Rokt Launches Marketplace for Presenting Payment-Related Offers to Shoppers
Rokt has launched a marketplace that enables eCommerce businesses to monetize their checkout page.
With the new Rokt Payments Marketplace, these businesses can allow payment providers to present relevant credit card and payment-related offers to shoppers as they are about to make a purchase, Rokt said in a Thursday (May 11) press release.
“Payments Marketplace turns what has long been a major cost center for eCommerce businesses — the payments page — into a profit center,” Rokt Chief Product and Engineering Officer Bill Barton said in the release.
The Rokt Payments Marketplace uses each eCommerce business’ first-party data and Rokt’s machine learning (ML) capabilities to provide offers that are tailored and relevant to each shopper, according to the release.
This provides relevant offers to consumers, and profits to both the eCommerce business and financial services companies, the release said.
“Our latest offering maximizes the revenue opportunity in the payments space by converting static, fixed real estate into a flexible experience that’s tailored to each individual based on the card offer or message they’re most likely to respond to,” Barton said in the release.
PYMNTS research has found that 72% of consumers took advantage of the flexibility to use a preferred payment method during their most recent eCommerce checkout.
The checkout experience is decisive in building customer loyalty, as 91% of consumers said they feel that a satisfying checkout experience has a substantive impact on their willingness to shop with a merchant again, according to “Building a Better Online Checkout Experience: The Key Features That Matter to Customers,” a PYMNTS and Checkout.com collaboration.
The launch of the new marketplace comes five months after Rokt’s valuation rose to $2.4 billion following a funding round announced in December 2022 — up from the $1.95 billion valuation it had after a funding round announced a year earlier.
“Despite broader market declines in valuations, we continue to see rapid growth in Rokt driven by new eCommerce partners and a lift from advertisers,” Rokt CEO Bruce Buchanan said in a December 2022 blog post. “Due to the challenging economic climate, eCommerce companies are focusing on more relevant customer experiences that improve economics and deliver new revenue.”
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