Large organisations invest millions of dollars into their customer loyalty programs. They have become essential to acquiring new and retaining existing customers, which decreases customer churn and increases profits. However, the average small business does not have millions of dollars to do the same.
Fivestars helps small and local businesses improve their loyalty-rewards programs to retain customers and drive traffic back to in-store services. The company studies market best practices to develop software that support small business payments and marketing. Using text, email, and mobile app marketing tools, their platform brings customers back 2x as often.
They charge its users on a subscription model. During the pandemic, the company provided its customers with more than $1 million worth of credits. They also made more of its products free to use. Over 100 million transactions and $3 billion in local merchant purchases have been supported by their software.
Just recently, Fivestars was acquired by SumUp - a European-based competitor to Square, PayPal/iZettle and others that provide mobile-powered card readers and other sales technology. Now known as Fivestars by SumUp, the company aims to continue to build its platform, expand its services and gain more customers globally.
Steph
Company Specialist at Welcome to the Jungle
