A quarter million subscribers and $13 million in cash backs later, the e-commerce start-up CashRewards won the title of ‘Australia’s Fastest Growing Tech Company’. Here’s the full story.
Deloitte Touche Tohmatsu Limited, or only Deloitte, is a professional services firm based in the UK. Every year Deloitte conducts the ‘Fast 50’ program under which it recognises fast-growing tech companies around the globe based on revenue growth in the previous three years.
The awards are country specific and this year, for the Australian chapter of the awards, the online shopping space CashRewards.com.au emerged as the winner. This was due to CashRewards’ stellar growth of 12,496% over the last three years.
Now, these are some serious numbers we are talking. It’s not every day we see growth figures like this. So what is CashRewards and what are they doing right?
CashRewards is an Australian cash back service that gives consumers cash backs for purchases they make through cashrewards.com.au. One only visits the website, chooses the product they want to buy, following which they are redirected to the seller’s website. And they just complete their purchase as they normally would. And just like that, they receive a part of the price paid for the product back in the bank account as cash backs.
All the shopper has to do is take the extra step of visiting the CashRewards website before being redirected to the seller. Read on as we tell you why it’s such a brilliant business plan and how we love their tagline “Get paid to shop”.
How it Works
Like every good idea, the mechanics behind this is fairly straight forward. Retailers pay Cash Rewards money to advertise their products on their website. And in return, CashRewards pays a part of it to the consumers who shop from their website.
The cash backs offered are just an extra incentive for the consumers to buy that product and take that extra step of visiting their website.
For the retailers too, this is a smart move as the cash backs translate to higher traffic from this site than others.
Simplicity is Key
The success of this company lies in its simplicity and efficient marketing. CashRewards tells its customers that they are always just 15 seconds away from ‘getting paid to shop’ and most consumers wouldn’t mind those few extra clicks before landing on the page which they were going to visit anyway.
And guess what? They get some cash, real money not coupons or discount codes, in the process. Brilliant, ain’t it?
CashRewards is another example of a good idea coupled with excellent execution. And with their smart marketing and persistence, the company now has under its belt over 1500 retailers on the website, a quarter million active users and the titles like ‘Australia’s number one cashback site’ and ‘Australia’s fastest growing technology firm’.
Deloitte awards 2017
Deloitte Fast 50 winner
CashRewards in Deloitte
Best cashback site
Fastest growing tech company