Reciproci: Helping Phygital Businesses Increase Customer Life Time Value Revenue

CIO Vendor In today’s phygital business world, companies strive to provide great customer experience to customers as it has become an undisputed differentiator for any business. Moreover, most organizations focus on experience driven commerce with an aim to provide customers with personalized and immersive experience using an omni-channel approach. Experience driven commerce is nothing but a fusion of content, analytics, data and digital marketing that acts as one of the major factors driving customer loyalty.

Innovative SaaS based Customer Experience Platform
Perfectly understanding the importance of Customer loyalty for business growth, Bangalore headquartered Reciproci has built a highly innovative SaaS based Customer Experience platform that focuses on Experience driven Commerce. Reciproci, through its highly innovative features proactively enriches the customer journey across all the touch points such as InStore, mobile and web ultimately seeking to boost a singular metric that is Customer Life Time Value. Not just that, Reciproci, by implementing numerous new age technologies such as ML, Internet of Things (IoT), cutting edge CloudTech, and mobile computing meets both Enterprise Customers’ and end Consumer expectations.

Reciproci provides distinct feature-sets for various Retail, Banking and Hospitality businesses. The product is designed and architected on a simple founding philosophy that businesses must “Know Your Customer (KYC)” and “Own Your Community (OYC)”. After a successfull KYC and further buttressing OYC, “Scale Your Commerce (SYC)” automatically follows. For a business that goes Phygital, Scale Your Commerce is important to bring economies of scale and favorable unit economics.

Reciproci has identified and cross pollinated unique trends and emerging opportunities across industries to create innovative features which help a business know its customers and engage with its brand communities. Some examples are:

1. A user checks a few products on the mobile app and decides to see the demo/trial of a selected product at the store. When the user enters the store, he is duly recognized (KYC) by store staff and assisted to consummate the purchase. The store staff is helped by the Reciproci to make recommendations to the user which were in the (KYC) users consideration set (while researching on the mobile app)

2. Reciproci incorporates behavioral models of gamification for non-transactional engagement, something that begets invaluable customer feedback. This helps to understand customer pulse (KYC) which in turn serves as inputs for continuous improvement of business processes for sourcing, pricing and servicing (SYC).

3. If a brand wants to conduct events for a new product launch or for test marketing, it can conduct digital invites for most relevant users (OYC), track their presence at the physical site, reward them for their participation and loyalty in their mobile wallet, leading to greater sales (SYC).

4. Reciproci helps ring-fencing repeat customers (KYC) by offering features like subscription commerce. A customer subscribes to a product or service
and enjoys the benefits of convenience and price for an agreed period of time. For the same period of time, the business gets clear visibility of cash flows as well as downstream management of inventory and logistics management (SYC).

The above simple examples illustrate how Reciproci’s founding philosophy translates into higher CLTV by virtue of KYC and OYC.

“Our product has been successfully implemented across various sectors such as large multi-business conglomerates, fashion retailers, F&B companies, fitness & wellness companies, Appliances & Consumer electronics and the hospitality industry. Moreover, Reciproci helps in building deep connect with the customer through gamification, hyper-proximity marketing and omnichannel engagement,” says Biplove Belwal, President – Global Sales, Reciproci.

Our product has been successfully implemented across various sectors such as large multi-business conglomerates, fashion retailers, F&B companies, fitness & wellness companies, Appliances & Consumer electronics and the hospitality industry

Advanced Customer Experience Engine
Through the advanced loyalty engine, businesses can manage their loyalty programs across brands and regions with ease. Moreover, this platform helps in shaping and customizing the clients’ loyalty program that matches their business goals.

Reciproci allows easy redemptions, automated expiry of rewards, and flexibility of upgrade and downgrade of customers across tiers. This platform helps in creating accrual and redemption rules associated with the loyalty programs. It also enables business to grow by rewarding their customers for feedback, referrals, social activities, pre-booked appointments, purchases and more.

Multi brand support & Real-Time Access to Data
Reciproci’s robust tools allow clients to run programs not only across geographies but across multiple brands as well. The platform solves the hassle of running the program across different locations and helps clients manage one or more locations easily within a few clicks. The platform allows you to do all this, with real-time access to data, where customer memberships can be managed centrally and customer data across all centers can be shared seamlessly.

Mobile wallets
Reciproci allows customers to create their own mobile wallets for convenient payments and can also purchase or receive gift cards online or directly on their mobile devices with E-gift cards feature. Another stunning feature of the platform is that it comes with industry leading fraud prevention rules embedded in it.

Reciproci has been validated across the globe with successful deployments in Middle East Asia, South East Asia and India. Encouraged by the success, the company is planning to expand its operations in Europe and the USA.