A Florida-based customer-incentives company has assembled a network of more than 900 merchants into an online shopping mall that allows customers to spend at one store the rewards points they earn at another.
Customer-rewards programs typically provide discounts or similar benefits to customers as a way of thanking them for previous purchases and to encourages them to continue their spending trends. The catch is that customers often must redeem their rewards at retail chains where they made their initial purchase.
BSP Rewards Network offers merchants the opportunity to make their customers happier by avoiding that catch.
“With our program, rewards from all 900 stores go into the same pot," says Martin Berns, chief executive of BSP Rewards Inc. "You can buy from Target and spend it back at the Gap. You can buy from Wal-Mart and spend it back at Best Buy.”
Besides, he says, with BSP's online shopping mall, customers can "sit down in one place, in front of a computer, and shop more than 900 stores just by pushing a button.”
The merchant-funded program also offers its own discounts over and above those earned from the individual merchants.
Customers earn points when they shop at the online mall, which can later be loaded onto a gift card if they want to go to a physical store to make a purchase instead of redeeming online.
“With BSP, every point equals one dollar. When customers earn 25 points, they’ll receive a free MasterCard, which can be used anywhere in the world,” Berns says.
Customers can earn up to 20% in rebates and up to 60% in discounts. They can also earn printable coupons for grocery stores and restaurants.
For more information about the online shopping malls and rewards pooling, visit www.bsprewards.com.