Kard is pleased to announce our partnership with Bits of Stock to power the future of Stock Rewards, a new wave in loyalty rewards set to take the US by storm.
Bits of Stock, otherwise known as the Stock Rewards App, is creating a new loyalty landscape in which the ownership of companies, brands, products, and even logos is being democratized by the customers who use their services. The team at Bits of Stock believes that current loyalty programs incentivize short-term gain rather than addressing long-term, unwavering loyalty.
Why is this so important? According to Accenture, customers who are part of a loyalty program generate 12% to 18% more revenue, spending on average 57% more than other customers, and the list goes on and on.
What's remarkable is that the partner brands working with Bits of Stock to build the Ownership Economy (Zara, Five Guys, Advanced Auto Parts, and many more) are seeing gains of nearly 40% in weekly customer spend, up to 21% growth in order value, and almost a 40% rise in the frequency that shoppers are using their services.
This has all been made possible by the partnership and integration with Kard's merchant network, unlocking the key to integrated brand loyalty.
"Arash and the Bits of Stock team are building a new way to reward consumers with stocks, and Kard is excited to help power this unique experience. Bits of Stock's new approach helps to further Kard's goal of connecting consumers with the brands they love, and we're excited to bring this value to our merchant partners," said Ben Mackinnon, CEO of Kard.
Kard builds rewards infrastructure for banks, card issuers, neobanks, and other financial services companies, helping them build rewards experiences tailored to their specific customer base through access to our thousands of merchants and retailers across North America. When a cardholder shops at Kard's network of brands, they can automatically earn cashback for their qualifying purchases without any additional work. Thanks to a lightweight integration process, Issuers can quickly be up and running quickly, while also having the ability to build unique experiences impossible outside of the Kard platform. Bits of Stock joins Kard's existing family of partners, which includes 2 of the 5 largest neobanks in the country and a host of other modern card issuers.