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Precision Group invests in Prezzee

Screen Shot 2015-11-05 at 9.34.44 AMStartup gift card app, Prezzee, has received backing by Precision Group CEO and MD, Shaun Bonétt, with the BRW rich-lister and property executive acquiring a substantial stake.

According to Bonétt, founder of the private property investment company, the gift card market in Australia has failed to keep pace with global advances in smartphone usage, technology development, and consumer shopping behaviours.

“Industry figures have shown about 20 per cent of gift cards in the United States do not get redeemed. Reports in Australia suggest that the figure is nearly 30 per cent.

‘There are frequent complaints of losing cards and missing expiry dates causing distress for consumers and lost opportunities for retailers. Today, 41 per cent of Australians who own a smartphone use it to shop, and 58 per cent of these users make at least one monthly purchase on their smartphone,” Bonétt said.

“Add to that a 25 per cent growth in the gift card industry in Australia over the last five years with exponential growth of e-gifting via applications in the United States, and the timing is right to launch Prezzee in the Australian market.”

Bonétt believes Prezzee will be readily adopted by Australian consumers and is likely to account for up to 10 per cent of all transactions in the $3 billion gift card market by 2018.

Prezzee will be available from the iTunes App Store as a free download from December, 1 2015. The app allows users to send instant e-gift cards from a range of retailers.

Prezzee gift cards can be redeemed both online, or instore – and with regular updates and reminders, including retail offers and promotions.

Myer, Cue, Veronika Maine, JB Hi-Fi, Dick Smith, Kathmandu, and Move have already signed on as retail partners to support Prezzee’s launch in December 2015. Other retailers will be on board shortly thereafter.

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