The Power of Cashback
Rewards-based cashback is when a shopper gets a percentage of their purchase price back for free. This can take on multiple forms - from gift cards and checks to online payment transfers or statement credits. Cashback rewards allow brands to target cerain shoppers and drive transactions. Over 80% of shoppers indicated they'd rather shop at a store where they can earn cashback rewards on their purchases.
Scenario: A shopper visits an online Ted Baker sale. They don't have a Ted Baker promo code or gift card and are trying to score some discounts. They learn via their cash back browser extension that they can earn a percentage of their purchase back. They activate the deal and get the reward. This incentive not only motivates the initial purchase but also encourages the shopper to buy again.
How to Offer Cashback
To drive revenue and boost sales, it's crucial to offer rewards like cashback to your shoppers. You can provide cashback through various methods, including:
These are websites that partner with different retailers to offer cashback rewards to shoppers. Users typically acquire cashback through these websites by following these simple steps:
- Sign up for an account on the cashback website.
- Look at the available offers and choose a retailer or product.
- Click on the offer to be redirected to the retailer's website.
- Complete the purchase on the retailer's site as usual.
- After the purchase is confirmed, they’ll receive cashback in their cashback website account
Top examples of cashback websites include Rakuten (formerly Ebates), TopCashback, and Swagbucks.
Certain browser extensions, like Honey and Capital One Shopping, offer cashback deals to users. The process to onboard is simple:
- Install the preferred browser extension.
- While shopping in that browser, the extension notifies users of available offers.
- Click on the offer to activate it before making a purchase.
- Complete the purchase on the retailer's website.
- The cashback will be credited to the user’s account.
Numerous mobile apps provide cashback rewards when shoppers make purchases through them. Here's how users can benefit from this method:
- Download the chosen cashback app.
- Browse available offers and select a retailer or deal.
- Click on the offer to be redirected to the retailer's mobile website or app.
- Make the purchase.
- Cashback will be credited to the shopper's account in the app.
Popular cashback apps are Ibotta, Fetch Rewards, and Dosh.
Certain credit cards include cashback rewards as part of their benefits. To earn cashback with a credit card, users should follow these steps:
- Apply for a cashback credit card that aligns with their spending habits.
- Use the credit card for eligible purchases.
- Depending on the card's terms, they’ll earn cashback as a percentage of their spending.
- The cashback goes toward their credit card statement or is redeemed as a statement credit.
Well-known cashback credit cards include the Chase Freedom Unlimited and Discover it Cash Back.
In-Store Cashback Apps
Some mobile apps offer cashback for in-store purchases. Users of these apps can benefit from the following steps:
- Download the app and link their credit or debit card.
- Browse available offers and activate them.
- Shop at participating brick-and-mortar stores using the linked card.
- Cashback is automatically credited to their account.
Examples include Dosh and Shopkick.
The Sleek Advantage
Now, you might be wondering how to seamlessly integrate cashback into your retail strategy. This is where third-party solutions like Sleek's deals API come into play. These solutions provide retailers with a straightforward way to offer cashback and partner with various brands. This allows you to offer shoppers rewards like Ted Baker cashback, Glossier cashback, and Old Navy cashback. The Sleek deals API allows you to build your own custom cash back extensions, integrate into deals websites, or offer custom mobile apps for cashback.
Sleek's deals API empowers retailers to bring their own partnerships or leverage Sleek's network to provide enticing cashback deals. For example, you can partner with brands like Athleta to offer exclusive cashback rewards to your customers. This not only drives transactions but also solidifies your brand's reputation as a customer-focused retailer. We find that cashback rewards are typically more straightforward, lucrative, and scalable than offering a coupon code, promo code, or custom gift card.