UK-based OnBuy has become the first online marketplace to offer cashback, with £10m set aside to reward customers as part of the launch.
Cashback will be available on any of OnBuy’s 35 million products and can be spent as soon as an order is confirmed, meaning customers can then immediately return to the marketplace and spend it.
Cashback is uncapped and customers can save it up as long as they sign into their account every six months.
Customers 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 7.5% cashback and the most loyal customers will receive extra cashback promotions and stackable rewards.
OnBuy chief executive and founder Cas Paton said: “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 people’s 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.
“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.”
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