Shopback, the leading cashback platform in Asia and the Pacific
The Singaporean platform Shopback allows users to consume while saving money. The future unicorn popularized the concept of cashback in Southeast Asia. More than half a billion purchases start with ShopBack every year. In addition to cashback, the app relies on user engagement mechanisms such as community building and mobile video games.
Shopback is a cashback platform founded in 2014 in Singapore and present in 9 markets in the Asia-Pacific region. She earns a commission for each purchase made via Shopback on partner platforms, and this amount is returned to customers in the form of cashback. More than 10,000 e-commerce platforms are Shopback partners, including Alibaba, Amazon, Lazada and Shopee.
The platform has grown by leaps and bounds. Shopback already has 30 million customers across its 9 markets, and has distributed over $100 million in cashback. The startup generates more than $3.5 billion in annual sales and is poised to raise $150 million, with a valuation of $1 billion, which would propel it to unicorn status in Southeast Asia.
Shopback recently acquired startup Hollah from BNPL, to offer its customers the ability to “buy now and pay later”.
How to use Shopback?
1. Visit the homepage
You can view what you’ve collected in cashback, pending rewards and offer recommendations that may interest you. The “Watchlist” allows you to follow the offers of your favorite stores.
2 . Discover the offers online
You can browse all the e-commerce cashback offers, grouped into different categories: shopping, food, groceries, travel and even already established e-commerce platforms like Lazada and Shopee.
3 . Browse in-store offers
The application accesses your location and also offers you a selection of offers close to you. To take advantage of it, simply enter the details of your bank account, direct you to the restaurant or store you want and pay with the app by scanning the QR code at checkout.
4. Be part of the FOMO community
FOMO is an acronym for “fear of missing out” which translates to “the fear of missing out or missing something”. Don’t miss out. You can also promote deals by clicking on “share a deal” and like and comment under deals. After submitting the deal, it will be reviewed by a employee and posted within 24 hours on the page. There is even a forum giving you the possibility to post comments, photos or links to other offers.
5. Buy vouchers
You also have the possibility of buying vouchers that can be used online or in store. By purchasing these vouchers, you benefit from a cashback. For example, by purchasing a voucher for the Foodpanda meal delivery platform, you can receive up to 6% cashback.
6. Play a video game to win gifts
The app also offers a video game to win virtual diamonds. After collecting enough diamonds, you can use them to buy gifts. At first, the gifts are more lives to continue playing but with more diamonds you can receive money, gift cards and various products.