KUALA LUMPUR, Nov 1 — ShopBack Malaysia, a reward-based platform that provides cashback, has registered more than 100 per cent growth in gross merchandise value (GMV) via its platform year-to-date compared to the same period last year.
Country general manager Eddy Han said since its launch in 2016, the company had enabled over 1.5 million online shoppers to earn extra savings from online purchases across a wide range of categories such as travel, electronics, home and living, sports, fashion and beauty, food and lifestyle.
“Our revenue is generated via commissions earned from our merchant partners.
“A big chunk of it, about 75 per cent, we gave to our customers as cashback, while the balance is our margin,” he told reporters during an event to announce the company’s first e-wallet partnership.
He said currently, ShopBack has partnered with over 500 merchants and over 30 popular online stores such as Alibaba’s Taobao, Lazada, Agoda, Shopee, Zalora, Booking.com and KLOOK.
Han said there had been an increasing trend of people shopping online and most of them started with e-commerce platforms such as Shopee and Lazada which were the key drivers.
“ShopBack is offering more as we have the capability to cross-sell vertically while in return, customers also get cashback.
“We aspire to be a pre-destination to online shopping, whereby before customers do any purchase, they would check with ShopBack for any offers for cashback,” he explained.
He noted that there were vast opportunities in the e-commerce sector in Malaysia as it was an untapped market and with the increasing cost of living, more people would also seek cheaper products that are available online as an option.
Meanwhile, ShopBack recently announced a collaboration with Touch ‘n Go, its first eWallet partner whereby users can earn cashback when they reload the eWallet.
According to Han, the partnership was aimed at pushing the adoption of e-payment among users as well as to drive forward the digital economy by providing various options.
Touching on the year-end online mega sales, he said ShopBack was expected to give out more than RM13 million in cashback to online shoppers in November and December.
“We experienced exponential growth in transactions made through ShopBack in the past two mega sales in September and October as the numbers increased by 15 times, compared to last year.
“In these two months, we gave away over RM7 million in cashback and expect to reward our users with another RM13 million in the coming mega sales,” he added. — Bernama
