Backed by Citibank and Powered by Mastercard, Mojodomo is Transforming the Loyalty Industry by Merging Fintech and Martech
Mojodomo, a Hong Kong-based start-up, announces the first zero-waste, performance-based solution to loyalty marketing. They’ve cracked the code to voucher waste and are leading the way to a new era of customer engagement.
Backed by Citibank and powered by Mastercard, Mojodomo enables virtual card payments for instant B2B voucher settlement between marketers and merchants. Marketers are reaching exponential new levels of campaign ROI since no upfront payments are involved, customers experience more value and convenience and merchants are capturing new business when they need it most. Everyone wins – marketers, customers and retailers alike.
The loyalty and promotions platform also provides comprehensive, real-time data analytics for redemption transactions – delivering an unprecedented understanding of customer behaviour patterns and campaign efficacy.
Loyalty Reward Campaigns Produce Massive Budget Waste, Therefore Bound for Disruption
The global accumulated value of unspent loyalty vouchers and points has reached a whopping US$360 billion. Before Mojodomo, even the most successful loyalty marketing campaigns would suffer some “breakage” or financial loss because of unredeemed rewards. A long-accepted industry standard, this marketing waste has cost marketers precious time, resources and budget. Furthermore, the lack of quality data systems perpetuates low redemption rates and makes it difficult for marketers and merchants to evaluate performance or improve future campaigns.
A Paradigm Shift in the Voucher Redemption Process Results in Digital Transformation
Mojodomo turns loyalty marketing into performance marketing. Similar to the pay-per-click metric in digital marketing, marketers pay-upon-redemption using virtual card payments supported by Mastercard. There’s no chance of breakage or waste, because now vouchers are never paid for in advance. While other loyalty martech solutions may facilitate waste reduction, Mojodomo is the only platform where marketers and merchants can achieve zero waste.
Mojodomo has partnered with more than 200 retail merchants, including brands in food and beverage, travel, hospitality and lifestyle, with SME merchants as well. Through Mojodomo’s system, marketers may target and pre-select options for customers or let customers choose their own reward. Similar to how marketers fluidly manage social media accounts, the real-time data lake provided by Mojodomo’s platform allows them to review and optimize campaigns instantly and continuously. Moreover, customers enjoy more personalised reward choices, alongside a seamless experience with both local and overseas merchants.
Mojodomo’s technology is open-loop, credit-based and cross-border. This revolutionary combination of technology is a first in the world and borne in Asia. Independently, digital vouchers, credit-based payments and loyalty marketing platforms are nothing new, but it’s this unique convergence of tech that’s transforming the loyalty industry for good.
More detailed features of Mojodomo are listed below:
Users | Features |
1. Marketers | ●Performance-based: Pay-upon-redemption; Supports instant settlement via virtual card network; Shortened preparation time for any reward campaigns as marketers will not need to print and pre-pay coupon values, achieving zero waste and breakage. ●Global Merchant Options: Rewards network covers over 70 countries and 900 cities, with various types of merchants to fulfil different customers’ needs. ● Real-time Data Analytics: Records complete customer journey, including purchasing time, locations and merchants, etc. Through continuous customer engagements, data can be accumulated for marketers to work on big data analysis and strategic optimization for marketing campaigns. |
2. Merchants | ● Exponential Revenue Opportunities: Through Mojodomo, large-scale chain stores or SME merchants can be part of the rewards network of credit cards, insurance and consumer goods companies, to boost sales and explore new customer groups at no cost. ● Instant & Automated Settlement: Connecting to existing POS systems, voucher settlement can be done instantly. Merchants can also access real-time data to analyse consumer behavior. |
3. Customers | ● No More Paper Vouchers: Eliminates the hassle of redeeming paper vouchers and risk of losing paper vouchers while increasing merchant options for better value. Customers will now be able to select various reward options online to enjoy a seamless redemption experience. ● Passport for Rewards: Customers can redeem rewards anywhere without any geographical limitation. |
A New Era of Customer Engagement with an Innovative Martech/Fintech Hybrid
“Waste and inconvenience have plagued marketers, merchants and customers since the beginning of loyalty marketing. At Mojodomo, we believe that by cross-pollinating technologies, the root problem of voucher waste can be solved. We simply applied familiar technology in a fresh way and ended up transforming a traditional business model. Our clients and partners are astounded by their savings and new campaign ROI levels.” Dennis Shi, founder of Mojodomo said.
Mojodomo’s performance-based loyalty marketing solution has already been widely on-boarded by credit card brands, insurance companies and consumer goods industries, including Hang Seng Bank, Sun Life Hong Kong, Cyberport and more. Apart from Hong Kong, Mojodomo has also recently signed an agreement with Tai Shin Bank in Taiwan. There are plans to expand business to Singapore, and eventually, the entire Asian market to provide more clients with quality loyalty marketing solutions and digital transformation for their loyalty programs.
SOURCE : Mojodomo
