Exclusive: Bilt’s new AI ‘Neighborhood Concierge’ takes on Amazon and other e-commerce giants
Bilt Technologies, a prominent loyalty and payments platform, has recently launched an innovative AI-powered service known as the Neighborhood Concierge. This service aims to revolutionize the way its 5.5 million members interact with local merchants and partners, positioning Bilt as a formidable competitor to e-commerce giants like Amazon.
What is Bilt’s Neighborhood Concierge?
The Bilt Neighborhood Concierge is designed to provide a seamless experience for users, allowing them to manage various tasks without leaving the platform. Members can prompt the app to perform a range of actions, including:
- Paying rent
- Booking amenities
- Reserving and paying for restaurants or fitness classes
- Ordering prescription deliveries
- Scheduling rides
- Booking flights
- Cashing loyalty points
This comprehensive service is likened to a hotel concierge, connecting users to the local community and enhancing their overall living experience.
Vision Behind the Service
Ankur Jain, the founder and CEO of Bilt, emphasizes that the platform’s goal is to transform the home into a central hub for everyday activities and purchases. “Our brand has been the home,” Jain explains. “We won the home. Now we can turn the home into the hub for everything you do—and buy—around it.”
With this vision, Bilt aims to compete in the emerging market of home-centered commerce, a space that has seen significant interest but few successful implementations. Jain believes that by integrating services within residential buildings, Bilt can provide a frictionless experience for users.
Competitive Landscape
The competition in the smart home market is fierce, with Amazon being a major player. Recently, Amazon announced enhancements to its Alexa device, which is designed to facilitate shopping from multiple vendors. However, Jain argues that Bilt’s unique integration with local services gives it an edge over traditional e-commerce platforms.
Ken Chenault, former CEO of American Express and current chair of Bilt’s board, supports Jain’s vision, stating, “Housing is the gateway for commerce.” He believes that Bilt’s infrastructure can be replicated across various regions and partners, creating a robust neighborhood commerce platform.
Challenges and Growth
Since its founding in 2019, Bilt has faced challenges in establishing itself in the real estate sector. Jain had to convince major property owners to adopt Bilt’s rent payment system, which he achieved by offering equity stakes in the platform. The launch of Bilt Rewards in 2021 and a co-branded credit card with Wells Fargo in 2022 helped attract members, allowing renters to earn loyalty points on their rent payments.
However, the partnership with Wells Fargo ended earlier than expected, leading to dissatisfaction among cardholders. In response, Jain has collaborated with Cardless to introduce new credit card tiers, although he emphasizes that Bilt’s primary focus is not on becoming a credit card company.
Future Aspirations
Jain’s goal is to expand Bilt’s network by signing up more residential buildings and creating a digital ecosystem that connects users to local businesses. This ecosystem will include partnerships with various brands, allowing members to access services like reservations and point-of-sale systems seamlessly.
For landlords, the benefits include lower turnover rates, higher satisfaction, and increased on-time payments. Merchants can expect more customers and repeat business, while consumers can enjoy a more rewarding shopping experience in their neighborhoods. Bilt, in turn, gains valuable data and a loyal customer base to scale its operations.
Conclusion
As Bilt’s Neighborhood Concierge rolls out, it presents a unique opportunity to redefine how residents engage with their local communities. By creating a service that simplifies everyday tasks and enhances the living experience, Bilt aims to establish itself as a leader in the emerging neighborhood commerce space.
Frequently Asked Questions
The Bilt Neighborhood Concierge offers a variety of services, including paying rent, booking amenities, making restaurant reservations, ordering prescription deliveries, scheduling rides, and booking flights.
Bilt competes by integrating local services directly into its platform, allowing users to manage their everyday tasks and purchases seamlessly, unlike traditional e-commerce platforms that primarily focus on online shopping.
Landlords benefit from lower turnover rates, higher tenant satisfaction, and increased on-time rent payments. Merchants gain access to more customers and repeat business through the Bilt platform.
Note: This article is based on information available as of October 2023 and may be subject to change.
