Citi’s New Digital Couponing Strategy Revolutionizes E-Commerce
Discover how Citi's innovative browser extension simplifies online shopping with automatic coupon suggestions and cash-back offers.
Citi has introduced a new tool called Citi Shop, a browser extension designed to help its credit card holders find online discounts and rewards more easily. The extension, which is exclusive to Citi cardholders, scans eligible merchant checkout pages for coupons and suggests relevant codes to apply at checkout. By using Citi Shop, customers can potentially save money on their purchases and even activate cash-back offers that are credited to their card statements. With approximately 5,000 merchants across 30 product categories included in the program, Citi aims to enhance its card members' relationships and trust with the bank while helping them save money.
While Citi has not disclosed its monetization model for Citi Shop, it is common for banks and fintech companies to earn a percentage of each successful transaction that results in a cash-back benefit. This revenue-sharing arrangement typically involves a portion of the merchant-funded cash-back offers being shared with the consumer. Offers vary by merchant and are subject to negotiation by the company's merchant development team.
In recent years, banks and fintech firms have been increasingly offering browser extensions that provide coupon codes and cash-back offers to online shoppers. Examples include PayPal's PayPal Honey platform, which offers digital coupons and price-tracking services, and Capital One Shopping, a coupon and cash-back platform that originated from Capital One's acquisition of the fintech company Wikibuy. These tools aim to help consumers save money and make their online shopping experience more rewarding.
Citi's launch of the Citi Shop browser extension demonstrates the bank's commitment to providing added value to its cardholders and strengthening customer loyalty. By offering a convenient way to access discounts and cash-back offers, Citi aims to enhance the overall shopping experience for its customers while also potentially generating additional revenue through merchant partnerships.
Citi’s New Digital Couponing Strategy Revolutionizes E-Commerce
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