Online shopping in India is gaining popularity rapidly. The convenience and ease of online shopping is unmatched. However, it’s a universal fact that no one likes to buy on MRP, everyone is seeking out for discounts and coupons, especially while shopping online.
Apart from offering discounts on products, there are portals, like us, which also offer a reward system called cashback. The concept of cashback started in India through the offline world with credit card companies, where the users would get loyalty points for using their credit card, and when there are enough points they could redeem them.
Likewise retail chains like Lifestyle, Pantaloons, Shoppers Stop etc. launched their membership cards, on a similar model for their customers. For instance, they announce sales offering cashback on purchases, where in reality they add points to their members’ cards and not give actual money back. But cashback is not only restricted to the offline scenario, as the concept has been exploited in the online world too. Companies such as Pennyful offer, not only discount coupons, but also real money back as cashback for online shopping. Such cashback provides users with an additional way to save money on their shopping.
What the term Cashback really means?
We at Pennyful.in, describe Cashback Shopping as one of the most popular ways of shopping in many countries, where customers earn a percentage of the amount they spend on shopping as a cashback rebate. This means that whatever money a consumer spends, they get a percentage of that amount back in their bank. This is the real money we are talking about.
Pennyful lists discounts and cashbacks from different ecommerce portals. So, rather than directly shopping from a retailer’s website, a consumer can first go through us in order to earn monetary rewards.
Whenever a customer shops at one of our partner online store, through us, we are entitled to a commission from our partners. We then split a part of this commission with our customer. This creates a win-win situation for all, as the ecommerce portal makes a sale, we make a commission and our customer gets real money back.
Watch this video to know more on how we operate: How Pennyful Works
We also list coupons, which can be clubbed with cashback to save even more money with instant discounts.
The Indian consumer is an extremely cost sensitive shopper. And online shopping provides him with great ways to shop and save money. Discount coupons were initially the only and most popular way to save money. But when the concept of cashback entered the market, shoppers found a way to save even more money. Through cashback sites, a shopper can save additional money, over and above the existing discounts ecommerce merchants provide. It is another reason why online shopping in India has become as popular as it is today
The process of getting money from a cashback site to a bank account is fairly easy too. Whenever a person has accumulated a particular amount of cashback, the person can choose whenever he wants to get his money back. For instance, we allow our users to withdraw any amount of money they accumulate. And we directly transfer the money into the specified bank account.
Considering the growing number of online shoppers in India, cashback could be a boon for those looking to save some extra money while shopping online. It’s like they say, a penny saved is a penny earned!
Author (Ravitej Yadalam)