Case Study: Chevron Customers Rewarded in Chevron Stock Spend 73% More Monthly, Commit to Spending with Their Gas Brand
Data study by fintech app Bumped shows that when rewarded in CVX stock for spending with Chevron, customers start going out of their way to gas up with the brand they own.
Bumped — the tech company on a mission to create an ownership economy — released data from their two-year pilot study indicating that customers who became owners of Chevron nearly doubled their monthly spend with them. That 73 percent monthly spend increase is almost the equivalent of filling up a gas-efficient sedan one more time, every month.
Bumped users who were rewarded in fractional shares of CVX stock for their spending with Chevron became owners in the nationwide Gas and Energy brand. They then stopped into Chevron 64 percent more often, indicating that they were intentionally seeking out their brand, instead of stopping into the most conveniently located gas station. To further support that assumption — of the 73 percent increase in spend, at least 15 percent of it came from spend that was previously applied to four of the other largest gas chains in the country.
In fact one Bumped user responded to a 2019 customer survey claiming, "My car ran out of gas because I wanted to get gas and stock rewards," showing how powerful ownership can be. Bumped hopes you'll drive safely and plan ahead for getting stock rewards from your favorite Gas and Energy brand.
"Gas and Energy is a highly competitive category, so it's hard to move customers beyond convenience and location with a typical reward," says David Nelsen, CEO and Founder of Bumped. "But once they became owners in their favorite Gas brand, it didn't matter if there was a well-known, quality gas brand on the next corner — they wanted to drive past that competitor to get to their brand. That's what ownership can do."
The Bumped pilot ran for two years and rewarded over 13,000 US consumers in fractional stock rewards when they spent at more than 80 brands. Users chose their favorite brand in each category to receive stock rewards from. Bumped managed the entirety of the pilot and results were not influenced by brand involvement.
The findings of the holistic Bumped pilot were researched and reported on by The Columbia School of Business, who released their independent study in February 2021.
Interested in learning how Bumped can fit into your loyalty and rewards program? send us an email at email@example.com.
Bumped is a tech company on a mission to create an ownership economy. The Bumped app gives consumers the power to turn their everyday spending into free stock ownership, and their suite of tools helps businesses reward their customers in fractional shares of stock. Bumped believes that we all create the economy together, and we all should have the opportunity to benefit from it. Learn more at Bumped.com.
The Bumped app and website are operated by Bumped, Inc. Brokerage services are provided by Bumped Financial LLC, member FINRA /SIPC . More about Bumped Financial LLC on FINRA’s FINRA BrokerCheck website.
Investing in securities involves risk, including possible loss of principal: Not FDIC Insured • No Bank Guarantee • May Lose Value. Nothing here should be construed as an offer to purchase or sell securities.