GetSwift signs partnership with Commonwealth Bank to offer merchants logistics system

ASX-listed logistics company GetSwift has today announced the signing of a multi-year partnership with Commonwealth Bank (CBA) that will see its software integrated into the bank’s Albert POS system.

This will allow any vendor using the point-of-sale system to essentially become a delivery-ready store, with GetSwift automatically queueing, batching, routing, and dispatching the delivery of any products purchased through an Albert POS.

Delivery can be outsourced to logistics companies within GetSwift’s network, or pushed through to the merchant’s own delivery team.

Drivers within GetSwift’s network will be equipped with an Albert terminal or associated device, meaning customers will be able to pay for goods on arrival instead of ahead of time; the company believes this will incentivise better delivery processes and reduced wait time.

GetSwift estimates that the partnership will result in 257.4 million deliveries through its platform over the next five years, translating to an aggregate transaction value of $9 billion. There are currently 75,000 Albert terminals across Australia.

Bane Hunter, executive chairman of GetSwift, called the deal a “game changer” for the Australian retail sector, saying CBA is “charting new territory”.

“This integration will take delivery from being a fringe benefit to a norm for Australian retail, and will usher in a new era of convenience for shoppers,” he said.

“For vendors, it’s a cost effective way of tackling the threat from Amazon, Foodora, UberEats, Deliveroo and other global technology companies attempting to capture this space, and charge retailers a significant premium for the benefit of what is becoming an expected service.”

The organisations will also work together to develop new solutions through Albert and other devices.

As well as the partnership with GetSwift, CBA has also today announced the launch of Daily IQ 2.0, an analytics platform to help businesses monitor their performance in real time, view customer purchasing and demographic trends, and model future scenarios based on current financial and industry data.

Provided free to CBA customers through integrations with its NetBank portal and business banking platform CommBiz, the bank stated the platform combines analysis of key financial metrics within a business, such as income and cash-in-hand, sales trends, and profitability, with insights into the purchasing behaviours of CBA’s own customers, including repeat purchases, average spend, age, and location.

Claire Roberts, CBA’s executive general manager of Business Banking SME, said through the platform, the bank aims to empower SMEs to take advantage of its transaction information to understand the risks and opportunities for their business.

“SMEs are constantly being told about the benefits of big data, but the reality is that many don’t know where to start or have the time or expertise to produce insights that actually impact their day to day decision-making,” Roberts said.

The deal for GetSwift comes a few weeks after it added “the godfather of venture capital in the US”, Sig Mosley and John Wilson, a scientist, investor, and tech executive, to its board as senior advisors.

Former Qantas CIO, Jamila Gordon also joined the company earlier this year as its global CIO, tasked with leading the company’s digital vision, overseeing all client integration, and ensuring the stability and security of the GetSwift platform.

The company is working with businesses in over 300 cities around the world, among them US grocery delivery startup Instacart, and Australian fast food company QSRH, which owns chains including Red Rooster and Oporto.

Image: the GetSwift team. Source: Supplied.