Prizeout and Pockit Partner on Offering Bonus-Value Gift Cards

Prizeout and Pockit have partnered to offer bonus-value gift cards in the United Kingdom. 

The collaboration adds Prizeout’s online marketplace of gift cards to Pockit’s financial services app that has 700,000 users in the U.K., the companies said in a Thursday (Feb. 9) press release

Prizeout is an AdTech company whose marketplace has 1,000 brands offering gift cards loaded with bonus values — the average value of which is 11% — that can be instantly delivered via email, according to the press release. 

PYMNTS research has found that rebates, incentives and other rewards are a key tool in retailers’ arsenals for driving conversions and maintaining a competitive edge in a crowded marketplace. 

In this arena, digital disbursements are quickly becoming the norm, according to the “Expanding Payments Choice Playbook,” a PYMNTS and Onbe collaboration. 

Retailers have several different incentive options available to them, ranging from discounts to rebates to loyalty programs. 

Some are better at gaining new customers, while others are better at encouraging return visits, Neal Cotter, director of customer advocacy and insights at Torrid, a plus-size clothing retailer for women, told PYMNTS when interviewed for the report. 

“While traditional discounts encourage new customers to try our brand, the experience of earning and redeeming rewards goes far beyond the monetary value they receive,” Cotter said. “Our loyalty program today focuses on forming stronger, more meaningful connections with our customers, incentivizing them to engage in the brand and keep coming back.” 

With the Prizeout platform, when a user clicks on Prizeout, the company’s partners pass on a series of metrics, including the consumer’s age, gender, location and account balance, Prizeout CEO and Founder David Metz told PYMNTS’ Karen Webster in an interview posted in March. 

Merchants then engage in a real-time auction to bid for their targeted demographic, with consumers getting access to bonus incentives and Prizeout merchant partners getting a slice of revenue share from that added purchasing power, Metz said. 

“If a consumer’s withdrawing a hundred dollars, we allow them to withdraw $111, but it’s earmarked for a specific brand, whether it’s Amazon or local gasoline or a restaurant,” Metz said.