NORWALK, CT – June 10, 2008 – Webloyalty.com (http://www.webloyalty.com), a leading provider of incremental revenue for online businesses, today announced the acquisition of Lift Media, a revolutionary payment platform company based in San Francisco. The acquisition will benefit online retailers seeking to increase their sales by providing them with a unique, consumer-focused solution that reduces shopping cart abandonment and elevates purchase conversion rates. No financial information on the acquisition is being disclosed.
CheckoutFree™, the platform created by Lift Media, provides alternative payment and shopping cart abandonment solutions for online retailers. With CheckoutFree, consumers can receive products or services for free or at discounted prices by agreeing to buy or sample other products offered by various advertisers. Webloyalty works with approximately 150 e-commerce sites to help increase incremental revenue and repeat purchases. The two companies will combine technologies and infrastructures as well as marketing and customer service expertise to help e-tailers convert online window shoppers into paying customers.
"Redcats USA and Webloyalty have worked together for many years. They know online retail is one of the most competitive industries in the world and we rely on them to look for ways to help us increase our incremental revenue," said Milton Pappas, executive vice president, corporate marketing and e-commerce, Redcats USA. "Webloyalty with the addition of Lift Media now offers a suite of services that address the common challenge of online retailers. Strategic companies like these are the ones with whom e-tailers will partner."
Increasing Conversion Rates and Decreasing Shopping Cart Abandonment
Forrester Research calculates the percentage of consumers who started their research online and then went on to make a purchase to be 32 percent ("How Consumers Actually Shop for Retail Products Across Channels," May 2008). Marketing Sherpa estimates the average rate of shopping cart abandonment to be almost 53 percent ("E-commerce Benchmark Guide: 2007," March 2007). Products that address conversion rate and shopping cart abandonment challenges will be valuable to e-tailers.
Companies such as Bill Me Later®, PayPal® and Google Checkout® have provided consumers with more online payment options. New advertising-supported alternative payment platforms, such as Lift Media’s CheckoutFree and TrialPay’s TrialPay®, boost conversion rates by offering shoppers that abandon the purchase process other products that they may have a higher propensity to buy.
Lift Media’s proprietary optimization engine matches consumers to the most relevant offers by analyzing general information on the consumer, the product being purchased and the size of the purchase.
"Our conversion rate increased dramatically within days of launching CheckoutFree. We sold significantly more units each month, especially to new customers," said Bryce Lane, president and COO, Peoplefinders. "Merchants and customers benefit from the use of CheckoutFree. Online retailers can sell more merchandise and customers gain an alternate method for purchasing products."
Webloyalty’s Strategic Vision for Incremental Revenue
Webloyalty and Lift Media were founded by direct marketers who built smart marketing technology platforms that drive incremental revenue for e-tailers by enabling rapid, rules driven marketing optimization of advertisers’ offers. By joining forces, Lift Media will also benefit from Webloyalty’s existing infrastructure which includes Payment Card Industry (PCI)-compliant systems and customer services centers on the East and West Coast of the United States and in the United Kingdom.
"Webloyalty partners closely with its clients. We listen and respond to their business needs. Feedback from our partners was a key factor in driving our decision to make this strategic acquisition," said Rick Fernandes, CEO and co-founder, Webloyalty. "Building off its market leading position in the post transaction revenue category, Webloyalty will continue to grow its commitment to becoming the leading provider of incremental revenue for online businesses."
"Lift Media has the most sophisticated shopping cart abandonment and alternative payment product on the market. We are proud to partner our technological know-how with a powerhouse in sales and marketing such as Webloyalty. All of our existing and potential clients will benefit from our mutual commitments to increase conversion rates and diminish shopping cart abandonment," said Jonathan Murray, CEO, Lift Media.
Webloyalty.com, a leading provider of incremental revenue for online businesses, has more than two million memberships in its reward, discount and protection programs, including Reservation Rewards and Shopper Discounts & Rewards. Members benefit from high-value subscription services that match their needs and interests. Webloyalty clients – more than 150 e-commerce, e-subscription and e-travel sites – benefit from increased revenue and repeat purchases.
Founded in 1999, Webloyalty was recently rated one of the 200 fastest-growing technology companies in North America by the Deloitte & Touche “Technology Fast 500” awards program.
Additional information about Webloyalty is available at http://www.webloyalty.com. For customer service, please contact 1-800-732-7031 or firstname.lastname@example.org.
Additional information about Lift Media is available at http://www.liftmedia.com. For sales information, please contact email@example.com.
Webloyalty Corporate Communications
Tel – 203-295-2624
Email – firstname.lastname@example.org
CK-PR for Webloyalty
Tel – 212-251-1246
Email - mlocastro@C-K.com