Hong Kong-based start-up Mojodomo has launched a solution to reduce waste, and enhance performance in loyalty marketing.
Backed by Citibank, and powered by Mastercard, Mojodomo enables virtual card payments for instant B2B voucher settlements between marketers and merchants. As no upfront payments are required, marketers can enjoy a better ROI after using the start-up’s service.
Unredeemed rewards are a common and persistent problem in loyalty marketing. According to Mojodomo, the global accumulated value of unspent loyalty vouchers and points has reached a whopping US$360 billion. This long-accepted industry standard has cost marketers precious time, resources, and budget, as marketers need to bear financial loss or breakage of unredeemed rewards.
“Waste and inconvenience have plagued marketers, merchants, and customers since the beginning of loyalty marketing. At Mojodomo, we believe that by cross-pollinating technologies, the root problem of voucher waste can be solved,” said Dennis Shi, founder of Mojodomo.
“We simply applied familiar technology in a fresh way and ended up transforming a traditional business model. Our clients and partners are astounded by their savings and new campaign ROI levels.”
Mojodomo also turns loyalty marketing into performance marketing. Similar to the pay-per-click metric in digital marketing, marketers can pay upon redemption by using virtual card payments supported by Mastercard, which causes no breakage or waste as vouchers do not need to be paid in advance.
Through Mojodomo’s system, marketers may target and preselect options for customers or let customers choose their own reward. Similar to how marketers fluidly manage social media accounts, the real-time data provided by Mojodomo’s platform allows them to review and optimise campaigns instantly and continuously.
Moreover, customers enjoy more personalised reward choices, alongside a seamless experience with both local and overseas merchants.
Currently, Mojodomo has partnered with more than 200 retail merchants, including brands in food and beverage, travel, hospitality and lifestyle, as well as SME merchants.
Its performance-based loyalty marketing solution has already been widely adopted by credit card brands, insurance companies, and consumer goods industries, including Hang Seng Bank, Sun Life Hong Kong, and Cyberport, to name a few.
Apart from Hong Kong, Mojodomo also recently signed an agreement with Taishin Bank in Taiwan. The company is also planning to expand its business to Singapore, and eventually the entire Asian market, to provide more clients with quality loyalty marketing solutions and digital transformation for their loyalty programmes.