John Hoyne, SYNQY Corporation
Last week, SYNQY was named as a finalist in CART’s Virtual Pitch Event. We’re among an impressive few chosen from hundreds of applications. So, who are we and what does SYNQY do for retailers?
SYNQY provides a managed service for retailers to bring online shoppers rich content from manufacturers. We do that at the point of sale, which is the critical piece. To do this, we match manufacturer-branded content to the products on the retailer’s site and then pay the retailer a revenue share. If we think about what shoppers want, they’re looking for basic product information, but also rich product content. That can take the form of videos, product comparisons, as well as promotional content like new products, innovations, and in grocery, recipes and the upcoming SmartLabel content. Delivering all of this at the exact time that consumers are making buying decisions is key.
It’s also very important to provide that content to the consumers on the retailer’s website because more and more consumers are going to leave and find it somewhere else – and maybe never come back. But there are numerous challenges in providing content on the retailer site, one of which is that the content typically resides with the brand and not with the retailer. In addition, the content is always changing. As a result, it’s almost impossible to keep it up-to-date.
So, what if you could crowdsource from manufacturers the content customers are looking for? And what if it wouldn’t cost you anything? And what if it would enhance the buying experience and increase product consideration and sales? And you got paid for it?
Well, SYNQY can deliver on those promises. SYNQY delivers enhanced content to delight and inform the shopper. SYNQY has a proven track record in the retail space. Tony Mercado, Marketing Development Manager, Car Electronics Sector at Kenwood said, “ The appeal of SYNQY is it allows us to give shoppers on our retailers’ websites a branded, rich media content experience that we can easily update to stay fresh and reflect our latest products and promotions. It also keeps the shoppers on our retailer’s website, encouraging them to execute their buying decision with that retailer.” The key is that retailers deliver rich brand content at the point of sale and shoppers never leave the site.
The way this works is that the manufacturers upload their content into the SYNQY system and the retailer simply installs one line of code on their website. It takes about 10 minutes and it’s up and running. Last year, we ran a test of about 14 tier-1 CPG products and for those users who clicked on the SYNQY, we experienced a 65% increase in consideration and a 40% increase in purchases. Those are significant increases and SYNQY is definitely having a positive impact on sales.
We are working with clients in the grocery space, such as Albertsons, Safeway, Nestle, Dr. Pepper/Snapple, Unilever, WhiteWave, VONS, Randalls, PepsiCo, and Pavilions – some of the leading CPG manufacturers and retailers. With our business model, we collect fees from the brands to post their content onto a retailer’s site and then we pay the retailer a revenue share from that fee. Seems like a no-brainer for retailers.
SYQNY brings the retailer an enhanced shopping experience for consumers. We increase product consideration and sales and bring a new high-margin site-monetization capability. And we do all of this at low risk, with minimal effort, and at no cost to retailers.
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