This campaign, which cost $100,000, was Panera’s most successful because it drove in-store visits and conversions, according to Nelson. “On Facebook, one in four users who experienced our AR campaign followed up with a cafe visit. On Snapchat, 2.8% of users made a follow-up purchase on the Panera app,” he said.
Instagram launched perhaps the most significant effort to date to drive conversions with Checkout. One Deutsche Bank report predicted the feature could create an incremental revenue stream of $10 billion by 2021, but recent evidence suggests that may be a far cry from reality.
As debit penetration rounds 80% of US checking account holders, usage frequency is also rising: Average annual spend on debit cards has grown by about $2,700 per customer from 2015 to 2019 on the basis of an uptick in both average monthly transactions and average transaction size, per the Pulse Debit Issuer Study.