OnBuy have been telling us for some time that they had big plans and would launch a game changing development this year, and today we can reveal what it is. They will announce this morning a new OnBuy cashback loyalty programme and the immediate effect will be that every shopper on OnBuy will receive up to 7.5% cashback.
This is by no means a small step, and initially OnBuy have set aside a £10 million pot to reward customers. Cashback will be available on every product across the site, and it will be available to spend instantly on OnBuy as soon as an order is confirmed, meaning customers can return to the marketplace and spend their cashback with thousands of trusted sellers straight away.
So, take a step back, many consumers use cashback sites when shopping on marketplace… but in order to be rewarded with cashback you have to log into a cashback site before you click to the marketplace. That’s fine on a desktop, but not so great on a mobile app or even mobile internet. OnBuy have side stepped all this and all you have to do to earn cashback is shop on OnBuy.
And with OnBuy the cashback is up to 7.5% for existing customers – that’s momentous. It’s five times the level you might expect to most of the cashback sites available for other marketplaces. And, before you get worried that as a retailer it’s going to hit your margins, the cashback is coming from OnBuy and not out of your pocket.
OnBuy Cashback Details
OnBUy Cashback is uncapped, so customers can save it indefinitely as long as they sign into their account every six months. OnBuy will also reward customers with cash in their pockets, as they can choose to withdraw cashback into their bank accounts after 30 days if they have a balance of £5 or more.
Existing customers will receive the best rates of 7.5% cashback, via promotional emails, which can be redeemed against anything on the OnBuy website. The most loyal spenders will also continue to get a host of extra cashback promotions and stackable rewards, bucking the industry trend of offering the best deals to new customers.
OnBuy Cashback Impact
Think about this, if a consumers shops regularly on OnBuy they’re going to see real cash coming their way, which they can either use to fund even more purchases on OnBuy, or withdraw to their back account. We’re in the middle of a cost of living crisis, but come Christmas people will still want to be buying gifts for their loved ones. Would you sooner shop on OnBuy and get up to 7.5% back, or would you shop somewhere else?
This is the secret sauce OnBuy have been promising us. They’ve been telling us that they have a plan and, even before today’s announcement, we’ve seen their traffic steadily grow for the past few years. Once buyers cotton on to the scale of the cashback on offer, they’re going to divert even more of their spend to OnBuy.
We have heard mixed results from sellers on OnBuy, some have seen amazing results for what is still a relatively small marketplace (fourth in the UK after Amazon, eBay and Etsy), others report sales haven’t been flooding in as fast as they’d like…. but OnBuy will now be the marketplace with the greatest financial rewards for shopping regularly and that is going to make a difference. Forget cashback sites, forget one or one and half percent cashback, up to 7.5% cashback is on offer and consumers are going to love it!
The only way you can be part of this is to have your products listed on OnBuy. We fully expect them to ramp up marketing to tell consumers what’s on offer, and by Q4 it would be a surprise if new influxes of consumers aren’t searching OnBuy in the knowledge that they’ll be getting more generous cashback rewards than with any other scheme on the Internet.
We’re introducing something genuinely disruptive to the world of online retail, which can be full of deceptive deals and too-good-to-be-true offers. OnBuy Cashback will reward customers’ loyalty in a tangible way, without codes or catches, and have a real impact on peoples’ pockets.
We’re determined to disrupt the ecommerce status quo and give the power back to the people rather than the platforms which have been exposed for taking advantage of their customers and sellers. So many loyalty schemes offer perceived value that in reality gives customers little reward; some even charge for their benefits, so it was important to give back to our customers in a way that could make a real difference. Amazing choice, the brands people love and instant cashback on everything they buy – all in one place. Simple. It really pays to shop at OnBuy.
During the cost-of-living crisis every penny counts, so easing the pressure on customers’ pockets will make a big difference. This new level of convenience has the potential to change the way that we shop for everything from the everyday to the extraordinary, and this change in buying behaviour will also have a positive knock-on effect for our sellers. It’s a win-win.
The launch of OnBuy Cashback is just the beginning; we have more exciting developments on the horizon that will make our loyalty offering even more robust. We believe that loyalty should be rewarded and it’s time for our customers to reap the rewards– Cas Paton, Founder & CEO, OnBuy