Fetch's mission is to create a different kind of rewards program. Traditionally most rewards platforms are run by single retailers. By contrast, Fetch’s app lets users earn reward points every time they shop at any store or restaurant. They simply scan receipts or e-receipts into the app, then redeem points to earn gift cards, make charitable donations, enter sweepstakes and more.
The service delivers for retailers too. Fetch captures first party data, which helps its brand partners to understand – and transform – their shopper behavior.
Fetch prides itself in being a data-centric company, and since launch has used data to understand its own user behavior better. However, the company had no visibility into its competitors and the overall industry. Specifically, it wanted to benchmark competitor metrics against the Fetch app’s rank and performance in order to fine tune its own growth strategies. The ultimate goal was to reduce customer acquisition costs.
Fetch worked closely with data.ai to dive deep into its competitors' app store presence and advertising – to track daily and monthly active users and see how they compared with those of the Fetch app.
Krishnan Menon, VP of Business and Consumer Growth at Fetch Rewards, says data.ai tools help his team to study the industry generally and their own category specifically.
"It helps us to understand who we should be targeting, which products we should consider competitive apps and how consumers are using them,” he says. “We can also see which creative approaches and paid search keywords other advertisers are using.
"We start by evaluating daily and monthly active users, then assess what factors are driving growth, drilling down into paid and organic performance. We look at increases in ad spend, new innovative creatives, changes to meta descriptions and metadata and more. This means we can use hard data – rather than instinct – to make informed decisions about our own strategies."
Data and insights extracted from data.ai's competitive intelligence platform contributed to Fetch being ahead of the curve in the marketplace. As a result, it was able to cut its customer acquisition costs (CACs) significantly. During the first six months of 2022, CACs fell by 25% year over year.
In August 2022, Fetch reached a significant milestone. It surpassed 5 million daily active users of its app, with more than 17 million people using it every month.