Target Customers Spend an Additional $2,200 a Year When They Become Shareholders
Data study by fintech app Bumped shows that customers rewarded in fractional shares of Target stock spend less with competitors, and far more with the brand they own
PORTLAND, Ore., Feb. 22, 2021 /PRNewswire/ -- Today Bumped—the fintech company on a mission to create an ownership economy through fractional stock rewards—released data from their two-year pilot study showing that when Target customers become a shareholder in the brand, they increase their monthly spend 41%.
Bumped users who were rewarded in fractional shares of stock for their spending with Target shopped there an average 43 percent more often after becoming owners in the brand. They also spent an additional $186.13 monthly — over the course of a year, that increase in ticket size and visits leads to more than an additional $2,000 spent per owner.
"It's hard to imagine that a more powerful relationship can be created between Target and their customers than we've seen here," says David Nelsen, Founder and CEO of Bumped. "The lift in spend is all the proof you need to see that stock rewards fundamentally change how a consumer relates to a store that truly becomes their own."
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, then received stock rewards in the brand.
The findings of the holistic Bumped pilot were researched and reported on by The Columbia School of Business, who released their independent study last week.
About Bumped
Bumped is a tech company on a mission to create an ownership economy. The Bumped app 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.
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]
503.893.2698
SOURCE Bumped Inc
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