We are proud to announce that Snipp was selected as a part of Deloitte’s Technology Fast 500 list for the second year in a row. We ranked #114 this year, and had ranked #49 last year – both of which are incredible achievements.
Over the past three years (the time period during which this list is compiled) we grew 1,189%. That’s an incredible amount: the company we are today is 11 times larger than what we were just three years ago. For perspective, the 500th member on this list grew a “mere” 135% – or about 10 times slower than we did in the same time-period.
Such growth does not come easily. We had to make some big changes along the way – to organization structures, products, processes, even people. It’s inevitable that a company changes over time, and to grow that fast it’s not just inevitable but essential. Adapt or die: that’s the operating maxim for all companies, and we plan to keep adapting – and growing.
The great news is that Snipp’s future looks brighter than ever. We expect to continue to grow for the next few years. Below are a few reasons why:
CPG Loyalty Is An Untapped Market
The CPG Loyalty space is an underpenetrated market. If you look around, you can literally count the number of large CPG loyalty programs in market on one hand (interestingly, we currently power three of those!). Historically CPG companies and other multichannel brands have not been able to do loyalty programs – or at least not easily because of the difficulties associated with validating purchase when you don’t own the point of sale. At Snipp, we specifically tailored our LoyaltyBase product suite for the CPG industry. By marrying our receipt processing solution (SnippCheck) to the enterprise loyalty platform we purchased from SwissPost, we have created a truly unique offering for multi-channel brands looking to do loyalty: our solution allows brands to reward not just engagement but also transactions.
Receipt Processing Rocks On
We are the largest player in the receipt processing market today. That’s not us being hyperbolic but simple fact: we process millions of receipts a year; we process receipts for the three largest receipt-based loyalty programs in North America; we have done hundreds of receipt-based promotions this year alone. There is still plenty of growth in processing receipts – it’s still the most effective way for brands to run programs tied to purchase and capture core behavioral and purchase related information about their consumers. Our monthly receipt volumes have more than doubled every year for the past couple of years and we expect that to continue.
New Products, New Markets
This year we launched our new rebates platform which is also getting good traction in the market. Similar to CPG loyalty and purchase-based promotions, we think the rebate industry is ripe for disruption – both in terms of the rebate process (mailing in paper receipts with little transparency in the process) as well as its business model (breakage based model with exorbitant fees for every component). Based on our receipt processing solution, we have a better solution and a more attractive pricing model. We also released a spate of new rewards including Data Rewards, which allow consumers to be rewarded with one of the most precious commodities of today’s age: free mobile data from their mobile providers.
I saved the best for last. None of what we have achieved is possible without a strong team working together and getting the best from each other. I am proud to say we have that – in spades. It hasn’t always been easy, because we have people spread across the globe – in seven countries, six time zones, four offices – and a lot of us have never seen each other IRL. But nonetheless, we have been able to work together, deliver projects to our clients, and grow – both ourselves and the company. That is both humbling and something we are deeply proud of.
So, to all those who had a hand in getting Snipp to this point, colleagues both present and from the past, clients, vendors, partners, everyone – thanks for traveling with us this far. We’re just getting started, and we look forward to the rest of this mad, fun journey!
President & CTO, Snipp Interactive