Connecting The Dots Between Payments And Retail Advertising

Retailers. Brands. Consumers. Each stakeholder, with its own objectives and interests, plays a key role in the rapidly transforming, increasingly tech-savvy retail industry. And at the intersection of all three sits Jingit, the first real-time events-based payments and engagement platform, says Jingit’s CEO Kate Bolseth. In a recent interview, Bolseth spoke with MPD CEO Karen Webster to offer her perspective on the role Jingit plays in connecting the dots between the payments and advertising industries, how its single solution aims to deliver the distinct, desired value of retailers, brands and consumers, and in turn fuel the mobile wallet takeoff.

KW: Let’s start with the basics. What problem does Jingit solve, and for whom?

KB: As we’re all aware, the retail industry is undergoing rapid and remarkable transformation, specifically around mobile technology and consumers’ expectations around the individualized retail experience.

Jingit is the first real-time events-based payments and engagement platform that plays at the intersection of the $1.2 trillion payments industry and $400 billion advertising industry, connecting the dots between the two – before, during and after the transaction.

As part of this, we serve three key audiences: retailers, brands and consumers. Each have their own objectives and interests, so what we’ve created is an ecosystem where all parties involved in the transaction can get their desired value through a single solution offering. We do this specifically by bringing product-level marketing dollars into the merchant transaction in real-time, both online and in-stores.

KW: What is your vision for innovation at Jingit, and is it different than what the company has focused on prior to your new role as CEO?

KB: Our vision is to fundamentally change how brands and merchants connect with consumers. That’s a really big idea. Those industries are in a degree of flux right now.

We’re really focused on two points. The first is to think big and explore based on the many inputs from our customers, partners and the market. And second, based on that input, we want to create meaningful solutions that will help change the way these audiences interact with one another. A core element of those solutions is to bring those product-level marketing dollars into the transaction in real-time.

KW: Let’s go back to something you said at the very beginning. Jingit is the first real-time events-based platform delivering to retailers, brands and consumers. What does that really mean? What do you do?

KB: When we look at retailers, brands and consumers, we really focus on delivering a solution that helps all of them meet their own objectives

and interests.

If we start with retailers, they want to drive foot traffic and basket size. With brands, they want ROI and effective means of spending their marketing dollars, and perhaps more importantly, seeing the direct connection and effectiveness of that spend with consumers. Consumers want personalization, assurance that their privacy is protected, and a lot of value. More directly, they want to save money and to have the opportunity to earn money.

With Jingit, we’ve created is an ecosystem where these three parties can come together in a single transaction and get their desired value through our platform.

For example, while a consumer is at home planning a shopping trip for school supplies, we can deliver a video and incentive offer from the brand. Then, while they’re in-aisle at a specific retailer, we can reward them with a cash incentive just for engaging with the brand.  Based on consumer behavior, the brands can deliver exclusive offers for the individual to redeem at checkout as well as apply other marketing dollars they’ve earned along the way to that transaction.

This enables marketers to understand the effectiveness of their campaigns. It enables retailers to ensure that they can take the marketing dollars from brands and translate them into in-store traffic. Finally, it enables consumers to learn more about products and to save money or earn cash in real time rather than waiting for redemption. It’s really a win-win-win situation.

KW: So are you complementing or competing with mobile wallet solutions?

KB: We complement them. As we talked about earlier, it’s not about alternative forms of payment but more about a shifting paradigm of getting these marketing dollars into the transaction and capturing previously lost or unrealized value for all participants in that ecosystem.

Simply put, we help retailers build upon their existing wallets and help consumers understand what’s in it for them. We’re really adding value to these mobile payment solutions.

KW: Are you connected to the POS, then?

KB: Today, we are actually rewarding consumers by moving the cash they earned as incentives into their bank accounts as well as through e-gift cards that can be used at checkout through the Jingit mobile app. Going forward, we will intersect with that POS in real-time, keeping those dollars as part of the transaction.

KW: What would you describe as the most innovative solution that Jingit has brought to market? As you describe, what made it so innovative?

KB: It really goes back to that intersection between all three parties – brands, merchants and consumers – and changing how they fundamentally interact with one another. As I said, this is a really big idea and our solution goes to the heart of it.

