You know what’s alluring about a cash back scheme? It seems like you’re getting money for nothing. The idea seems pretty simple – get a credit card that offered cash back schemes on purchases of big ticket items or, nowadays, sign up with a site that offers a cash back opportunity with every online purchase made.
The Indian cash back site market place is full of players like Cashkaro.com, pennyful.in, baggout.com, apnacashback.com, etc. which strive to provide the Indian seller with instant gratification of getting extra bucks. As a matter of fact, the new kid on the block is called just that; getextrabux.com.
What’s different?They too boast around 200 retailers; they too give back a portion to the customer in the form of a cash back deal; they too have space for coupons and discounts and deals; and their website is user friendly too! Here’s the difference; they’ve integrated a price comparison feature and a smart login feature.
“Price comparison isn’t a new thing. But price comparison in a site that gives cash back deals and coupons is new. You can make a purchase straight from the price comparison page, and get cash back!” says KR Murle, Co-founder of getextrabux.com. “That and our new smart login feature, where you don’t need to log into our site, but just the retailer site, are our two differentiators.”
Marketing
The site is about 8 months old, and they haven’t invested much in marketing. “We’ve been focusing a lot on the sort of technology we have. We plan to start aggressively marketing once we secure some funding. With our differentiators we should be able to capture the market,” he explains.
Most of their business comes from Flipkart, Myntra and Amazon. They get about 1500 visitors in a day and have already given back up to a lakh in cash back returns in the past few months. “Our target audience is college kids and IT guys. We have sponsored a few college fests which has raised some awareness. We’re pushing to do something creative though,” he states.
Challenge
Murle tells me their biggest challenge has been to work with minimal funds. They’re targeting 10,000 transactions a day before they think of slowing down just for a bit. “I haven’t drawn any salary in the past three years!” he rues.
Pipeline
“We’re working on a lot of things right now. We have just launched the smart login and price comparison feature. Augmented Reality is on our radar right now. We’ve also gone live in Singapore to address the markets in Singapore, Malaysia and Indonesia. We will be the first cash back website in Singapore!” he reveals. The marketing for the Singapore website will take off once the funding is in place. Redmart.com, qoo10.com, foodpanda.sg, etc. are some of their partners in the Singapore market.
“Flipkart’s and Myntra’s affiliate models were different. Hopefully, they’ll still remain separate. It shouldn’t affect us much though,” he states.
Advice
- You need to be ready to take up the challenge and be optimistic about it.
- Find a good mentor to guide you!
Are you going to cash in on this too? Let us know!
