Customer Loyalty App Adored Raises $2.3M Seed Round, Sets Sight On Beacons
With a group of prominent Boston investors at its back, Adored prepares to launch an iBeacon-based new feature.
Adored, a customer loyalty app, has raised a $2.3 million seed round to help build out its technology and marketing program in a bid to sign up retailers for its beacon-based loyalty rewards services.
Backers participating in the seed round included Kepha Partners, Boston Seed Capital, Matrix Partners, Borealis Ventures, Blade, and Prominent Metro Boston Angels.
Adored describes itself as the digital replacement for loyalty punch cards, rewards cards, and other physical ephemera retailers use to attract consumers. Nearly two-thirds of retailers have some sort of loyalty program in place yet less than half of them are ever actively used, according to Forrester.
That’s where Adored comes in. By consolidating hundreds of different loyalty programs in one easy to use app, the entire loyalty system can be streamlined for both customers and stores. This allows for a more direct line of communication between the retailer and customer, and frees customers from having to download a separate app on to their phone for every loyalty program they want to be a part of.
But a streamlined interface isn’t the only thing Adored offers. In part, the $2.3 million it’s raised will fund their new iBeacon initiative. The Manchester, NH-based startup employs the Bluetooth-powered proximity marketing devices not only to keep track of its merchant clients’ rewards programs, but also as a way to build insights analytics to better target the right incentives and the right rewards to the right customers.
“Brand loyalty can’t be taken for granted,” said Cory von Wallenstein, CEO and co-founder of Adored. “It needs to be earned by offering each customer the best experience possible every time they interact with your brand.”
As the customers and retailers connect on Adored’s loyalty app hub, the company collects data in the background and does the analytics and profiling behind the scenes, ensuring customers get a more personalized experience without bothering them with surveys or other intrusive notifications.
Adored understands the value of that ability to profile and market, without “creeping out” the customer, thanks to the opt-in nature of beacon devices. “iBeacons are a marketer’s dream but a consumer’s nightmare,” said von Wallenstein, referring to Apple’s iOS-based system. “Consumers must be treated as first class citizens in both value and respect for their privacy. Since the app is entirely anonymous, with no consumer account creation required, consumer privacy is 100 percent preserved.”
Adored has launched in four metropolitan areas with over 10,000 downloads. Streamlining and consolidating is the name of the game in mobile marketing right now. Credit cards, coupons, doctor’s notes; these small documents that once bloated our wallets are being converted to bits of information to be stored on your phone. With Adored, the plethora of punch cards and membership cards to your favorite retailers are the latest to be digitized.