Spiral Toys launched this week Wiggy, a cashless piggy bank that links to a savings account through the wiggy mobile app. It teaches kids the importance of saving and earning money while working to achieve their goals.
Wiggy debuts in the smart ‘Internet of Things’ products with their connected piggy bank. The product introduces the concept of saving at an early age by combining a toy piggy bank with an interactive mobile app that links to a savings account. Through the mobile app, parents, grandparents, other relatives and friends can deposit funds to a child’s bank account. Monetary gifts can be sent for birthdays, holidays, rewards for great school grades or even for completing their chores. To keep kids engaged, the toy Piggy bank lights up and makes noises to notify children when money has been received.
The Wiggy campaign went live on global crowdfunding platform Indiegogo this week in a bid to raise funds to bring the digital piggy bank market. Marking a first step of its go-to-market strategy, based on the volume from the first two days of accepting orders, Wiggy’s campaign is well on track to exceed the pre-sale funding goal, having received well over 10 percent of their goal. Spiral expects to begin production of pre-sale Wiggy orders next month.
Once the initial crowdfunding campaign is complete, Spiral will shift its focus to a comprehensive direct response campaign where it will launch a full scale advertising and marketing campaign including the airing of the Wiggy commercial on national television.
Wiggy links a piggy bank with a child’s banking account, making saving fun and rewarding for the whole family. As a family, users can set all kinds of tasks from serious chores to playful tasks, each of which can earn the child money into their savings account. The child will get instant gratification as they see their bank account balance grow and engage them to set future savings goals.
Wiggy will also teach children about the power of saving money and the hard work that goes into earning it. The intuitive app ensures that Wiggy will continue to grow with children as they watch their savings account mature alongside them.
“As parents we see too many times where our children don’t understand the value of money,” said Spiral Toys CEO Mark Meyers. “What does it actually take to earn a dollar? How do we encourage kids to work hard and see their progress? How do we reward them in ways that go beyond material items? What happens to kids as they see what their earnings can mean years down the road when they work hard and save today?”
“There are saving APPs and chore APPs on the market today. The challenge is keeping our younger audience engaged in the process. With all of the media and entertainment options on todays mobile devices the trade and true physical toy constantly reengages a child in what we call “The Art of Earning,” says Meyers, “Our Wiggy will tell you when a new task comes in and will positively reinforce a child when they reach a goal or milestone. It is taking the high tech approach of today and combining it with the physical world that has been there for over a century. The Wiggy combines the old with the new and a fun and engaging way.”