Singapore-based financial blog that aims to educate people on personal finance, investments, retirement and their Central Provident Fund (CPF) matters.

Wednesday, 28 December 2016

ShopBack: Save with Coupons, CashBack and more!

While I was googling for alternatives to reduce my expenses, I realised that apart from reducing takeout and preparing my own meals, there was an on-going trend of online retailers dealing in all kinds of products. They vary from groceries to mass e-retailer Amazon. With the introduction of these e-retailers, consumers now enjoy an additional option when it comes to shopping! The fierce competition between these new entries and the old brick-and-mortar retail stores have resulted in lower prices - this only stands to benefit consumers! Furthermore, these new entries also periodically give out coupons or hold one-off sales event to attract shoppers. 

One of the ways that I found was to shop through websites that provide promotions, discounts, and other perks. One startup that particularly caught my attention was ShopBack and the services they offer. What caught my eye about them was:
  1. Cash back on most online purchases
  2. Discounts on products from a range of retailers
  3. Best deals in town for the products you are looking for
The most interesting part about it is that ShopBack offers not just cash backs on item purchases (clothes or electronics on sites like Taobao) but also on travel purchases and food purchases e.g. food delivery and groceries.

Shopback uses the commissions it derive from the retailers it helped referred to provide these great bargains to consumers. While these rebates range from product to product, they do help consumers save a considerable amount of money. You can even double down on the benefits by paying via your credit card, earning rewards from both ShopBack and the financial institutions!

ShopBack however, is not all about cash back. There’s a whole depository of information of great offers and deals here at ShopBack and these deals range from categories like promotions on electronic products and dining deals to seasonal sales event.

Hence, besides the norm of complimenting credit card promotions and store promotions, here are the new 3 rules of augmenting the upcoming online trend:

1. ALWAYS google search for Coupons or Promo Codes

There are numerous sites that collate free coupons or promo codes for potential customers to save more on their purchases. Credit card newsletters may also now send you an email to notify you on their upcoming joint effort with online stores. An example was OCBC, where they would sometimes work with Zalora and offer further discounts which you can use if you happened to have an OCBC credit/debit card. You can also find a coupon code on a whole host of online retailers at ShopBack that allows you to benefit from transactions for things like travel at Agoda or groceries at HonestBee.

2. Go for Group-Buy
More often than not, online stores offer group discounts. This is if you buy more than 1 items, there will usually be a bulk purchase discount. You may then relate this to the concept of Groupon. Many other individual sites also offer their own kind of similar sale whereby if you buy more of the same items, there will be a slight discount in terms of per-unit purchase.

3. Stack on Credit Card Discounts

As I said previously, banks and financial institutions are now working in tandem with online stores to offer greater savings for their customers. This might come as a regular promotion or an attempt to increase the use of their credit/debit card. This would often be stackable with other vendor promotions.

At the end of all this, we hope that this would be able to help our readers achieve their financial goals through savings and cashback.

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