VeriFone Acquires LIFT Retail Marketing Technology
Published in CSP Daily News
In-store, upsell solution complements, extends digital media capabilities at pump
SAN JOSE, Calif. -- VeriFone Systems Inc. has acquired LIFT Retail Marketing Technology Inc., the provider of a digital marketing system designed to increase sales for convenience stores. Financial terms were not disclosed.
LIFT Retail, based in Atlanta, developed and markets the LIFT Station, network-connected digital marketing hub that integrates with leading point-of-sale (POS) systems in the c-store and petroleum retailing market. Leveraging an advertiser-funded model, the LIFT Station personalizes the experience for each shopper by presenting relevant offers with digital ads on a touchscreen display while simultaneously engaging cashiers with a friendly sales script to help close the deal.
VeriFone will incorporate the acquired company into its solutions portfolio as a product and services offering called LiftRetail Solutions. VeriFone LiftRetail integrates with all leading retail POS systems in the c-store/petroleum segment, including VeriFone's Ruby SuperSystem and Topaz XL.
"VeriFone LiftRetail Solutions will complement our Secure PumpPAY offering by providing gasoline retailers and convenience store operations the ability to maximize revenue opportunities both at the pump and in the store," said Jennifer Miles, VeriFone executive vice president for North America. "LiftRetail Solutions extends our digital media reach into the convenience store environment, providing a highly accountable media platform that maximizes an advertiser's return on investment."
LIFT Retail CEO and co-founder Wells Burke joins VeriFone as vice president and general manager for LiftRetail Solutions. "With its history of leadership and innovation in the convenience store and petroleum market, VeriFone provides the scale to bring LiftRetail Solutions to the next level as we gear up to support near real-time analysis on over 20 billion unique shopping trips annually," Burke said.
LiftRetail uses the latest in "big data" and cloud computing technologies to analyze tens of millions of market basket transactions and determine the optimal "Smart Suggestion" based on what each shopper is currently buying. The solution increases the upsale conversion rate as much as 40% and total store sales up to 5% for c-store operators by determining an optimal offer based on the products being scanned at the point of sale, prompting cashiers with transaction-specific selling scripts and simultaneously displaying the offer to the consumer on a 19-inch digital flat screen.
VeriFone's Secure PumpPAY upgrades fuel dispensers with a PCI-compliant card reader and digital screen that can be used to promote c-store offers to consumers at the fuel dispenser. The high-resolution screens display digital content from the VeriFone Digital Network (VNET) providing advertisers and retailers the opportunity to build brand equity by reaching consumers in a highly targeted and measureable media experience.
San Jose, Calif.-based VeriFone Systems is a leading global provider of technology that enables electronic payment transactions and value-added services at the point of sale. VeriFone is one of the leading electronic payment solutions brands and is one of the largest providers of electronic payment systems worldwide.