Bumped — the tech company on a mission to create an ownership economy — released more data from their two-year pilot study showing that when Chili’s customers were rewarded in stock, the restaurant brand increased their share of wallet among competitive chain restaurants 19.16%.
Over a two-year data study, Bumped automatically rewarded users in fractional shares of Chili’s brand stock (Ticker: EAT) when they purchased food or drinks from the restaurant. On average, customers who became owners of the Chili’s parent company spent about $14 more monthly, and perhaps opted for an extra drink or appetizer to celebrate their ownership, adding about $5 more to their bill every time they visited.
The increase in those numbers, while reasonable spend for a hungry individual or family, adds up to a significant boost for the restaurant. The behavior change mentioned above occurred among nearly 90% of study participants, resulting in a nearly 20% increase in share of wallet for Chili’s. That meant customers were opting to dine at the restaurant they were part owners in, rather than other national chains.
“Our restaurant stock rewards study indicates that ownership in companies matters at every scale,” says David Nelsen, CEO & Founder of Bumped. “Brands need to understand that subtle shifts in spend, across their entire user base, becomes a game-changer for their bottom line, and even more importantly for their relationship with their customers.”
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.
Bumped is a tech company on a mission to create an ownership economy. The Bumped platform 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 and say hello at bumped.com.