Insights from a new global study on the online cashback industry reveal that consumers have a growing love of cashback programs, with the industry estimated to be worth up to US$85 billion – and Australia is enjoying a burgeoning piece of the pie.
Studied in depth for the first time, the size of the industry was based on reliable existing data and new research. The 2015 Cashback Industry Report profiled the 234 major players in the sector across the globe, including 28 companies in Australia, and recognises Cashrewards as the leader here where cashback is still considered relatively new, but ‘poised to grow’.
We all love a little cash back
Cashback programs have existed for years – customers fill out a form in-store after purchase and wait weeks to receive their cash back – but automated, easy to use cashback programs in online shopping have recently become extremely popular in both the US and UK.
According to the report, 71 per cent of online shoppers in the UK seek products with cashback and more than 64 per cent of consumers belong to a loyalty rewards site.
Furthermore, 81 per cent were more likely to open emails from stores that sent a deal, offer or coupon, and 99 per cent of all surveyed said they were more likely to make a purchase after finding a discount.
A recent Australian survey conducted by Cashrewards supports this trend locally, with 90 per cent of customers surveyed saying that their retail purchases are bought on sale or through promotion.
Founder of Cashrewards, Andrew Clarke says, “The findings in the Cashback Industry Report are very exciting for our sector, where the market is still in its nascent stages, but the up-take is steady and we see huge opportunities for growth. “
“The report identified us as a leader in our industry in Australia. We are pioneering the cashback rewards phenomenon here, with a unique offer of big daily discounts on top of generous cashback of up to 20 per cent, which gets deposited directly back into customers’ bank accounts.
“More and more, Australians are catching on to the benefits of online cashback – if you like an online deal, then you’ll love cashback even more. It’s certainly an exciting time for the online cashback industry, and consumers are reaping the rewards on offer at Cashrewards.”
How does Cashrewards work?
The Cashrewards concept is easy. Membership to Cashrewards is free and offers Australia’s highest cashback rates. Cashrewards members can browse, compare prices, and get on average 10 to 20 per cent cashback on every item purchased; adding coupons to special discounts, shoppers can save up to 50 per cent.
Shoppers simply click through cashrewards.com.au to the retailer website of their choice to purchase as usual, then Cashrewards credits the cashback directly into the shopper’s nominated bank account within six weeks. Unlike points schemes, cashback means actual cash back to the shopper, rather than waiting for points to accrue for a reward.
New deals are available daily, from big name Australian and international retailers including Woolworths, Coles, eBay, Chemist Warehouse, Priceline, The ICONIC, ASOS, David Jones, Saks Fifth Avenue, Virgin Australia, Telstra, Vodafone, Booking.com, Avis, Microsoft, Sony, Groupon, Dan Murphy’s, Uber and Menulog, to name just a few.
With over 700 retailers available through its shopping platform, Cashrewards is the country’s leading and largest cashback site, providing a unique combination of cashback and discounts. It is the best value one-stop shop online, offering big-name retailers across all shopping categories, including department stores, pharmacies, groceries, travel sites, fashion, beauty, telecommunications and electronics.