value.
Rewards Catalog for Other Platforms
Do you know companies spent $46 billion a year on employee rewards? Most rewards are given out as vouchers and are used on large online stores like Amazon since recipients don't have many choices for redemptions. Independent online stores have literally zero presence in rewards catalog. Our goal with Reperks is to get your store's logo there. This is something Reperks will be working on in the future.
Beyond employee rewards. there are many other rewards catalogs and opportunities for us to distribute your deals. These includes survey platforms, affiliate/referral platforms, custom rewards program (banks, airlines), e-gifts etc.
Great, how do I start with Marketplace?
- For marketplace seller, see guide to setup seller.
- For marketplace buyer, see guide to setup buyer.
- You can participate as both seller and buyer.