Welcome!

Symbian Authors: Jack Newton, Kevin Benedict, Matthew Lobas, Shelly Palmer, RealWire News Distribution

News Feed Item

shopkick, Inc. Reaches Profitability In Q4 2012 And Drives More Than $200M In Revenue For Its Partners in 2012

Most Widely Used Real-World Shopping App Turned Profit In Q4 with 60 Silicon Valley-Based Employees; Doubled Revenue Impact for Partners In 2012

PALO ALTO, Calif., Jan. 16, 2013 /PRNewswire/ -- shopkick, the most widely used real-world shopping app, announced today that it reached its first profitable quarter in Q4 2012. The 60-person Palo Alto-based team launched its new app version shopkick 3.0 in October 2012, which led to a very large holiday spike in both consumer usage and revenue – for shopkick and its partners.

"We have only been in the market for little over two years, and did not plan or expect to reach our first profitable quarter so quickly," said Cyriac Roeding, CEO and co-founder of shopkick. "Of course Holidays are always the sweet spot for retail, but this far exceeded even our hopes. With this milestone, shopkick is ready for 2013, when mobile payments and mobile loyalty will start to converge, which puts shopkick in a position to get even bigger this year."

Shopkick's role as mobile revolutionary in retail is recognized next week at the World Economic Forum in Davos as a Tech Pioneer 2013. Shopkick is also a Kleiner Perkins Caufield & Byers iFund investment.

Foregoing Ads for Engagement, shopkick Monetizes Mobile
While the mobile phenomenon rocks the world, making money – even with millions of users – has proved challenging to many companies, particularly startups, where mobile ad CPMs are low and inventory is plentiful. Shopkick's business model, in contrast, is designed to be the first 100 percent performance-based model in the physical retail world, where users earn rewards just for visiting stores; retailers get foot traffic, their most desired benefit; and brands get product interactions via mobile scans directly at the point of purchase. 

Shopkick has driven more than $300M in revenue to its alliance of retail partners and brands, with more than $200M in 2012. Each engagement on shopkick is valuable to brand and retail partners, and is a revenue event for shopkick: every walk-in to a partner store, every product scan, and every purchase. To date, shopkick has driven more than 16 million verified walk-ins to stores (2 million per month in Q4), 26 million product scans and millions of transactions. 

"Known business models proven on other channels don't translate 1:1 to mobile, but what shopkick has achieved is the equivalent to mobile adwords for retail. The impact can be as big as adwords have been for the Web, specifically because this too was built specifically to serve the value chain of the audience: in this case, retailers and brands," said Reid Hoffman, partner at Greylock Partners, co-founder and chairman of LinkedIn, and investor in shopkick. "The key to mobile is making an experience that can't exist without a mobile phone, based on performance-based business models, and that's why shopkick is performing so well."

The recent further accelerant of shopkick's pace was its recent addition of connecting the "couch mode" of consumers – browsing "lookbooks" of products before consumers even reach the store – with its unique "store mode," where consumers are rewarded with loyalty points just for walking into their favorite stores with the shopkick app.  This "arc from the couch to the store" can only be created by shopkick, because shopkick has deployed its high accuracy location technology at over 7,500 stores throughout the United States.

Since launching in 2010, shopkick has accumulated 15 national retailers, including Target, Macy's, Old Navy, American Eagle, Best Buy, Crate & Barrel, Toys"R"Us, ExxonMobil and Simon Malls, and more than 70 brands such as Procter & Gamble, Kraft Foods, Disney, Revlon, Unilever, Pepsi, and top financial institutions, Visa and MasterCard, as partners.

Shopkick offers rewards in the form of "kicksTM," shopkick's cross-retailer reward currency, to shoppers, for walking into stores, scanning products and making purchases. Right in the shopkick app, shoppers can redeem kicks to treat themselves with store gift cards, free coffee and dinners, Coach handbags, song downloads, movie tickets, Facebook Credits, donations to charity and more.

Shopkick is available for free on the iPhone from the App Store at www.itunes.com/appstore/ and for Android from Google Play at https://play.google.com/store/apps/details?id=com.shopkick.app. See how shopkick works here (video): http://youtu.be/ejx1LdgcUPA.

