In this episode of Add To Cart, we are joined by Anthony Seymour-Walsh, CEO at Cashrewards
Cashrewards is an Australian cashback website with over 2 million members and partners like Apple, Amazon, Myer and Liquorland. The scary thing is, Australia is around 3% in cashback purchases – compared to 15% in the UK – we are only at the start. For those who don’t know, cashback sites act as a kind of marketplace for bargain hunters where shoppers access shopfronts via the store and claim a percentage of cash back – from 1% to 20% on every purchase. In this chat, we hear about Cashrewards’ charitable beginnings, Anthony shares the metrics that retailers are using to measure success and the way in which Cashrewards tailors benefits to customer lifestyle.
“What are the things that are going to be valuable to a member, to a customer and how do we design around that?”
Anthony Seymour-Walsh
Return on ad spend
“We ran an independent study leveraging Forrester recently, and they’ve measured that we deliver a 14% return on ad spend for retail clients on average. And so it can be much higher or lower depending on what type of mechanic is run, but 14% was the average, and that’s something that we’re really proud of.
And that comes from a couple of different sources, which is new members or new members becoming new customers to the retail client is really valuable to them. But what we found is that our members generally exhibit high loyalty, higher average basket size and higher frequency of purchase.”
Loyalty points gamer
“I’ve just ticked over $4,000 of lifetime value. So I’ve actually only been at Cashawards for just over 12 months, but I’ve been a member for over four years. And I’m in a privileged position of getting a lot of cash back because I’m one of those loyalty point gamers that just loves and does everything that those programs sort of ask me to do now.
The thing that I would bring it back to is those that pay attention to these offers, we want them to be gaming the system in a way that gets them hundreds of dollars of value.
They have an aha moment when they get to about their third shop. And when they get to about their third shop and they’ve racked up some reasonable value by engaging with multiple partners, they see that they can withdraw their cash, they get cash back withdrawn into their bank account.
And from that moment on, they are absolutely hooked and loyal to Cashrewards and the retail partners that exist in our environment.”
Designing around lifestyle
“We worked really closely with Pizza Hut. They’re a real growth brand and a challenger brand in the market. And what we’re working on with Pizza Hut is finding the right ingredients to engage our members with the Pizza Hut proposition at the right points in time.
So we did a couple of things last year. Savvy Saturdays is one where, you can probably imagine you’ve got kids sport. I know my boys play basketball and constantly running around from basketball game to game. And then you get to the end of Saturday and having an offer with Pizza Hut to get say 40, 50% cash back on a really simple dinner option is just a fantastic proposition for members.”
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