October 9, 2014
Walmart had earlier launched its Savings Catcher program to make it easier for customers to check for lower prices through a price comparison feature. The program enabled customers to use the Walmart mobile app and input the receipt number into the app in order to get notifications on future cash savings opportunities. Savings were made available to customers through the app whereby customers could download eGift cards and use them for future purchases.
Now Walmart has established a financial service partnership with American Express to further propel the Savings Catcher program. Bluebird customers can now double the money they get from the savings program thanks to a new promotion campaign called Get2X. Bluebird is a prepaid card initiative by American Express and Walmart that was launched in late October 2011. To avail the opportunity, customers would have to register a Bluebird account or use existing accounts to link with the Savings Catcher program.
The promotion scheme has the potential to offer up to $600 of savings per account per year. Amex gets the opportunity to leverage Walmart’s customer base to increase Bluebird customer base. On the other hand, Walmart can leverage the fact that money loaded into Bluebird accounts from Savings Catcher can only be used at its stores. Walmart also gets to increase its share further in the financial services space. Walmart already offers American Express Serve, a digital reloadable prepaid service and has plans to distribute GoBank checking accounts exclusively at its stores.
As part of the Get2X campaign, a social media referral program is being used extensively in order to generate new Bluebird customers. The campaign is being heavily promoted on numerous couponing websites through an affiliated network developed by Bluebird and Walmart. Visitors to the websites can get an affiliate code when they use the promotional ad content to drive further information about the promotion. This in turn brings more revenue for the couponing website.
Such a promotion has not been witnessed in traditional financial services. The integration of a mobile banking app with the customer’s shopping experience has brought about a simplified rewards program. Bluebird has benefitted from this social media buzz and will reach a higher level of ongoing customer engagement.
Speaking of the actual rewards program under the promotion, customers can get savings in the form of refunds of Reward Dollars. Such refunds are made if registered customers come across lower prices on goods they purchased earlier and would be able to claim the difference amount as Reward Dollars. Customers who then choose to redeem to Bluebird will receive double the Reward Dollars as Walmart Buck$. Reward Dollars can also be redeemed automatically during checkout at Walmart stores to get deductions on purchase amounts.
Here is an illustration from the actual campaign: