ITV, one of the UK’s leading broadcasters, has recently embarked on a new venture to boost its revenue and counteract the decline in traditional advertising sales. With the launch of an innovative online shopping tool called Kerching, ITV aims to tap into the growing trend of cost-conscious consumers who are constantly on the lookout for discounts and deals.
Introducing Kerching: The Future of Online Shopping
Kerching is a discount code service that is designed to automatically apply cost-saving promotions to online purchases, helping shoppers save money while also generating commissions for ITV. Available as a downloadable web browser extension, Kerching offers a seamless shopping experience by eliminating the need for shoppers to manually search for discount codes.
The decision to launch Kerching comes at a critical time for ITV, as the company has been grappling with a sharp decline in advertising revenue, leading to significant job cuts. In response to this challenging environment, ITV is looking to diversify its revenue streams and capitalize on the growing demand for online shopping solutions.
The Partnership with Kindred: A Strategic Move
To power the Kerching tool, ITV has partnered with the technology company Kindred, in which it is also taking a stake. By investing up to £8.5m in advertising space for a minority stake in Kindred, ITV is not only securing a cutting-edge technology solution but also aligning itself with a company that has a proven track record of working with major retailers such as O2 and Samsung.
Kindred’s technology enables Kerching to automatically present discount codes to users at the online checkout, making it easier for shoppers to access savings without having to scour the web for codes. This not only enhances the shopping experience but also drives sales for retailers, as shoppers are more likely to complete their purchases when presented with attractive discounts.
The Impact on Consumer Behavior
According to ITV, research has shown that the majority of shoppers already use discount codes, with a significant portion reporting an increase in their usage over the past year. By offering a convenient and user-friendly tool like Kerching, ITV is catering to the evolving needs of consumers who are increasingly looking for ways to save money on their online purchases.
Kelly Williams, ITV’s commercial head, highlighted the company’s commitment to championing personal finance and consumer affairs through initiatives like ITV Kerching. By leveraging technology to deliver tangible benefits to viewers, ITV is solidifying its position as a consumer champion and a trusted source of money-saving tips and advice.
In conclusion, ITV’s launch of the Kerching online shopping tool marks a strategic move to diversify its revenue streams and capitalize on the growing trend of cost-conscious consumers. By partnering with Kindred and leveraging its cutting-edge technology, ITV is well-positioned to drive sales, enhance the shopping experience, and ultimately boost its bottom line in the face of challenging market conditions.