When other businesses scale back, rewards and shopping discovery platform ShopBack is taking the other route: expansion. YahooFinance
In April, deep in the throes of the coronavirus pandemic and its fast-spreading impact on businesses across the region and world, ShopBack acquired Ebates Korea for an undisclosed sum from Japan’s Rakuten. Ebates was South Korea’s largest online cashback platform. The acquisition is key to ShopBack’s expansion plans this year.
The six-year-old company has raised a total of US$113 million, after closing an extended US$75 million funding round led by Temasek in March. It declined to comment on its financial numbers such as profitability. The idea for ShopBack was conceived one night during a late night chat with classmate and co-founder Joel Leong, Chan said. They then roped a mutual friend Bryan Chua who is a “tech guru” and locked themselves up in a hotel room and after a weekend of brainstorming, the trio conceived the prototype.
What are some of the common misconceptions about the cashback model and how do you address these concerns? On the merchant side, one key challenge is the need to shift the marketing mindset of potential merchants, with regard to the allocation of their budgets. Traditionally, brands allocate a fixed budget for their marketing and advertising campaigns, paying upfront for eyeballs or for clicks. With ShopBack, instead of a fixed budget, merchant partners pay for performance — more specifically, they pay only when a sale takes place.
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