Piggybank, a subscription-based loyalty program launched by Zomato seems to be a hit product of the Alibaba-backed company. Within 2 days (or 48 hours), the premium membership program has received 200,000 sign-ups.
This is a jaw-dropping figure for the membership program which was made available for select users on the iOS and Android platforms.
Zomato also claims that Piggybank has 6 times more traction than its previous premium subscription-based model within first 48 hours. According to the company’s press statement, one of the fastest selling premium membership programs Zomato Gold has over 400,000 subscribers.
The above figure clarifies that Piggybank subscription has already reached half the number as its Gold membership program. With the growing appetite of the consumers and expected mass rollout, Piggybank looks to break all the previous records of a subscription-led loyalty program by any foodtech company in India.
The development comes against the backdrop of Zomato’s hitting 600,000 orders during Football World Cup final. The company had also claimed that it crossed 13 million order run rate in July, a 136 per cent up from its 5.5 million orders in March.
For uninitiated, Piggybanks lets consumers save 10 per cent every time they order. On every successful order, user accounts will be credited with 10 per cent of ‘Z Coins’ which can be encashed on further orders.
Meanwhile, one also can earn Z Coins in Piggybank while using it in a particular order.
Piggybank subscription is available for free to users ordering more than five times a month. From September onwards, Piggybank will be a paid subscription (Rs 299).
This is an attempt by 10 years old company to create a moat of subscription-led userbase and get an edge over rival Swiggy. Interestingly, the Tencent-backed foodtech company claims about 15 million monthly order run rate.
It will be interesting to see how Swiggy takes the loyalty program on a serious note to give a tough fight to the Deepinder Goyal-led company.