Business strategy varies over time, sometimes as a consequence of market shifts, while other times as a result of technological advancements, leading to the birth of new and interesting trends.
WafR, a reward-based loyalty business that enables customers to earn phone recharges while purchasing at retail stores, has received further funding from a number of new investors.
As regards fundraising, the firm has acquired 3.5 million dirhams ($372k). The startup’s valuation has risen to 30 million dirhams ($3 million) as a result of the funding.
According to Ismail Bargach, co-founder of WafR, the funding will mostly be used to grow WafR’s retail network, with the goal of expanding the number of retail businesses using the app from 10,000 to 50,000.
WafR, which launched in 2021, is an app that enables customers to receive a discount at the moment of purchase/sale in order to direct their purchases toward a specific business.
WafR is basically a loyalty program for huge retailers. By directing consumer choice, the app assists manufacturers in growing market share, sales volume, and profit. In Morocco, retail shops account for 85% of sales, while supermarkets account for 15%.
Techbuild’s Take
Many businesses are using technology to spice up their marketing methods, ranging from discounts to other prizes, but today, thanks to apps like WafR, these awards can be targeted at frequent customers while also targeting a specific product.
There are a plethora of loyalty startups gaining momentum and raising investment. Kenya’s CashBackapp, Interswitch, which teamed with ThankUCash, while SabiTech and Loystar developed their own loyalty marketplaces.
However, because there are few loyalty marketing startups in Africa, it makes sense for investors to take advantage of this new marketing strategy software to help grow businesses and make shopping more attractive for both vendors and customers.
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