What’s New With RetailMeNot Since Being Acquired for $650 Million?

Retailmenot

Couponing has always been around; but with the availability of online avenues, couponing naturally turned into a household movement. One website that’s at the head of the game is RetailMeNot.com. RetailMeNot was established to collect coupon offers throughout the web into one location. This makes coupons more readily available to consumers who are looking to get a good deal on any type of retail product categories such as clothing, beauty products, electronics, pet products, home and garden, children’s products, travel, and many more. It’s as comprehensive as a coupon website could ever get, and apparently it works wonders for many individuals and families.

Australian entrepreneurs Guy King and Bevan Clark founded a company called RetailMeNot, and it was acquired by Whaleshark Media in 2010.  After raising enough money and acquiring the already established Australian website Retailmenot.com, Whale Shark Media changed its name to RetailMeNot in 2013. That same year, the company filed an IPO for $230 million. Just short of four years later in 2017, marketing services firm Harland Clarke Holdings acquired RetailMeNot for $650 million in equity. Since then, the company has maintained normal business as usual, but they’ve kept mostly quiet about future ventures—at least until recently.

On May 8, the Austin-based company announced that they had acquired LowestMed. This company operates online through a website and a mobile app. LowestMed allows consumers to do research on prescription medication prices before purchase. It also allows consumers to save a decent amount of money at the pharmacy by enabling mobile coupons or allowing consumers to print out coupons. Since the acquisition, the LowestMed has rebranded and changed its name to RetailMeNot Rx Saver.

According to RetailMeNot’s CEO Cotter Cunningham, “Many consumers don’t know that they can easily save money on their prescription medications. The addition of RetailMeNot Rx Saver helps RetailMeNot consumers save on more of the things they need, making this another step toward RetailMeNot becoming the ultimate savings destination.”

It’s certainly a smart move for RetailMeNot to acquire one of the first websites and apps that gave consumers the ability to save on prescription drugs. LowestMed has been around since 2009, but it never got the reach that a larger company such as RetailMeNot is able to provide. Now as Rx Saver, the company has the same capabilities and more. The interface is much easier to use and now, consumers will be able to compare prices from different pharmacies close by. It’s a helpful tool considering how expensive prescription drugs can actually get.

Apart from pharmaceutical news, RetailMeNot has some other news in their original savings department. The company has also recently announced the expansion of one of its programs, the Cash Back Offers, to include in-store cash back offers for those who shop at brick-and-mortar retailers.

This is another step towards RetailMeNot’s evolution from being just a coupon app. The move to expand the cash back offers has a lot to do with the fact that a lot of shoppers, at least 85% in total, still shop in physical stores. RetailMeNot’s CMO Marissa Tarleton says that, “Consumers are shopping both online and in-store, and RetailMeNot’s strategy is to partner with retailers and brands in every channel they operate to meet the consumer where they are.” Consumers who will use this feature will find that it’s very easy to earn in-store cash back rewards; they’ll simply have to link a card to an in-store offer.

Upon launching, RetailMeNot had some big names already participating. Some of these included Macy’s, Sephora, Kohl’s, H&M, Home Depot, Pier One Imports, and Big Lots among many others. In fact, more than 230 large retailers use RetailMeNot’s app as a way to drive roughly $236 million in sales. That’s only possible because of the app’s 23 million monthly unique users, an impressive feat for any type of company whatsoever.

It seems that RetailMeNot is picking up a lot of movement now—its first since its most recent acquisition. With the upcoming Mother’s Day, the company has taken to the polls as another marketing campaign to promote Mother’s Day deals. Through a poll, RetailMeNot asked actual moms what they would like for Mother’s Day, and the moms gave their answers. It’s a great strategy to get people to save through their company’s platform, not only for this coming Mother’s Day but also for many future days to come.


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