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Jimish Jobanputra

Co-founder and CTO, Zingoy

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Why The Cashback Industry Will Never Lose Its Charm In The Indian Market

Digital coupon redemption is increasing hence the e-commerce giants are now more inclined towards the benefits of cashback sites, as they help to retain a major part of the market share and stay ahead of their competitors.

Digital India, a flagship program of the Indian government, with a vision to transform India into a digitally empowered society and knowledge economy. As it has been focused by our government that ' Technology is fast, Technology is simple and Technology is a brilliant way to serve the people.' And indeed, it is. This is the era of information and technology. And digital advancement is the only way forward. The last two years, the pandemic era, has abruptly pushed the entire world towards digitalization. With every aspect of life going online, be it medical consultation, online schools, official governance, online shopping; digitalization and e-commerce has become the new normal.

India has seen exponential growth in the e-commerce market and the future is even brighter with the sky being the limit. According to experts, India's e-commerce market is expected to grow to $ 200 billion by 2026. By 2034, this industry has the potential to become the world's second-largest, following the U.S. With the meteoric rise in the e-commerce sector, the concept of cashback and discount is gaining traction. Even e-commerce firms comprehend the importance of cashback sites and coupons.

Cashback is the future and the next big thing in the world of e-commerce. The pandemic, busy lifestyles are a few factors that have led to the surge in online shopping and eventually towards the demand for coupons and cashback.

Worldwide shoppers can swear by 'A penny saved is worth two pennies earned' and especially Indians. The cashback industry is here to stay. Shoppers hunt for bargains and cashback before proceeding with the purchase. Nearly 86% of consumers compare product prices on various platforms while they make online shopping. With so many items and brands on the lookout, the motivation to purchase is unavoidable. The price many times acts as a setback. And to counter this hindrance, the cashback companies come to the rescue. The cashback sites give them simple admittance to that. Shoppers can find the best arrangements, coupons, and limits on the same platform. The extra cashback and rewards that the consumers get on their orders are like the 'icing on the cake'.

The nation is going through large changes concerning the mode of transaction. The e-commerce industry pushing digital transactions with the consideration of advanced wallets and UPI. With superb backing for digitalized exchanges, cashback will fill in as the perfect motivation to achieve the shift. The whole industry has popped to bring the shift using browser plug-in and apps.

E-commerce organizations are currently engrossed to bring a new crowd of clients from Tier III and Tier IV and rural areas to the online shopping world. The UPI enabled transactions, through the kiranawalas are empowering them with extra income and helping to streamline the untapped populace with the e-commerce websites. Online wallets and cash payment apps are becoming more and more frequent. According to an Assocham-PWC India research; by the year 2023, digital payments are expected to hit the amount of $135.2 billion in India, increasing at a rate of more than double when compared to the year 2019's $64.8 billion.

Digital coupon redemption is increasing hence the e-commerce giants are now more inclined towards the benefits of cashback sites, as they help to retain a major part of the market share and stay ahead of their competitors.

Aside from regular offers, the Indian market sees extraordinary occasion rebate spikes for the benefit of the shoppers. Since the start of the festive season, there is a tsunami of cashback and coupon offers on top of regular discounts. Fashion gateways, gadget sites, automobile organizations, cosmetics and skincare, even body and wellbeing brands are offering additional savings with the assistance of cashback wallets and coupons.

People look forward to such deals to fulfill their wish list which on other days would not be possible.

Since the commencement of online retail, cashback has been the best apparatus to scale client securing and maintenance. One of the most influential and high ROI tools, which has survived the test of time is the cashback, to scale up faster.

Presently, the cashback and coupons industry is esteemed to be at around Rs. 500 crores and increasing at a steep speed. The idea that an item is less expensive online than a brick and motor shop has come into existence as a result of this cashback and coupons.

Cashback is too profoundly imbued in the mind of the customer and enjoys an extremely steadfast fan base of its own. Saving extra on each buy is something that invigorates the greater part of us. Thus, it is invigorating to continue scaling cashback business and making a mutually beneficial arrangement for the accomplice as well as the customers.

Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house

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