Cashback, quite simply, is a form of incentive over and above the discount price offered to customers as a refund in their online wallets which they can use to either shop for more products, buy vouchers or for any other services like paying utility bills, recharging mobile phones etc.
In the last few years, cashback companies in India have seen significant growth and more than $4 billion in venture capital investment. A Cashback Industry Report of 2015 identifies that 64% of online consumers belong to a loyalty rewards site while 71% of online shoppers want products with high cashback rebates. India is the most exciting market in the global cashback industry at the moment.
One such cashback website in India is Zingoy.com, which not only gives cashback on a shopper’s purchases but also on the purchases of the user’s friends, done using the users’ Zingoy shopping links. With over 2 lakhs users, already on board, it is now the fastest growing cashback site in India with almost Rs 1 crore cashback rendered in its first six months of operation.
At the time of writing this article, Zingoy had already rewarded Rs 17,050,730 as cashback to 216,193 users.
Founded in 2015 by Mehul Jobanputra and Jimish Jobanputra, Zingoy faces competition from other cashback sites like Coupondunia, CashKaro, GoPaisa. However, Zingoy is different from them in the sense that its users can also earn cashback on things other than their personal online shopping because it offers cashback to the users even on the shopping of their friends and family. A user can create his or her own Zingoy shopping links for a store or offer or product and share them with whomever they want. If a purchase is made using their link, they get a commission of the sale made. Thus, Zingoy users keep earning cashback as long as the deal lasts.
Another extremely interesting USP of Zingoy is that it lets its user earn ‘Hard Cash’. All the cashback earned by the user, while shopping with Zingoy, is stored in their Zingoy account. Once the validated amount of cash in the user’s Zingoy account reaches Rs 250, users can transfer it to their bank account and use all that extra cash to shop some more … and obviously, to earn some more!
Users can also redeem that cashback in form of gift vouchers. Zingoy charges no additional fees for such redemptions.
Recently, Zingoy has launched instant cashback on purchase of vouchers and gift cards, too. Users can now buy online as well as offline vouchers from Zingoy and earn cashback on them immediately.
A year ago, Zingoy had also launched its mobile app to bring heaps of cashback for its customers on the go, almost every time they shop online. The cashback platform also has a nifty Google Chrome extension called Zinni, which when downloaded and activated on the browser, reminds the user of any cashback, they can avail on a site that they are visiting. It then automatically tracks the cashback if the user makes a purchase.
Zingoy offers cashback from over 200 stores including Amazon India, Paytm, Flipkart, Jabong, AskMeBazaar, Snapdeal, eBay and others. Receiving positive response, there are now 350+ merchant partners on Zingoy, and its user base is growing by 50% every month. Also, Zingoy has contributed 40 Cr to the total GMV of e-commerce websites in just 180 days after launch.
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