Synchrony will acquire Loop Commerce, the creator of the GiftNow digital and in-store gifting platform. The deal will diversify Synchrony’s business, broaden its reach and provide more capabilities for its partners. Terms of the deal were not disclosed.
GiftNow offers retailers an alternative to the traditional gift card, letting shoppers choose a specific item instead. Retailers can offer any product they stock as a potential gift, and recipients will have the option to change its color, size or even the chosen item before it ships.
Additionally, the service helps retail customers address issues such as loss of sales due to shopping and checkout friction, customer acquisition, shipping cutoff dates, merchandise return costs and shipping costs.
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“The acquisition of Loop Commerce allows Synchrony to move into an adjacent space by expanding our suite of products and services for retailers and consumers,” said Margaret Keane, President and CEO of Synchrony in a statement. “Our disciplined approach to growth and investments is designed to help us better execute in the digitally transforming world.”
The GiftNow service is used by retailers including Banana Republic, DXL, Neiman Marcus, Saks Fifth Avenue, Target, Coach and Vera Bradley. Athleta recently launched the platform as well.
