Today, Commonwealth Bank's entity x15ventures launched its newest app to help young customers find deals and merchants regain control of their marketing spend - 'Cheddar'.
The app's algorithm can be compared to that of TikTok or Instagram, designed to 'bring joy' to deal discovery while allowing its 600-plus merchants to engage consumers.
Merchants featured on the app include Menulog, Agoda, Pizza Hut, Culture Kings, and Cotton On.
Cheddar uses artificial intelligence (AI) to deliver personalised brands, content, deals, and cashback offers to young Australian shoppers.
Helen Hey, Managing Director of Cheddar, said Cheddar 'changes the model' to work better for both retailers and consumers.
"We’ve built a platform that’s native to how Gen Z approach life, not just shopping – I like to think of it as 'You do you, and we’ll sort the rewards'," Ms Hey said.
"We combine social discovery, AI-driven personalisation and cashbacks into a fun, seamless and rewarding shopping experience."
Making your money 'work harder' by rewarding Gen Z shoppers
As part of the app's pilot, Cheddar engaged more than 1,000 young Aussies to assist in the design process in order to create a product that delivers what they want.
"Merchants already using Cheddar have told us our engagement rates are significantly higher than the click through rates they see on other platforms," Ms Hey said.
Toby Norton-Smith, Managing Director of x15ventures, said their research revealed two distinct behaviours in Gen Z shoppers: 'deal hacking' and 'digital window shopping'.
"Cheddar offers the benefits of both - it aggregates and serves up the best deals, but is delivered in a way that’s shareable, engaging and actually feels fun," Mr Norton-Smith said.
"Australian retailers are innovating more rapidly than the search and social platforms that serve them - so, as we launch our MVP, we’d love to collaborate with merchants and invite them to help us build Cheddar’s roadmap."
According to industry data, total retail turnover in Australia over the past year was $364 billion, with online shopping growing by 21%.
Cheddar is available to download from the Apple App Store and will be available on Android and online early next year.
Image by AlbanyColley on Pixabay