Bumped Study Shows Walgreens Customers Rewarded in Walgreens Stock Spend 30% More Monthly, Less with Drug Store Competitors
Data study shows that making drug store customers owners of the brand increases monthly spend, visits, and loyalty
PORTLAND, Ore., July 22, 2021 /PRNewswire/ -- Today Bumped — the tech company on a mission to create an ownership economy — released data from their two-year pilot study indicating that customers who became owners of their favorite drug store brand, Walgreens, spent 30% more at the pharmacy.
Over a two-year data study, Bumped automatically rewarded users in fractional shares of Walgreens stock (WBA) when they made purchases or picked up their prescriptions at Walgreens. On average, customers who became owners of their drug store brand spent about 30% more monthly, and visited with them 32% more often.
When it came to competition in the data study, Bumped found that the increased spend from Walgreens owners drove over a 10% increase in share of wallet shift from CVS — meaning that owners in the brand spent less with CVS and more with Walgreens.
"We were excited to see the share of wallet shift in this category given the broad competitive landscape for drug store spend," says David Nelsen, CEO & Founder of Bumped. "Becoming an owner in Walgreens meant the average consumer visited six more times a year, which means six times other retailers lost out on those visits."
The Bumped pilot ran for two years and rewarded over 13,000 US consumers in fractional stock rewards when they spent at more than 80 brands. Users chose their favorite brand in each category to receive stock rewards from. Bumped managed the entirety of the pilot and results were not influenced by brand involvement.
The findings of the holistic Bumped pilot were researched and reported on by The Columbia School of Business, who released their independent study in February 2021.
About Bumped
Bumped is a tech company on a mission to create an ownership economy. The Bumped platform gives consumers the power to turn their everyday spending into free stock ownership, and their suite of tools helps businesses reward their customers in fractional shares of stock. Bumped believes that we all create the economy together, and we all should have the opportunity to benefit from it. Learn more and say hello at bumped.com.
Disclosures
The Bumped app and website are operated by Bumped, Inc. Brokerage services are provided by Bumped Financial LLC, member FINRA /SIPC . More about Bumped Financial LLC on FINRA's FINRA BrokerCheck website.
Investing in securities involves risk, including possible loss of principal: Not FDIC Insured • No Bank Guarantee • May Lose Value. Nothing here should be construed as an offer to purchase or sell securities.
Media Contact:
Amy Dunn
[email protected]
SOURCE Bumped Inc
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