Retailers including Morrisons, Argos and Pets at Home have signed up to a service that targets offers based on consumers’ bank data.
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US data analytics firm Cardlytics has partnered with Lloyds Banking Group to provide Halifax customers with targeted deals.
The service, called Halifax Cashback Extras, will launch in September with offers from retailers including Homebase, New Look, Ocado, The Body Shop, Urban Outfitters and Oasis.
The service is the first in the UK to use customers’ banking data to provide targeted retail offers.
Cardlytics’ software trawls through a shopper’s past purchases and displays marketing material on behalf of retailers that is based on the shopper’s buying patterns. The offers will appear on the shopper’s online and mobile bank statements.
The service will also allow retailers to provide deals based on where people live by using postcode information.
Cardlytics already works with hundreds of retailers in the US. The firm said incremental sales growth generated by the service has been up to 30% depending on the category.
Cardlytics UK managing director Charlie Humphreys said consumers’ data will be kept anonymous, and the company will work closely with retailers to make sure they are targeting the right people. The data available to retailers encompasses where shoppers are spending their money, including whether or not the bulk of their spending is going to competitors.
Banks hold vast amounts of transactional data, which is helpful to retailers to make targeted offers more accurate. The data can be used in conjunction with a retailer’s own customer information, as well as data from other new sources such as mobile payment apps from companies including PayPal.
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