PowaTag brings the offline world to life by transforming printed adverts into a point of sale
Editor’s note: This story originates in the UK and therefore includes UK-specific units and figures, but we are including it here without major edits because we believe it is of interest to Canadian readers.
Christmas advertising eats up 70% of the £5 billion Q4 ad spend, but with retail profits under pressure, pumping money into advertising is a risky game. Businesses have no clear sight on how advertising converts into sales, and can face bankruptcy if they fail to recoup costs. Powa Technologies has handed brands and retailers a game-changing technology which will enable them to unlock the vast potential for return in these campaigns. Powa’s innovative new advertisement recognition trigger brings the offline advertising world to life, boosting return and transforming customer engagement.
The state of the art technology, integrated with mCommerce app PowaTag, recognises normal ads, without QR codes or similar. Once an advertisement is scanned, the app will find the product and consumers can buy in just three seconds, using pre-entered payment and delivery information. This innovation creates a glide path to growth, transforming the fortunes of brands who are struggling to convert adverts into purchases.
This comes at a critical time for businesses, as spending on advertising in the UK continues to spiral, growing at twice the rate of the economy; ad spend is predicted to reach £20.7 billion in 2016, with the global figure expected to hit £452.2 billion. Businesses make this investment without a clear measure of its impact on sales.
Powa’s truly revolutionary development provides the ground-breaking capacity to measure return on investment (ROI). By linking the transaction directly to the advert, PowaTag gives deep insight into ROI, even down to the level of highlighting the most productive place for an individual advert. For the first time, brands can break through the anonymity barrier which obscures offline shoppers, developing truly personalised customer engagement.
For UK businesses, whose ad spend rose at a rate of 5.8% over the first half of 2015, making them the third highest ad spenders globally, an accurate science of the influence of ads is an unparalleled development.
Dan Wagner, eCommerce veteran and CEO of Powa Technologies, comments: “There are a number of barriers which usually get in the way between seeing an advert and purchasing the product – your local store might be out of stock, or you might get interrupted as you go through online checkout, or you might simply forget about the product. By enabling consumers to buy directly through the advert in seconds, brands can be confident that their advertising budget is delivering real returns.
“For the very first time, brands can measure the true impact of their campaigns, tracking which individual advert promotes the most sales and amongst which demographics. PowaTag can collect the data which says an advert in Vogue converted into more sales than a billboard at Piccadilly Circus, or the insight which says an individual consumer really likes red shoes but isn’t so interested in black ones. Given the tremendous expenditure which advertising swallows up, these metrics are an invaluable means to develop directed advertising and personalised customer relationships.”