Retail

Earny Debuts New Way To Save With Citi, Chase

Earny New Feature

Earny, the personal assistant bot launched earlier this year that automatically tracks users’ purchase history and monitors price adjustments, announced a new feature to help users save just as the holiday season is coming to a close.

The feature will automate price drop refunds for Citibank and Chase card customers when they make a purchase with those cards. Earny will automatically file a claim to ask for a refund on behalf of the cardholder once their email, credit cards and Amazon account are linked to the tool.

When the price of an item that a consumer purchases drops on Amazon, Earny sends them a refund for the difference, enabling them to pay the cheaper price, even when they initially did not. The tool allows users to take advantage of the millions of price drops that happen daily on Amazon when they use a Chase or Citi credit card.

Earny CEO Oded Vakrat told PYMNTS that the tool returns an average refund of $7 for its users.

“We have users who are getting thousands of dollars back on their purchases, and now, with the new feature, we expect to get them even much more,” Vakrat added.

“Even if you register in a month from now, you can still get money back on your holiday shopping purchases. If you bought presents two weeks ago, we can still get your refund because the price will drop in January or February,” he explained.

Earny’s research on its performance has shown that the automation of price protection helps to improve the post-purchase experience for customers.

“If you look at the last 10 years, most companies were trying to reinvent or improve the pre-purchase stage. They tried to optimize the processes before the checkout or before a customer decides to purchase an item,” Vakrat said.

“But our focus is to improve the post-purchase experience.”

By doing this, he noted, retailers are able to increase their sales because customers who receive refunds from Earny are three times more likely to purchase again at the same store. Not only does Earny help to decrease item return rates, but it also results in customers that are more satisfied with their purchases, Vakrat added.

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Our data and analytics team has developed a number of creative methodologies and frameworks that measure and benchmark the innovation that’s reshaping the payments and commerce ecosystem. In the December 2019 Mobile Card App Adoption Study, PYMNTS surveyed 2,000 U.S. consumers for a reveal of the four most compelling features apps must have to engage users and drive greater adoption.

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