Mumbai based First Quadrant Solutions has released a loyalty app called Sqy! Rewards (pronounced sky) which lets users keep track of and avail their reward points across certain retailers, brands, outlets and restaurants.
Started by Ashwin Meshram and Sunpreet, the company has secured seed funding from undisclosed angel investors. Meshram told Medianama that the company has 30 partners and is solely focused on Mumbai currently but plans to expand to Delhi and Bangalore in the next 6 months. It also has plans of integrating payment into the app.
Geofencing triggers when consumer close to shop
The 4 month old startup uses video notifications to notify users about offers. It also uses “geo-fencing” triggers, a feature which uses GPS or RFID to define geographical boundaries. Basically, when a customer is within a certain radius of a merchant, the latter will be able to send them notifications about deals or promotions in the shop.
The company says that the app helps the user keep track of their loyalty points in one place instead of carrying multiple loyalty cards or apps. The reward points can be checked real time, even if the user is not present at the outlet. The app also pushes notifications of the latest offers from their partners, lets the user provide feedback and recommendations to the merchants and share their visit to the stores on social media.
For merchants, it runs the customer loyalty program on their behalf without them having to invest in magnetic strip cards or setting up in house systems. It provides the merchants with data like frequency of customer visits, analytics on customer spending patterns, customer profiling, recommendations and aggregated feedback, some of which is real time. It also lets them use social media to employ personal and targeted marketing. It claims to help merchants increase their customer acquisition through immediate or planned deals and in-app promotions. For this, it supports online, phone, pick up and in-store modes of interaction.
Giving the app a spin, we noticed that there were 20 Mumbai-only merchants listed on the app. Some of these include Aromas Cafe, Pizza Express, K Sera Sera, Rolls Mania and Turquoise Salon and Spa. The app lets you create a profile and scan merchants, track cashback and Sqy! Passez where users get preferred offers from brands. The app is pretty basic with a contact us, profile, merchants and about us menu. Also, users get incoming messages from Sqy but one cannot reply to those messages or chat. While the idea of this loyalty program management is good, its implementation and true test of usability will happen only once it expands across other cities and probably takes nationally popular brands on board. Also, it could use social logins instead of email based sign ups. A similar player in the space is Pointshelf which is also Mumbai based but seems to have integrated many popular merchants with the app.