July 15, 2015
Not long ago I sat down with Jon Carder, CEO of Mogl, to talk about commerce. He told me that about 92 percent of all commerce still takes place offline, despite how connected and technological our society is.
He operates on the belief that if companies could figure out a plan to track somebody from online to offline, though, they would help their business while also attracting advertising dollars from other companies. To that end he built Mogl as a solution to track online to offline commerce in the form of cash back, loyalty program.
His idea has been validated with some hefty amounts of funding already. Further, Carder announced recently that Mogl has raised an additional $8 million in funding to build out their sales team and expand their merchant network – the Mogl Network.
The details were released in an article initially published on Bank Innovation by Philip Ryan. In his post, Ryan says that getting that kind of funding for a rewards program these days is pretty rare.
However, I think it’s important to realize that while Mogl is definitely a rewards program, that’s not what their prime directive. The other, and the more important, part of what Mogl does is driving those online to offline conversions via rewards.
That’s what gets the funding and that’s what brings on major partnerships with institutions like Visa, MasterCard, and AmEx. Alongside the funding news, Carder also announced that they’ve partnered with an additional 30 companies since last we covered them.
Now, that’s not to say what Mogl is doing is easy by any stretch. They have to line up on both sides of the market, catering to merchants and card issuers in order to get the consumer the full value of their Mogl Network.
To date Mogl serves 30 to 40 million cardholders and has about 20,000 merchants in their pipeline. Their network is also growing past the regional scale and into the national realm, according to Carder.
In an effort to ensure that everything operates smoothly as they keep expanding and rolling out the Mogl Network, Carder and his team also said that they’ll be launching an API later in July. The API will allow Mogl to work directly with major credit card networks instead of operating via intermediaries like TSYS or First Data.
Merchants using the API can create an offer to attract guests, like a 10 percent cash back reward from six to nine on Monday through Friday. There’s no need to install additional equipment or train staff members in order to participate.
The Mogl Network will then distribute the offer around to the world via social networks, deal sites, apps, and banks – pretty much everywhere. Consumers can see the offer, link any credit or debit card, and make their purchases: it’s pretty simple but it took Mogl two years to build it out to this point.
It was two years well spent though as this new API will make life drastically more convenient for Carder and his team. We’ll keep you posted on any updates regarding the API as soon as they’re public.
Image Credit: pixabay
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