About shopkick, Inc.

shopkick, Inc. is the largest real-world shopping app, and the first mobile application that hands consumers high-value rewards, offers and exclusive deals at its national retail partners simply for walking into more than 7,500 stores and malls, and for interacting with partner brand products at over 250,000 locations nationwide. In 2012, Nielsen rated shopkick the most widely and often used real-world shopping app, ahead of any physical retailers' apps.  Shopkick is the only 100% performance-based marketing platform in the physical retail world, with measurable foot traffic and transactions at stores. The app grew to 4 million users in little over two years. The free shopkick app is available for the iPhone and Android.

Shopkick's growing Partner Alliance includes American Eagle Outfitters, Best Buy, Crate and Barrel, ExxonMobil, Macy's, MasterCard, Old Navy, Simon Property Group, Sony, The Sports Authority, Target, Toys"R"Us, The Wet Seal, Visa, Procter & Gamble, Kraft Foods, Revlon, Unilever, Levi's, Intel, HP and more. The Palo Alto-based startup is funded by Kleiner Perkins' iFund, Greylock Partners and Reid Hoffman, founder of LinkedIn, and investor in Facebook and Zynga. In 2012, the World Economic Forum (WEF) named shopkick a Tech Pioneer, an honor previously given to Google, Twitter, and Wikipedia.

 

SOURCE shopkick, Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

IoT & Smart Cities Stories
SYS-CON Events announced today that DatacenterDynamics has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY. DatacenterDynamics is a brand of DCD Group, a global B2B media and publishing company that develops products to help senior professionals in the world's most ICT dependent organizations make risk-based infrastructure and capacity decisions.
A valuable conference experience generates new contacts, sales leads, potential strategic partners and potential investors; helps gather competitive intelligence and even provides inspiration for new products and services. Conference Guru works with conference organizers to pass great deals to great conferences, helping you discover new conferences and increase your return on investment.
DXWorldEXPO LLC announced today that ICOHOLDER named "Media Sponsor" of Miami Blockchain Event by FinTechEXPO. ICOHOLDER gives detailed information and help the community to invest in the trusty projects. Miami Blockchain Event by FinTechEXPO has opened its Call for Papers. The two-day event will present 20 top Blockchain experts. All speaking inquiries which covers the following information can be submitted by email to [email protected] Miami Blockchain Event by FinTechEXPOalso offers sp...
Headquartered in Plainsboro, NJ, Synametrics Technologies has provided IT professionals and computer systems developers since 1997. Based on the success of their initial product offerings (WinSQL and DeltaCopy), the company continues to create and hone innovative products that help its customers get more from their computer applications, databases and infrastructure. To date, over one million users around the world have chosen Synametrics solutions to help power their accelerated business or per...
Poor data quality and analytics drive down business value. In fact, Gartner estimated that the average financial impact of poor data quality on organizations is $9.7 million per year. But bad data is much more than a cost center. By eroding trust in information, analytics and the business decisions based on these, it is a serious impediment to digital transformation.
@DevOpsSummit at Cloud Expo, taking place November 12-13 in New York City, NY, is co-located with 22nd international CloudEXPO | first international DXWorldEXPO and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time t...
When talking IoT we often focus on the devices, the sensors, the hardware itself. The new smart appliances, the new smart or self-driving cars (which are amalgamations of many ‘things'). When we are looking at the world of IoT, we should take a step back, look at the big picture. What value are these devices providing. IoT is not about the devices, its about the data consumed and generated. The devices are tools, mechanisms, conduits. This paper discusses the considerations when dealing with the...
SYS-CON Events announced today that IoT Global Network has been named “Media Sponsor” of SYS-CON's @ThingsExpo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. The IoT Global Network is a platform where you can connect with industry experts and network across the IoT community to build the successful IoT business of the future.
IoT is rapidly becoming mainstream as more and more investments are made into the platforms and technology. As this movement continues to expand and gain momentum it creates a massive wall of noise that can be difficult to sift through. Unfortunately, this inevitably makes IoT less approachable for people to get started with and can hamper efforts to integrate this key technology into your own portfolio. There are so many connected products already in place today with many hundreds more on the h...
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.