Jul 26, 2017, 08:30 ET
NEWARK, N.J., July 26, 2017 /PRNewswire/ -- Small independent retailers, such as bodegas, which provide food and grocery staples to Latin-American and other immigrant communities across the country, are struggling to compete with large retail chains.
Many mom-and-pop stores operate at a competitive disadvantage in part because they can't honor manufacturers' coupons for popular consumer package goods (CPGs). The administrative costs of coupon collection, processing and redemption can be prohibitive for these retailers.
National Retail Solutions (NRS), a division of IDT Corporation (NYSE: IDT), has begun offering coupon acceptance and processing for independent retailers as part of its effort to level the playing field with the big retail chains.
NRS is deploying a point-of-sale network nationwide. The network equips retailers with new capabilities – including acceptance and processing of coupons offered through a loyalty club.
"The NRS network gives bodegas powerful tools to compete more effectively," says NRS President, Elie Y. Katz. "One of these is our loyalty program - the BR Club – that distributes coupons on popular consumer items to the bodegas' retail customers."
Every NRS equipped store is part of the BR Club network. NRS leverages the aggregated buying power of these bodegas to develop coupon deals with CPG manufacturers. Today, over 3000 stores nationwide participate in the BR Club.
"The BR Club operates like many other loyalty programs," said Eli Korn, VP of NRS. "Club members receive coupons offering substantial savings on popular items. We alert BR Club members to these special offers through text messages, email, social media, etc. At the store, items on promotion are clearly marked. Once the customer redeems the electronic coupon, we issue credit to the stores within 24 hours."
Oscar Dominguez, owner of El Sol Deli in Newark, NJ, was among the first to join the NRS retail network. "When NRS shared their vision, I immediately saw that it had great potential for retailers like me. I can't compete with the prices of the big discount stores, but now I can offer special deals on popular brands and items each month, at no extra cost. The BR Club coupons are helping my business grow."
The quantity of BR Club coupons issued and their value to consumers has steadily increased over the past two years as CPG manufacturers experience the program's benefits. "CPG suppliers have seen same-store sales on couponed items increase by as much as 24%. When these deals are integrated with advertising on our POS terminals' customer-facing screens, sales jump by as much as 42%," said Hannah Kestenbaum, Media Manager at NRS.
"BR Club coupons are literally a win-win-win. Consumers get lower prices on popular items, retailers enjoy increased foot-traffic and sales, and CPG companies see same-store sales on promoted items skyrocket," she added.
About National Retail Solutions (NRS):
NRS operates a point-of-sale (POS) terminal based platform to bodegas and other independent retailers nationwide. The NRS platform provides a robust portfolio of tools to help these retailers compete more effectively including loyalty programs, consumer coupons, wholesaler discounts, and integration with Boss Revolution® voice and payment services. Consumer packaged goods (CPG) suppliers access the NRS platform to offer promotions, coupons and special offers. The NRS platform provides CPG suppliers with unprecedented access and reach into the urban, ethnically focused consumer markets predominantly served by bodegas and other independent retailers. NRS is a subsidiary of IDT Corporation (NYSE: IDT).
About IDT Corporation:
IDT Corporation (NYSE: IDT), through its IDT Telecom division, provides telecommunications and payment services to individuals and businesses primarily through its flagship Boss Revolution® and Net2Phone® brands. IDT Telecom's wholesale business is a leading global carrier of international long-distance calls. For more information on IDT, visit www.idt.net.
All statements within this release that are not purely about historical facts, including, but not limited to, those which use the words "believe," "anticipate," "expect," "plan," "intend," "estimate," "target" and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent IDT's current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors. IDT's filings with the SEC provide detailed information on such statements and risks, and should be consulted along with this release. To the extent permitted under applicable law, IDT assumes no obligation to update any forward-looking statements.
SOURCE National Retail Solutions
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