Money, no coupons!
It’s been 25 weeks since we launched GELT in Spain and this week we are celebrating 250 different promotions.
For those who don’t know about the GELT project, I will tell you more about it. GELT was born out of the need brands showed to provide incentives directly to their consumers. To generate immediate sales for a limited time. To drive traffic to the point of sales for an specific purpose.
Nowadays, brands offer several options, such as physical coupons, for example, which have proven to be effective but somewhat uncertain, since they don’t allow to foresee or limit total redemption.
It also have coupons or offers from Supermarkets, where the main problem is that the user’s loyalty ends up being to the supermarket and not to the brand.
Amongst other options, cash back could be a possibility, but in order to make it a “universal” feature there must be a Clearinghouse that can receive and process proofs of purchase and tickets, then proceed to return money to the participating consumers. However, this type of concept is only profitable for promotions where the nominal value of the incentive is higher than 3 euros, so if it’s lower than that it won’t compensate.
Every one of these promotional activities carries a purpose, which is to increase the sales percentage of certain product for a limited period of time.
At GELT we tried to hack discount and incentives to offer the best of each model. GELT allows you to check all the available discounts, no matter which Supermarket, just buy your products and, when you get home, take a picture of the receipt and we’ll take care of the rest.
When we say “the rest” is because there is also work to do on the backstage. When we receive each ticket, our platform tries to understand many aspects of it, for example, if the supermarket really exists or if the promotion to which you applied is in that ticket. Once you accumulate 20€, we will send you a code, which you can enter in any ATM to get your real cash back.
That is why we say GELT is money, not coupons!
It’s been almost two years since we started this project, making calculations, excels, powerpoints, watching how to do magic, working its viability, testing the market, talking with brands and, six months ago, GELT was publicly launched.
Today, we already have more than 35,000 active users (people who use the application once a month, either to check offers or send purchase receipts) on a user base of 100,000 installations.
Tomorrow, like every Friday, we will release new promotions out again and I will not talk about GELT again until there is another exceptional milestone, perhaps after we reach 500 promos, when we surpass the one million euros paid out or when we close the round that are about to close with friends and acquaintances, but for now our goal is to reach 100,000 monthly active users using GELT.
That is our challenge, and I am sure that this year we will achieve it!
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