Innovating social commerce: AmEx cardholders Tweet to save

In a recent post I looked at the most innovative companies, which include American Express in the finance category (it was 1 of 2 non-web finance companies featured).

AmEx recently announced a brilliant service for its cardholders, allowing them save money by effortlessly redeeming promotions using Twitter.

This is a beautiful example of how a 162-year old company can still be innovative and deliver measurable value to its clients and partners.

To benefit, consumers perform a 1-time sync between their AMEX and Twitter accounts. They can then easily link special offers they find to their AmEx account by Tweeting the dedicated hash tags (ex. #AmexWholeFoods).

To redeem the offer they make a purchase at the participating retailer (ex. Whole Foods) using their synced AmEx card and the promotion or discount is automatically applied to their account within a few days.

This video explains how it all works:

The new Amex & Twitter service, available initially in the US only, offers benefits to consumers, retailers, AmEx and Twitter alike:

  • Consumers – No coupons to clip or carry; instant, no-hassles gratification
  • Retailers – A simple way to deliver special offers and quickly get more exposure with social media; incremental sales through redemption; reduced transaction and processing costs vs. classic paper coupons
  • AmEx – A simple way to distribute special offers leading to greater customer satisfaction and loyalty; increased spend using AmEx; access to consumer online discussions and trend data
  • Twitter – Increased commercial relevance through its consumer data; a new revenue stream for commercial partners

AmEx introduced its first charge card in 1958. By teaming up with Twitter it has enhanced its established payment services with social media and extended its merchant partners’ reach, while leveraging new channels to easily serve customer and provide a comparatively better customer experience and strengthen its brand affinity.

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