By using Artificial Intelligence to connect CommBank’s 7.5 million digitally active customers with Australian retailers, we can save consumers money while increasing retailer sales.
Looking ahead to the year ahead, the big question for Australian retailers is how to maintain and expand those digital connections with consumers and find new incremental growth channels.
This has also been a focus of the CommBank team as we continue to build a digital shopping ecosystem designed to bring together offers and deals from retailers to our millions of customers.
The aim is to bring together personalized banking and shopping with the help of artificial intelligence. After initially launching our CommBank Rewards cashback program, which has helped retailers grow sales while returning nearly $ 13 million in savings to our customers, we’ve announced two more developments since launching in December 2019.
The latest addition to CommBank’s shopping offering with the Little Birdie online shopping hub and the Cheddar brand and deal recognition app underscore the ability of the technology to anticipate the needs of companies and consumers and link them directly with one another.
Online shopping hub
The in-app shopping platform Little Birdie was recently launched in the CommBank app. The Australian start-up has set itself the goal of building a shopping website that combines the best shopping offers in one place. It offers more than 70 million products to find, compare, track and share, as well as notifications of sales events and discounts.
Little Birdie addresses the problem of shoppers struggling to search the internet for the best deals, which can make shopping online an overwhelming experience. This can lead to abandoned shopping carts and customer churn. Instead, Little Birdie uses artificial intelligence and its savvy online user community to rate products up or down in the rankings and to promote the best deals.
Our partnership with Little Birdie gives our 7.5 million digitally active retail customers access to the most relevant shopping offers. It helps connect them with our 700,000 business customers.
The partnership and integration with the CommBank app recognize that retailers and brands are looking for new and better ways to connect and connect with shoppers. This means we can offer retailers a new channel to attract high quality traffic. More than 1,000 retailers have signed up for this major, low-cost business lead source.
Redefining Retail Behavior for Gen Z and Millennials
Cheddar is a brand and business discovery app developed by x15ventures, CBA’s venture scaling business. Designed for Millennials and Gen Z, it resembles a social media platform that offers personalized, bite-sized, authentic content from brands along with epic deals and cashback.
It responds to two distinct behaviors among young shoppers: “deal stacking,” including loyalty email signups and coupon codes, and “digital window shopping,” which is inspiration from social media and branded content. Using artificial intelligence to understand what individual users are doing, Cheddar presents offers personalized for their feed in a shareable, engaging, and fun way.
More than 1000 young Australians were involved in the design process to ensure that cheddar would suit their needs and shopping preferences. We also invite retailers to work with us as we build Cheddar’s product development roadmap.
More than 600 youth-oriented retailers are already using Cheddar to offer high-volume offers and offers to highly committed consumers. They tell us that engagement rates are significantly higher than the click-through rates they see on other platforms, which is helping to lower the cost of new customer acquisition and increasing the cart size in this hard-to-reach segment.
Providing growth opportunities
Because we are building on Little Birdie and Cheddar, CommBank has the potential to become one of the largest and most cost-effective sources of lead for our consumer-centric business customers. The aim is to bring our private and business customers together in a meaningful way through artificial intelligence. This has the potential to unlock value for both.
Find out more: CommBank’s latest partnerships.
About the author: Jerry Macey is Executive Manager, Consumer and Diversified Industries, at Commonwealth Bank of Australia.
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