More than 100 Retailers Integrate with Gyft, Including Amazon.com, Sephora, Brookstone, and Lowe's, to Improve Consumer Experience
Company Announces Funding from Google Ventures, Founder Collective and 500 Startups
SAN FRANCISCO, Sept. 11, 2012
SAN FRANCISCO , Sept. 11, 2012 /PRNewswire/ — Gyft, Inc., a company devoted to making gift card management easy, today unveiled its new digital gift card platform. Gyft is poised to change the $100 billion gift card industry by enabling shoppers to manage all of their gift card needs from one simple mobile interface. The platform also provides retailers with an innovative way to market to customers ensuring that no gift card goes unused. Currently, Gyft supports more than 100 leading retailers, including Amazon.com, Sephora, Brookstone and Lowe's. The company also launches with more than $250,000 in FREE cards for users that download the app.
Gyft overcomes current issues that limit the potential of gift cards, which often end up lost, stolen, or forgotten. Gyft solves these challenges by allowing consumers to upload existing plastic cards to their mobile phones and provides an innovative way to send new gift cards to friends and family members via Facebook, email, or text.
“Gift cards allow anyone to purchase the ideal gift, but practically speaking, they're very problematic,” said Gyft CEO and co-founder Vinny Lingham . “Gyft changes that by bringing all of consumers' gift card needs into one easy-to-use mobile interface.”
How Gyft Works
Consumers simply download the Gyft app, which allows users to manage all of their gift cards in one place. Users add gift cards by entering the cards' information which is then stored in the owner's 'wallet' and can be redeemed in-store or online.
Users can send gift cards to their friends around important events such as birthdays and anniversaries. One of Gyft's best features is that users can get FREE gift cards by simply downloading the app via the iTunes app store or by visiting www.gyft.com.
Gyft Extends Revenue Opportunities for Retailers
In addition to the ease-of-use benefits associated with the consumer experience, Gyft's platform creates a meaningful new revenue channel for brands. For the first time, retailers gain visibility into the consumers that hold their gift cards. This enables them to offer relevant promotional gift cards based on user demographics and interests to help acquire and retain customers. They can also send reminders and launch special offers to get shoppers into their stores, ensuring that gift cards are redeemed and driving additional sales. Gyft also provides the mechanism to increase consumers' social engagement with brands.
“Retailers are always searching for new ways to stay in touch with their customers, and Gyft gives them the targeted means to do so,” noted CJ MacDonald, Gyft COO and co-founder. “There is a myth that retailers love the breakage on gift cards. The reality is it's better for both consumers and retailers when the card is used.”
More than 100 leading retailers have already integrated Gyft's digital gift card platform, including Amazon.com, Sephora, Brookstone, and Lowe's.
“We are delighted Amazon.com Gift Cards will be included with the new Gyft application. We look forward to working with Gyft to enable their customers to purchase and send Amazon.com Gift Cards,” said Craig McGlynn , Sales Manager, Amazon.com Gift Cards.
Company Poised to Capitalize on $100 Billion Industry
Gyft debuts with backing from Google Ventures, Founder Collective, and 500 Startups. The funding will be directed to scaling the company, further product development, and extending its partner eco-system.
“Gyft has developed a consumer app that leverages the advantages of mobile devices for millions of shoppers,” said Joe Kraus , general partner at Google Ventures. “We look forward to working with the Gyft team to build out an exciting product that addresses a huge market while changing the way consumers and retailers use gift cards.”
Gyft, Inc. provides a gift card platform for consumers and retailers that enables customers to upload, buy and redeem gift cards conveniently from their mobile device. Gyft is seamlessly integrated with Facebook so users can send gift cards to their friends around special events. Gyft is a private company funded by Google Ventures, Founder Collective and 500 Startups, with offices in San Francisco, CA. For more information, visit www.gyft.com
About Google Ventures:
Google Ventures seeks to discover and help develop great companies – we believe in the power of entrepreneurs to do amazing things. Our investments range from seed to late stage, across a broad range of industries, including consumer Internet, software, hardware, clean tech, biotechnology and health care. We embrace the challenge of helping young companies grow from the proverbial garage to global relevance. The Google Ventures team includes entrepreneurs, investors and innovators, along with some 20,000+ exceptional Googlers whose breadth of knowledge, experience and creativity constitute perhaps our most valuable resource. For more information, visit www.google.com/ventures.
SOURCE Gyft, Inc.