Each of these constituents faces challenges along the retail path to purchase. Jingit’s solution addresses those challenges and delivers real, tangible value and ROI for all of the participants in the process.

For example, if we’re highlighting a great new form of toothpaste, we can educate consumers about it and draw them to the product in the store, then have them earn cash associated with that product.

They will earn what we call Branded Currency, which is money isolated to a specific retailer that can then be moved to a gift card of a specific retailer that the marketer chose in their campaign. It closes that ecosystem and continues that value stream for the merchant.

KW: So I’m a consumer, and there’s a toothpaste brand that wants me to buy it, and there’s a retailer that’s selling the toothpaste. How am I informed of the new toothpaste?

KB: This goes back to mobile. We present those offers via Jingit’s mobile solution and inform consumers that they can actually earn dollars associated with product education, but also by purchasing a product.

KW: Then I as a consumer earn the dollars in the form of a gift card – is this a reloadable gift card? Can I just shop at that merchant and as I have promotions presented to me, I can keep adding to that gift card?

KB:  Those funds go into a specific retailer balance that Jingit maintains within our system. The consumer can only put that money onto the retailers’ gift cards at any point in time.

The consumer could earn $10 one day and $5 the next, resulting in a $15 balance. They can put that onto the card right before the point of purchase or after the point of purchase to use with their next purchase.

KW: So it sounds like you’re at the intersection of some very important players. But where do you look for in terms of innovation inspiration? Do you look for it from a brand perspective, a consumer perspective, or a retailer perspective? Who drives the innovation agenda?

KB: One of the mantras that I have is that we need to relentlessly connect with our customers. That includes retailers and brands. Over the past three years we’ve met with hundreds of retailers and brands as well as continuously gathered feedback from our consumer base. By listening closely, we truly understand their needs and this has ensured that we’ve created a solution that’s meaningful to each participant in the ecosystem.

One of the other things we do is make sure that we do not dis-intermediate. We make sure that our customers and their customers can connect directly, without us as a mediator. This isn’t about Jingit – it’s about us empowering brands and merchants to have more meaningful connections with consumers and facilitate customer loyalty.

Finally, we don’t keep still. We focus on testing to find out what works and what doesn’t, and then we execute on what we’ve found to be most effective. We then refine our solution based on feedback from all of our customers.

KW: It’s interesting because the more conversations I have about the future of payments, the less they become about payment and more about the things that run around payments. For example, the ability for retailers to bring foot traffic into stores, and for brands to have conversations with consumers via a mobile device. It sounds like those are the kinds of conversations you’re having on a day-to-day basis with your stakeholders.

KB: Yes, that’s absolutely correct.

KW: So you work with a number of these mobile wallet providers to convey the power of your ecosystem. What do you think they underestimate about the commerce opportunity you’ve identified as the mission of Jingit?

KB: To go back to your earlier question about whether we compete or complement mobile wallets, we absolutely complement them. We can help them by allowing them new ways to inject funds into a transaction and give them the opportunity to bring product-level marketing dollars into a transaction in real time. We partner with them to help them differentiate additional value with their wallet solution.

Kate Bolseth
CEO, Jingit

Kate Bolseth is chief executive officer of Jingit, a Minneapolis-based company that offers the first integrated transaction network to merge payments and marketing and enable a personalized, trusted conversation between a brand and a consumer.

Bolseth is an experienced, innovative technology executive with a reputation for transforming and building businesses by balancing fast growth and market dynamics with the operational needs and practicalities of a growing company.

Prior to joining Jingit, Bolseth was chief operating officer for global solutions at Amcom Software, a subsidiary of USA Mobility Wireless. While at Amcom, she introduced significant expansions to Amcom’s solutions specifically around mission-critical communications and mobility while driving improved margins, profitability and enhancing the overall effectiveness for all operational functions.

Bolseth held executive management positions at Wireless Ronin and Highjump Software before joining Amcom Software.

Bolseth lives in Minneapolis with her family. In her spare time, she actively trains for half marathons and is an avid reader, often juggling several books at the same time.

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