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Company | Edhance, Inc. | ||
|---|---|---|---|---|
| http://www.edhance.com | ||||
| Founded: | 01/01/2009 | |||
| City: | Cambridge, Massachusetts | |||
| Country: | United States | |||
| CEO: | Bjorn Larsen | |||
| Founders: | Bjorn Larsen | |||
| Category: | Other | Funding: | Angel | |
| Tags: | student disconts, loyalty, youth, college, price differentiation | Employees: | 6-15 | |
What does Edhance, Inc. do?
Contrary to traditional discount programs that rely on coupons, non-expiring student I.D. cards, and very little tracking and analysis, Edhance offers merchants a better way to connect with tomorrow’s shoppers. College students simply register any Visa or MasterCard debit or credit card with Edhance and receive automatic cash back when they shop with select merchants. Every member is verified as currently enrolled with a degree-granting higher education institution, using our patented automatic verification process. The program is strictly pay-per-performance for merchants. Edhance’s direct payment processor partnerships eliminates the need for POS integration, and does not require any technical resources from participating merchants. Edhance has more than 1.5 Million verified student members with registered payment cards. Offers from partners, ranging from brands like Apple to Denny’s, are promoted to both undergraduate and graduate students across the country. Edhance provides merchants with real-time analysis on who shopped where and when. It’s free for students to join, and they can immediately start saving with hundreds of in-store and online merchants.
How are they different?
Traditional student discount programs are inconvenient for students and merchants alike. Students must remember to bring their student ID, embarrass themselves to ask for a discount, and have a hard to figuring out where to get deals. In addition, if they join a commercial student discount club, they have to pay for the discount card. Merchants, on the other hand, have no guarantee that the customer in fact is a student (no verification, ID cards usually don’t expire), train their staff to read 6,500 different student ID cards, don’t know how or where to market the offer, and have no access to reporting or analysis on whether or not the student discount is working. Edhance offers online reports on which students shopped where, for how much, their school, their gender, etc.
Why could Edhance, Inc. be BIG?
According to the most recent College Explorer survey by Alloy, college student spend an estimated $306 Billion last year. Of that, $69 Billion was discretionary. Most students need to save money, and most merchants are 1) trying to find ways to reach college students who ignore advertising, 2) happy to discount for a group of customers who everybody knows do not have a lot of money (socially acceptable), and 3) realize the lifetime value of young shoppers.
How they plan to make money:
We charge a commission on qualified transactions occurring between students and merchants. In addition, we offer advertising opportunities for merchants.
Our thoughts:
No thoughts at the moment. Very interesting!
Please visit their website to learn more: http://www.edhance.com
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