The Cashback revolution
Cashback websites are the flavor of the season. The excellent concept of returning a certain portion of the money used to pay for goods and services has several advantages over other forms of customer rewarding. Unlike coupons, for instance, cashbacks can be applied to all transactions!!!
Little wonder then, that cashback sites are on the ascendant everywhere. The latest enterprise to foray into this segment is Singaporean giant ShopBack. This excellent e-commerce startup announced the commencement of its operations in India today.
What is ShopBack?
Founded in August 2014 by the Rocket Internet team, ShopBack’s website is geared towards ensuring the best possible shopping experience for the user. Among ShopBack’s key personalities are Henry Chan and Joel Leong. The startup has tied up with a number of merchants in India. These include the likes of ShopClues, Jabong, Nykaa, Flipkart and paytm, among others. A huge range of products is thus covered, by bringing all these excellent e-commerce platforms under one network. The best bit about this, of course, is the option of getting a certain amount of one’s paid amount back after each transaction!!!
ShopBack’s system is also highly transparent, with fixed cashback amounts for each eCommerce platform being made available on the site’s platform itself. For instance, all Nykaa transactions carry a cashback of 7%, while the rate for ShopClues is 1%.
These offers can be availed of using a very simple system. Clicking on any of the affiliate stores on ShopBack’s excellent platform itself takes the user to the store’s site. There, the user can shop as usual for the items which he requires. Within 48 hours of the finalization of the purchase, the cashback is received at the user’s ShopBack account.
What we think
This emphasis on ease of use and user convenience is certain to be a huge asset for the startup, as it seeks to take on its indigenous competitors. Among these are cashback and coupon platform CashKaro. It raised Rs. 25 crores in Series A funding from Kalaari Capital in November.
Another is LafaLafa, which too is noted for its ease of use. ShopBack is expected to hold its own, however, and seize a significant proportion of this segment.
Visit the website to avail of their services.