Swedish company Goloyal is creating the next generation of loyalty programs for the retail space – and they’re bringing open banking with them. By using financial data, Goloyal can create unprecedented insights for the retail arena based on customer transactions – and behaviour.
With more than 15 years of experience working with retail, shopping centres and loyalty programs, Goloyal developed a product that is changing how retailers, restaurants and cafes collect and use customer data and insights.
Goloyal challenged the industry by asking crucial questions – Where does a customer shop before and after they leave a store? How much is spent at a competitor’s store or online? – and then developed apps to answer them. One of which is Goloyal CityPlay, a transaction-linked customer program to provide consumer insight services to shopping centres and cities in Europe.
When customers link their shopping and customer journey, they’re rewarded on loyal behaviour and shopping activity – getting quicker, personalised rewards and a more meaningful shopping experience.
How does it work? Consumers download a Goloyal app, create a profile and connect their bank. Their purchases are then registered automatically, and they’re notified when rewards are available. By connecting all the stores, restaurants and cafes, the rewards come in faster and more frequently.
In turn, the shops and cities benefit with higher margins and more foot traffic because the focus is on making a sale first, to then reward the customer. And of course, they also get insights into customer behaviour that can help them improve their shopping experience.
Using Tink’s account aggregation, Goloyal can access real-time transaction data and purchasing behaviour to get a complete understanding of the customers’ shopping experience.
This lets Goloyal serve the retailers with unique insights, increase foot traffic to shopping centres and connect offline sales with online shopping. All while rewarding members on a more frequent basis.
By merging digital data capabilities and more rewards with customers’ shopping profiles, Goloyal is creating instant value for all parties involved – and using open banking technology to create more personalised and meaningful experiences for the masses.
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