Slash, a browser extension that allows users to save money when they shop online, has discovered that cashback is back and it had a major facelift for good!
Slash, the new shopping tool, recently surveyed over 700 people in the UK from 18 to 35 years old. The results will astound you with statistics which explain why and how the current UK environment of cashback offers, promotion codes and coupons simply doesn’t work, and how this situation can be fixed.
The Slash Report
Cashback services work by being an online intermediary. Instead of going directly to an online store, you go through a link from a cashback website. The retailer still sells you your item, as normal, but they will send the cashback site a portion of the profits, and the cashback site forwards a percentage of that money back to you. So where did it all go wrong?
Our research findings show that the uptake and experience of using promo codes and cashback amongst young Brits could be better – BUT only with the right tool. Some respondents take advantage of promotional offers but not all are able to find the correct ones to complete a purchase.
Out of those respondents who had received cashback, the most selected of the survey’s options was “None of these”, suggesting that those respondents had received an amount of cashback lower than 2-5% . Perhaps young Brits do not think that cashback services are worth the hassle. Time-consuming, not transparent and confusing – it doesn’t sound like a good deal anymore, does it? It seems like coupons and immediate discounts have much bigger potential. Cashback was getting complex, was topped up with monthly payments on some platforms and became a clunky tool to use. Banks were also introducing cashback but with a limited number of partners and long timings between the purchase and the payout.
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With the internet now crammed with not only countless offers and a million fraudsters, but also an intelligent, market-savvy audience dissecting them on a daily basis, it’s vital to understand the chemistry between the two. 58.3% of our respondents said they’re able to find the correct promo code to complete a sale, either every time they search for them, or if the shop they’re buying from is popular. But what if it’s not popular? And how much time does it usually take to find the right code?
One of our influencer interviewees, Anoushka Probyn, a 28-year-old digital content creator from London, stated, “I think it’s easier to find discounts. There’s always discounts online whereas, in stores, you’re buying at full price”. She also stated that “we’ve just been conditioned to expect it now. So if you’re not using a discount code, it feels like you’re getting a bad deal”.
How Does Slash Work?
The report was conducted by Slash – the first ever price reduction browser extension, is making smart shopping an easy ride. How does it work?
Buy with a discount. Shop for your favourite things with Slash and get a guaranteed discount at checkout.
Slash gets a commission from a brand for bringing new customers. We share that with you to create your discount.
Everyone wins! You get your discount, the shop gets a sale, and we get commission. We call that a win-win-win!
This survey has given us a better understanding of how millennials and zoomers in the UK feel about promo codes and cashback, and it seems like there is a silver lining for British shoppers at last.