VeriFone Acquires LIFT Retail Technology
SAN JOSE, Calif. -- VeriFone Systems is moving inside the store with its acquisition of LIFT Retail Marketing Technology Inc.. Financial terms of the deal were not disclosed.
Atlanta-based LIFT Retail developed and markets the LIFT Station, a network-connected digital marketing hub that integrates with point-of-sale systems (POS) in the convenience store and petroleum retailing market. Leveraging an advertiser-funded model, the LIFT Station personalizes the experience for each shopper by presenting relevant offers with digital ads on a touchscreen display, while engaging cashiers with a sales script to help close the deal, according to VeriFone.
LIFT Retail will be incorporated into VeriFone's solutions portfolio as a product and services offering called LiftRetail Solutions, which will integrate with all leading retail POS systems in the convenience store/petroleum segment, including VeriFone's Ruby SuperSystem and Topaz XL.
"VeriFone LiftRetail Solutions will complement our Secure PumpPAY offering by providing gasoline retailers and convenience store operations the ability to maximize revenue opportunities both at the pump and in the store," said Jennifer Miles, VeriFone’s executive vice president, North America. "LiftRetail Solutions extends our digital media reach into the convenience store environment, providing a highly accountable media platform that maximizes an advertiser's return on investment."
LIFT Retail CEO and co-founder Wells Burke will move to VeriFone as vice president and general manager for LiftRetail Solutions.
"With its history of leadership and innovation in the convenience store and petroleum market, VeriFone provides the scale to bring LiftRetail Solutions to the next level as we gear up to support near real-time analysis on over 20 billion unique shopping trips annually," Burke said.
LiftRetail will utilize the latest in "big data" and cloud-computing technologies to analyze market basket transactions and determine the optimal "Smart Suggestion" based on what each shopper is buying. The solution increases the up-sale conversion rate as much as 40 percent and total store sales up to 5 percent for convenience store operators by determining an optimal offer based on the products being scanned at the POS, prompting cashiers with transaction-specific selling scripts and simultaneously displaying the offer to the consumer on a 19-inch digital flatscreen.
VeriFone's Secure PumpPAY upgrades fuel dispensers with a PCI compliant card reader and digital screen that can be used to promote convenience store offers to consumers at the fuel dispenser. The high-resolution screens display digital content from the VeriFone Digital Network.