UK online marketplace OnBuy has become the world’s first cashback marketplace, offering cashback on every product it sells on its site that can then be spent immediately on OnBuy.
The move – for which OnBuy has set aside £10m – is designed to take on the global ecommerce giants with a new model that it hopes will disrupt the online retail landscape.
Cashbackis 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 cashbackpromotions and stackable rewards, bucking the industry trend of offering the best deals to new customers.
OnBuy, which has recently been ranked as Europe’s fastest-growing ecommerce business by the Financial Times, boasts 35 million products across a broad range of categories – from home, garden and pets, to electronics and technology, health and beauty, and tools and DIY. Six million customers and counting trust OnBuy, an online marketplace on a mission to transform eCommerce for the better.
By offering cashback on every purchase, OnBuy is introducing something new to the market, providing a simple, convenient, one-stop solution to customers which will give them a reason to return time and time again. Gone are the days of complicated cashback websites, as OnBuy now offers a straightforward solution to customers.
OnBuy’s founder and CEO, Cas Paton, explains the move: “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.”
OnBuy Cashback is the latest in a series of developments designed to meet customer demand, following hot on the tails of the introduction of a new payment system. Customers can now pay directly through OnBuy or choose from a number of other options such as PayPal, Klarna, and Clearpay.
