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'Genius' new app buys you shares in the company you're shopping at

4 March 2021 8:53 PM
Tags:
The Money Show
Stocks
Bruce Whitfield
Shares
App Store
easyequities
Charles Savage
Grifin
rewards programmes
Grifin app

Grifin is launching in the US, but it's an idea floated by SA's EasyEquities six years ago. Could this drive the necessary buy-in?

*The best idea in the world today is an app that allows you to buy shares in companies where you spend your money. It's absolute genius!"

Bruce Whitfield is describing new app Grifin which enables you to buy shares as you shop.

It's being released on the App Store and will primarily be available in the US at this point.

The co-founders quit their jobs fresh out of college to devote three years to building the app says one team member.

"The app automatically buys you stock where you shop. So the moment you buy a cup of coffee at Starbucks you get to invest $1 in a Starbucks stock. When you buy on Amazon, a dollar goes to Amazon."

© dolgachov/123rf.com

It's a great concept, concurs EasyEquities founder Charles Savage.

In fact they pitched the very same idea six years ago, but no-one really bought into it.

I've got a bit of FOMO [fear of missing out] because this concept we came up with six years ago!

Charles Savage, Founder - EasyEquities

One of the problems when we built EasyEquities was that if we're going to get people to save, we've got to get inside their consumption and spending habits...

Charles Savage, Founder - EasyEquities

... and the concept we came up with, literally, six years ago was to say: Let's do exactly this. Every time you swipe - if that's a listed company - let's give you shares in that listed company.

Charles Savage, Founder - EasyEquities

We've built it and we've tested it and it's ready to go!

Charles Savage, Founder - EasyEquities

While he's sad to see it launched in a country that's not South Africa, it does hold some good news for us says Savage.

He elaborates on what he says is the key point behind this app.

South African banks and institutions are listening now and this potentially could be the catalyst that gets them to stand a little bit closer to us, because we'd love to do it!

Charles Savage, Founder - EasyEquities

Forget about the fact that it gets people who are spending to start saving and investing - the key things is that ownership changes the way consumers engage with a brand or a business.

Charles Savage, Founder - EasyEquities

The research shows that this concept is far more effective than traditional rewards programmes.

Savage likes the idea of combining buying shares with your own money, and a loyalty system.

I don't think we're a long way from executing it here in South Africa too.

Charles Savage, Founder - EasyEquities

The way I see it... the first thing to do is to just allow people wherever they shop to buy shares using their own money, but if I'm right about that the highest form of loyalty is share ownership...

Charles Savage, Founder - EasyEquities

... for example if Woolworths shoppers earn Woolworths shares you could see Woolworths coming to us and saying 'We'd like to run a campaign where for every time you shop and you buy a share, we'll double up and give you another share'.

Charles Savage, Founder - EasyEquities

The biggest barrier to owning shares is actually owning your first share. If you make that easy for people, then all the other barriers are easy to address.

Charles Savage, Founder - EasyEquities

Listen to Savage discuss the potential for this concept in South Africa:




4 March 2021 8:53 PM
Tags:
The Money Show
Stocks
Bruce Whitfield
Shares
App Store
easyequities
Charles Savage
Grifin
rewards programmes
Grifin app

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