Mobile coupon platform retailcommon, Toronto, has raised $250,000 in funding from its current shareholders in a vote of confidence as the company’s smartphone coupon platform has successfully passed the beta stage with an expected bright future in the field.
The proceeds will be used to execute the company’s current sales plan and to capitalize on emerging global opportunities. The company’s software as a service allows any consumer products or services company to easily create and deliver mobile coupons, promote to existing and new customers through digital and legacy media and then track detailed response and redemption data.
Over the past few months retailcommon has run successful pilots with retailers in Canada, including Salomon and The North Face, and is in final negotiations to launch their mall platform with major shopping centre owners in the UK and The Netherlands.
What makes the retailcommon offering stand out from other entries in the mobile coupon field is that consumers need only tap a link on their smartphone to access the coupons, while the advertiser can fully control pricing, margin, content, and distribution as well as customer and tracking data.
“Over 8 million people in Canada now own smartphones,” says James Cunningham, retailcommon director of business development. “With similar figures in other countries, the market for mobile solutions is growing daily and is about to hit the hockey stick curve as smartphone penetration increases. The flexibility and ease of use of our platform is something that will capitalize on this explosion, adding value for businesses, consumers and our shareholders.”