Fetch Rewards Grabs $25M, Plans to Double Staff as Growth Accelerates
Summary
Fetch developed a mobile app that lets grocery shoppers scan paper receipts and earn points that can be redeemed for electronic gift cards at retailers such as Amazon (NASDAQ: AMZN), Macy’s (NYSE: M), and Sephora. Points are awarded when users purchase eligible products sold by one of the brands that Fetch works with, which sell everything from potato chips to body spray to beer. It later phased out its first product, an app that enabled consumers to scan grocery items’ barcodes as they shopped and earn discounts at checkout. It required forming partnerships with grocery stores, and launching the system involved setting up a special checkout lane for Fetch users. Furthermore, the business model change means Fetch is no longer competing with much bigger companies working to revamp the in-store shopping and checkout experience—including Amazon and Walmart (NYSE:WMT).
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