Your daily Cashback Industry News fix is here for you to enjoy with your coffee. Snapcart launches its mobile retail app in Indonesia. Sister site Moxy targets the $2.2 billion female beauty, cosmetic and fashion market in Indonesia. Cashback deals are driving US e-commerce sales and gaining attention from online retailers. ShopBack and shares its strategy for success in Singapore and SE Asia. And research shows that multichannel consumers are more profitable in this European research study.
Ardent Capital launches cash back app Snapcart in Jakarta
In the latest of big bets Ardent Capital is placing in the Indonesian market, the Thailand-based VC today unveiled its new company Snapcart. The app bills itself as the first in Indonesia to allow shoppers to get cash back when they submit photos of their receipts. Snapcart users can also grab rewards through other in-app activities like filling out consumer surveys and taking selfies with specific products.
The money back mechanism is supported by participating brands. According to Ardent, users win because they get money back in their wallets for being loyal customers. Brands win because they get direct access to real-time consumer analytics across the country. They can then use that information to target shoppers with personalized and location-based offers and marketing campaigns. Ardent did not disclose the amount of its investment for the app in Indonesia, but Snapcart says it will be raising a series A investment by Q3 of next year. Read more…
Ardent’s WhatsNew ecommerce gang enters Indonesia as Moxy
The Indonesian female beauty product industry is worth more than US$2.2 billion, according to The Wall Street Journal. When it comes to buying things online in the archipelago, women account for the largest piece of the pie. More than 40 million women are now online in Indonesia and on average, they control 65 percent of all purchasing decisions, according to a survey by Female Daily Network.
Ardent Capital-backed WhatsNew Group is based in Thailand, and started out as an ecommerce firm with only two categories: pets and babies. Today, it acts as the holding company for five more ecommerce sites. As an umbrella firm, WhatsNew Group has expanded rapidly in Thailand. Last January, it acquired one of Thailand’s top online lifestyle stores, Moxy, for an undisclosed amount. Moxy joined the Ardent bullpen along with pet portal Petloft, baby estore Venbi, health and beauty ecommerce site Sanoga, and cosmetics firm Lafema. Read more…
Cashback Deals Can Drive High-Value Shoppers and More Sales to Your Website – SiteProNews
As U.S. e-commerce sales keep making a steady climb as a percentage of overall retail sales, stores of every size are looking for new ways to attract more customers to their websites — especially lucrative, higher-spending customers. The competition for online shoppers is only going to escalate in the coming years, so maintaining and building on your core audience will be critical to your store’s ongoing survival and success.
Free shipping, of course, remains a reliable online deal closer. A growing number of stores are beginning to recognize the benefits that can accrue from customer-friendly return policies. Recently, though, another crowd-pleasing offer has emerged to provide retailers with an additional avenue for increasing both traffic to and revenue on their sites: Cash-back deals.
Cash-back deals generally fall into two categories: pre-defined amounts, which take the form of offers such as “Get $5 cash back on your first purchase at MySite.com;” and percentage offers, i.e., deals along the lines of “Get five percent cash back on your entire purchase.” Pre-defined deals are usually one-time offers designed to spur initial purchases or to move a specific product or product line. Read more…
From zero to hero in 12 months, How ShopBack does it
The founders of ShopBack, Henry Chan and Joel Leong were first-time entrepreneurs but they have managed to build a large customer base within a year from launch. Started in August 2014, ShopBack has powered more than 100,000 customer transactions at popular ecommerce portals both in Singapore and abroad within less than 10 months. ShopBack offers online shoppers up to 30% cash back when they shop online at any of the 300 Asian and North American brands. Shopping categories range from fashion to F&B, travel and electronics, and the team has brought on board well-known retailers like Zalora, ASOS and Groupon.
And running a startup often means making the best of the little you have. According to Shanru, even though ShopBack is in a slightly more advantageous position as they have raised over US$500,000 in seed funding last year, they are always mindful of how they can optimise marketing spend to give the company its longest runway. Read more…
Companies increase profits with multichannel shoppers: Study in INFORMS’ Marketing Science | EurekAlert! Science News
While catalog companies used to sell only through catalogs and retailers only through bricks-and-mortar stores, technology has enabled companies to sell through multiple channels, such as stores, call-centers, and the Internet.
As a result, some of a company’s customers take to multichannel shopping. They buy through the channel and at a time that’s convenient for them.
This study finds multichannel customers are more profitable to companies than single channel customers.and Read more…
Curious about cashback?
The cashback industry is global and estimated to be worth more than $84 billion. It’s made up of hundreds of cashback company sites ranging in valuation from less than $1 million to more than $5 billion. It also includes tens of thousands of e-commerce companies and major brands and retailers utilizing cashback, vouchers and coupons in their marketing strategies.
In the US and the UK, the cashback marketplace is mature while in Europe it is regional but with a few exceptions which have had impressive success internationally. And then there is the developing markets of India, China and Southeast Asia which because of their size and potential are attracting venture capital with an intensity that rivals the Klondike Gold Rush.
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