EP26 - The Future of Loyalty is Data with Derrick Fung
What is the future of loyalty?
Capturing and rewarding consumers for their time, money and thoughts.
When Derrick Fung thinks about Drop as a company, ultimately the big vision is to build both the world's most personalized rewards program and the largest transaction data set in market. To get there, one of the the biggest decisions they had to make in the early days of the company was to go directly to the consumer to get the data and not go through merchants as many other loyalty providers do.
Derrick explains that Drop's consumers, especially the younger generations, will give up everything, as long as they're getting value back. And that's where the world of loyalty is going. Cutting the consumer in on the money, on the deal...that's the future.
Oh, and did we talk about Data? Well as Derrick says, "I'd say data before was a good to have. Now it's a must have. You know the analogy and the saying, it used to be a vitamin and now it's a painkiller."
Derrick Fung is the CEO and co-founder of Drop, one of the largest mobile rewards products in market with 4m users, hundreds of top retailers and merchants and $40 billion+ in transaction volume. Drop was named LinkedIn's #2 top start-up in Canada, as well as a member of the Deloitte Fast 50. Oh, and Derrick and was a Forbes 30 Under 30 winner in 2014.