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SigmaLedger’s CuBE, a Universal Solution for Coupons and Rewards, Adopted by P&G and Walgreens
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SigmaLedger has announced the adoption of its coupon fraud prevention solution, CuBE, by Procter & Gamble and Walgreens. This innovative system addresses the over $100 million annual losses due to coupon fraud in the retail industry. CuBE uses blockchain technology to validate coupons at the point of sale, effectively eliminating fraudulent transactions in real-time. With its deployment in over 10,000 US stores, CuBE has reportedly reduced coupon fraud by nearly 90%. The product streamlines the coupon clearing process, leading to faster reimbursements for retailers.
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CuBE reduces coupon fraud by nearly 90% immediately after deployment.
Operational in over 10,000 US stores.
Streamlines the coupon clearing process, leading to faster reimbursements.
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None.
JERSEY CITY, N.J.--(BUSINESS WIRE)--
SigmaLedger,a leading SaaS provider of blockchain-based innovative traceability solutions, announced today that CuBE (Coupon Business Exchange), their solution to address coupon fraud, has been adopted by P&G (Procter & Gamble) and Walgreens.
P&G and Walgreens adopt SigmaLedger’s CuBE as a universal solution for coupons and rewards. (Graphic: Business Wire)
Coupon fraud costs the retail industry over $100 million each year.1 In addition, retailers must face other consequences such as delayed checkouts, cashier/shopper friction and a lengthy and labor-intensive coupon clearing process. CuBE eliminates coupon fraud, accelerates coupon clearance, and reduces overall processing costs. It is a proactive solution, rejecting fraud at POS (point of sale) in real-time at the first occurrence.
“We are proud to bring this innovative solution to the market, addressing an industry-wide problem that negatively impacts manufacturers, retailers, employees and customers,” said Oleksandr Rivkind, CEO of SigmaLedger. “We are grateful to the early adopters of CuBE, who have supported our efforts in fraud prevention.”
CuBE utilizes Blockchain technology to secure the data, bring trust and enable further innovation to coupon issuance, clearing and settlement.
“We are proud to fund SigmaLedger, via our start-up ecosystem ventures program, and help drive innovation and technology transformations for enterprise CPG/Retail organizations,” said Elaina Shekhter, Chief Strategy Officer of EPAM Systems. “SigmaLedger’s blockchain-based CuBE solution transforms the retail coupon technology landscape by accelerating clearances, improving traceability and vastly reducing fraud.”
CuBE connects manufacturers and retailers, allowing coupon validation to be run at POS, rejecting fraudulent coupons, and reporting redemption in real time. It also offers digital clearing which saves money, leads to faster retailer reimbursement, and provides access to transaction-level data.
“CuBE has had nearly instant success, virtually eliminating counterfeit coupons with our launch partners,” said Mike Loyson, Brand Director of Value Delivery and Couponing, Procter & Gamble Co. “Beyond the financial benefits of fraud elimination, CuBE quickens and conciliates shopper checkout and delivers an innovation glidepath via a platform that can scale across manufacturers and retailers in weeks.”
The adoption of CuBE is growing rapidly among retailers and manufacturers, offering a forward-looking solution, detecting fraud for both paper and digital coupons and finding suspicious patterns, stolen coupons and more. It is currently deployed in over 10,000 US stores and reduced fraud by nearly 90% immediately after deployment.
“The integration of CuBE with our existing software was seamless, with no notable reduction in processing speed,” said Heather Vondrasek, Asset Protection, Walgreens. “The adoption of CuBE has equipped our team members with the technology to identify and reject counterfeit coupons, leading to an overall reduction in losses associated with coupon fraud."
SigmaLedger is a SaaS provider of blockchain based innovative solutions focusing on counterfeit prevention, supply chain transparency and digital direct marketing. For additional information please contact us at info@sigmaledger.com or visit www.sigmaledger.com.
About Walgreens
Walgreens (www.walgreens.com) is included in the United States segment of Walgreens Boots Alliance, Inc. (Nasdaq: WBA), a global leader in retail pharmacy. As America’s most loved pharmacy, health and beauty company, Walgreens purpose is to champion the health and wellbeing of every community in America. Operating more than 9,000 retail locations across America, Puerto Rico and the U.S. Virgin Islands, Walgreens is proud to be a neighborhood health destination serving approximately 8 million customers each day. Walgreens pharmacists play a critical role in the U.S. healthcare system by providing a wide range of pharmacy and healthcare services. To best meet the needs of customers and patients, Walgreens offers a true omnichannel experience, with platforms bringing together physical and digital, supported by the latest technology to deliver high-quality products and services in local communities nationwide.
CuBE is SigmaLedger's coupon fraud prevention solution developed to combat the over $100 million annual losses from coupon fraud in the retail industry.
Which companies adopted CuBE?
CuBE has been adopted by Procter & Gamble and Walgreens.
How does CuBE reduce coupon fraud?
CuBE uses blockchain technology to validate coupons at the point of sale, eliminating fraudulent transactions in real-time.
How many stores are using CuBE?
CuBE is currently deployed in over 10,000 US stores.
What impact has CuBE had on coupon fraud rates?
CuBE has reportedly reduced coupon fraud by nearly 90% immediately after deployment.
