Wishpond Acquires WinBack To Help Users Recover Lost Revenue
The acquisition empowers Shopify merchants to regain nearly 34 percent of lost sales occurring due to abandoned carts.
Wishpond, an all-in-one marketing and business solutions platform, has announced that it has acquired SMS marketing solution WinBack.chat (WinBack). For Wishpond, the move helps upgrade the platform’s SMS marketing and Shopify e-commerce solutions.
“We’re very pleased to announce our fourth acquisition this year,” said Ali Tajskandar, Chairman and CEO of Wishpond. “The synergistic attributes of this tuck-in acquisition are apparent and can be leveraged immediately with Wishpond’s existing customer base to drive sales and customer retention. The ability to sell and add this product to Wishpond’s existing packages will create a higher value product to our customers, resulting in higher MRR (Monthly Recurring Revenue) and increased retention and long-term value.”
WinBack offers exclusive tools for recovering potential lost revenue in abandoned Shopify carts. The technology automatically monitors consumer activity to track when potential customers browse products, but don’t take any purchasing action such as adding an item to the cart.
If the technology detects this type of activity, it automatically triggers a real-time follow up with a small discount offer to entice customers who might be on the fence about purchasing a product. According to the company, this strategy has helped recover 34 percent of abandoned carts for its users, leading to a 35x return for every $1 invested in WinBack.
By adding this ROI-maximizing technology, Wishpond aims to expand its current product offerings and boost customer lifetime value. Specifically for Wishpond’s existing Shopify merchants, the user-friendly capabilities can be used to rescue a significant portion of lost revenue.
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Wishpond is a reliable marketing platform for over 3,000 businesses around the world ranging from small businesses to Fortune 500 companies. Industry-leading brands such as Walmart, ESPN, Lululemon, The Weather Network, and CBS all take advantage of Wishpond to grow their sales and overall business.
The acquisition is projected to officially close in January 2022.