CashBack 101: What is CashBack?

Welcome to CashBack 101! In this series, we’ll dive into the details of CashBack and how you can leverage it to grow your business.

What is CashBack?

CashBack replaces coupons with a variety of incentives that a shopper can redeem after they purchase. Ditching the one-size-fits-some model of discount codes, shoppers are empowered to pick what most motivates their purchase: cash, gift cards, donations, carbon offsets, or more.

Brands that empower their shoppers with CashBack are rewarded with more conversions, more profit, and more engagement.

How does CashBack work? Easy as ready-set-go!

1. Ready your CashBack Offers 

Whether it’s a sitewide code or product-specific, you decide what’s considered a qualifying purchase for CashBack. Set the amounts and timeline for how shoppers can earn CashBack at your store. 

2. Set your CashBack messaging

Keep 100% of your tools and forget about complex integrations - launch is as easy as changing “off” to “back” in your popup and adding the CashBack UTM to your landing page link.

3. Go live! 

Newly empowered shoppers finish your brand journey and are rewarded with the purchase incentive that meant the most to them. Keep them coming back for more by offering a bonus gift card CashBack that encourages instant reconversion.

Why is CashBack better than discounts?

Discounts are a great way to make less money on each sale. Let’s break this down:

A first-time shopper comes to your site and has their eyes on a $100 pair of shoes. The coveted “20OFF” discount banner flashes across the screen, making their decision to purchase a no-brainer. Awesome, right? Not so much. 

From the jump, you’re losing 20% of your revenue. Not to mention, you’ve set the precedent of serial discounting from the beginning of the relationship. All too often this means the shopper will hold out coming back to your store to buy again until they get another magical discount code deal in their inbox. It’s a vicious cycle that always ends with your bottom line being compromised. 

Now, let’s run this scenario with CashBack:

The same first-time shopper has their eyes on the shoes. They see your 20% BACK banner flash across the screen, making their decision to purchase simple. A tiny difference, with a massive impact. All of a sudden your brand earns: 

1. Full price sales: the shopper will spend $100 today, meaning no loss in revenue for you
2. Free retargeting: the shopper will now have a $20 incentive - what you would have given away up front in the discount example - to come back to your site later and redeem the CashBack. 

TL;DR: CashBack earns you more conversions than discounts (+8.7% on average!) and turns your shopper transactions into relationships. 

Getting started with CashBack

We know what you’re thinking: “Sounds amazing. When and how can I get started?!”

Easily, and now! Super simple onboarding by our team of experts means you can be live in just a few minutes. Join the waitlist here and we’ll be in touch shortly! 

Still feel like you need to learn more about CashBack? We totally get it–nothing is more important to us - or you - than your brand. Stay tuned for more CashBack 101 content every week or drop us a line at [email protected] for 24/7 question support. 

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