Subscriptions Loyalty Service Elevates Success For Cannabis Retailers

Rhea-AI Summary

springbig, a leading provider of SaaS-based marketing solutions, has released its Subscription Loyalty Service. Oasis Cannabis, a retailer in Las Vegas, has seen success with the service, welcoming 117 new subscribers and recording a 42.1% increase in visits per subscriber since July 1st. Subscribers have visited Oasis Cannabis an additional time each month and their total spend has increased by 30% on average on the first visit and 27% across all visits. Oasis Cannabis has recorded 339 subscriber visits and earned over $22,000 in subscriber revenue. The Subscription Loyalty Service offers retailers the ability to customize subscription rates, implement free trial periods, and design subscription tiers.

Positive

• Oasis Cannabis has seen a 42.1% increase in visits per subscriber since implementing springbig's Subscription Loyalty Service.
• Subscribers to Oasis Cannabis have visited an additional time each month.
• The total spend of subscribers has increased by 30% on average on the first visit and 27% across all visits.
• Oasis Cannabis has recorded 339 subscriber visits and earned over $22,000 in subscriber revenue since utilizing the Subscription Loyalty Service.
• The Subscription Loyalty Service offers retailers the ability to customize subscription rates, implement free trial periods, and design subscription tiers.

Negative

• None.

The introduction of springbig’s newest loyalty feature has strengthened relationships between customers and retailers

BOCA RATON, Fla., July 26, 2023 (GLOBE NEWSWIRE) -- springbig (the “Company”) (NASDAQ: SBIG), a leading provider of SaaS-based marketing solutions, today shared data highlighting the performance of its Subscription Loyalty Service. Released in June, the Subscription Loyalty Service offers retailers the ability to create and manage their paid-subscription programs.

Oasis Cannabis, a 5,000 square foot community-focused retailer in Las Vegas, is one of several dispensaries to experience heightened success after implementing the Subscription Loyalty Service. Since July 1st, the Las Vegas-based retailer has welcomed 117 new subscribers and recorded a 42.1% increase for visits per subscriber. Additional data shows subscribers visited Oasis Cannabis an additional time each month and their total spend increased 30% on average on the first visit, and 27% across all visits. Overall, Oasis Cannabis has recorded 339 subscriber visits and earned more than $22,000 in subscriber revenue since utilizing the Subscription Loyalty Service.

“The Subscription Loyalty Service is an invaluable tool that has improved the retail experience for our customers in the greater Las Vegas area,” said Andrew Glashow, CEO of Oasis. “From offering exclusive rewards to our loyalty consumers to customizing our subscription rates, this tool has revolutionized the way in which we are able to engage our customers. Given how this feature has impacted our business in just one month, I am truly excited to see how it improves our business moving forward.”

“If consumers are willing to spend their hard-earned money on high-quality cannabis products, it is our mission to equip retailers with the tools to provide a high-quality experience for consumers,” said Jeffrey Harris, CEO of springbig. “The Subscription Loyalty Service pairs technology with cannabis to offer faithful consumers the rewards and experiences they deserve. It brings me great pleasure to see Oasis and its consumers thrive in their cannabis journeys as they utilize this tool and I hope to see many more retailers implement it as well.”

The Subscription Loyalty Service is an effective tool that can increase customer acquisition and maximize revenue and customer loyalty among program members. The multifaceted tool gives retailers the ability to customize subscription rates, implement free trial periods, design subscription tiers and introduce offers for new and returning customers. It also allows retailers to engage with subscribers by offering discounts on reward points and early-bird access to special promotions.

The Subscription Loyalty Service is the latest addition to springbig's suite of business solutions. Following the introduction of the loyalty service, the Company introduced its AI Assistant tool and launched its improved platform UI, springbig.io. For more information regarding springbig’s newest features and integration efforts, please visit https://springbig.com/.

About springbig
springbig is a market-leading software platform providing customer loyalty and marketing automation solutions to retailers and brands in the U.S. and Canada. springbig’s platform connects consumers with retailers and brands, primarily through SMS marketing, as well as emails, customer feedback system, and loyalty programs, to support retailers’ and brands’ customer engagement and retention. springbig offers marketing automation solutions that provide for consistency of customer communication, thereby driving customer retention and retail foot traffic. Additionally, springbig’s reporting and analytics offerings deliver valuable insights that clients utilize to better understand their customer base, purchasing habits and trends. For more information, visit https://springbig.com/.

Forward Looking Statements
Certain statements contained in this press release constitute “forward-looking statements” within the meaning of federal securities laws. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “outlook,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would,” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to the risks and uncertainties described under “Risk Factors” ’of the registration statement on Form S-4, the proxy statement/prospectus relating to the business combination, the Company’s Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on June 21, 2022, and in the Company’s Form 10-Q for the period ended September 30, 2022 filed with the SEC on November 14, 2022, and other documents filed by the Company from time to time with the SEC. These forward-looking statements involve a number of risks and uncertainties (some of which are beyond the control of springbig), and other assumptions, which may cause the actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company assumes no obligation and does not intend to update or revise these forward-looking statements other than as required by applicable law. The Company does not give any assurance that it will achieve its expectations.

Investor Relations Contact     
Ryan Flanagan
ICR Strategic Communications & Advisory
ir@springbig.com  

Media Contact
MATTIO Communications
Phoebe Wilson
springbig@mattio.com

FAQ

What is the Subscription Loyalty Service offered by springbig?

The Subscription Loyalty Service offered by springbig is a tool that allows retailers to create and manage their paid-subscription programs.

What are the benefits of the Subscription Loyalty Service for retailers?

The Subscription Loyalty Service can increase customer acquisition, maximize revenue, and enhance customer loyalty among program members. Retailers can customize subscription rates, implement free trial periods, design subscription tiers, and offer discounts on reward points and early-bird access to special promotions.

What success has Oasis Cannabis seen with the Subscription Loyalty Service?

Oasis Cannabis has welcomed 117 new subscribers and recorded a 42.1% increase in visits per subscriber since July 1st. Subscribers have visited Oasis Cannabis an additional time each month, and their total spend has increased by 30% on average on the first visit and 27% across all visits. Oasis Cannabis has recorded 339 subscriber visits and earned over $22,000 in subscriber revenue.

What other features has springbig introduced?

In addition to the Subscription Loyalty Service, springbig has introduced its AI Assistant tool and launched its improved platform UI, springbig.io.

Where can I find more information about springbig's newest features and integration efforts?

You can find more information about springbig's newest features and integration efforts at https://springbig.com/.