Today we’ll describe the top 3 cashback services for your online shopping
Cashback reward programs are aimed at boosting customer loyalty and engagement levels. The immediate financial incentive gives customers an extra reason to return. That is why they are popular among travel agencies, fintech providers, and retailers.
The efficiency of a cashback system is proven by statistics. A recent survey showed that 83% feel rewarded when they receive cashback after a purchase. Moreover, this loyalty scheme works for mobile too, with 45% of respondents stating that using a mobile app for cashback is easier than dealing with vouchers or coupons. Every e-commerce business may start its own cashback initiative or use a specialized web-partner.
SEE ALSO: EXPLAINED: How cashback works
These shopping portals return a percentage of what their members spend to their accounts. Rather than going directly to a retailer’s website, you log in to your preferred cashback site, click on a link that takes you to the retailer’s e-store, and then complete your shopping as usual. Today we’ll describe the top 3 cashback services for your online shopping.
Best cashback services
The service provides its 11 million users rewarding access to over 2360 online stores and services including AliExpress and Booking.com. The list of partners also features education portals like Udemy or Coursera. Founded in Ukraine, it has quickly spread over the CIS countries. The small team has ambitious expansion plans. After Spain which is the next country on the corporate agenda, LetyShops plans to launch in France, Italy, and Poland. Then, India and the countries of South America.
The percentage returned after a purchase varies between 1-30%. However, for most websites, this sum doesn’t exceed 4-5%. Money gets back to the customer as soon as the acceptable delivery and return period is over (usually about 30-60 days). Therefore, shopping locally brings quicker cashback than international purchases. Users can withdraw cashback in a convenient way: to a bank card, e-wallet or mobile phone top-up. Please mind that with international purchases, the amount of cashback returned to your account may slightly differ from the amount displayed earlier. This may be due to the conversion of the payment currency into the currency of your account.
There is no need to always visit the home web-page to shop with Letyshops. Activating a handy extension is enough for all partnering stores. It will also remind you of the cashback rate and the need to activate. Available for all popular browsers: Chrome, Firefox, Opera, Safari, Yandex.Browser.
For select shops like AliExpress and GearBest, price dynamics and seller ratings are available as well. Before buying, you can check how the price has changed and evaluate the authenticity of discounts and promotions. Don’t forget to check out how long and how responsibly the seller has been working before making a purchase.
This service is different from a traditional cashback model. They help you find and track discounts, coupons, and best deals rather than return money from each purchase. The company earns a commission from stores when you find savings. Nevertheless, its popularity has already attracted over 17 million members worldwide.
The web-extension and mobile app were developed by Honey Science Corporation who offers a suite of money-saving tools such as Savings Finder, Price History, Honey Gold, Droplist, and Amazon Best Price.
With Savings Finder, you don’t have to look for the promo codes all over the Internet. The extension automatically browses through available offers and applies the best ones to your purchase.
The Droplist is an analog of a wish list with only one difference – you’ll get a notification when the price drops.
Amazon Best Price compares similar listings instead of you and finds the best deal. It also shows an item’s overall price history based on prices seen by other users. This way, you can save lots of time and some money on the comparison.
Honey Gold is a loyalty program where the points you earn for shopping can be redeemed for gift certificates at popular shops (including Amazon Prime). It allows you to earn up to 20% back on purchases.
There are over 30,000 merchants that cooperate with the Honey platform allowing the network members to save 17% of the initial price on average. Some famous corporate names found out there are Macy’s, Amazon, Groupon, Walmart, eBay, and AT&T.
Founded in 1997, Rakuten is headquartered in Tokyo. The cashback service formerly known as Ebates has joined the team of the world’s leading company to scale up their activities some time ago and the name change became inevitable.
The service has an international presence. Its US website gives access to over 2500 stores and specialty boutiques, whereas Canadian offers are more modest – only 750 partnering shops. Other regional platforms work in Korea and Japan.
The cashback offers a few shopping tools. The holders of Rakuten Cash Back Visa Credit cards earn an extra 3% cashback on qualifying purchases made through Rakuten.com, in-store cashback offers, Rakuten Hotels, and Rakuten travel and 1% cashback on non-qualifying Rakuten purchases and purchases made everywhere Visa credit cards are accepted. Many partnering stores provide a double cashback for purchases via the Rakuten platform.
The service differs from its competitors while it offers cashback for both online purchases and in-store buys made at selected bricks-and-mortar stores. Handy browser extensions and a mobile app are available too. The Cash Back Button pops up automatically on any site where Rakuten Cash Back is available, and it even finds coupons for you.
The cashback rates vary up to 40%. Money gets to a service member via PayPal or checks on a quarterly basis. If cashback for an order is still pending approval, it will carry over to your next payment.