The largest UK marketplace, OnBuy, has pledged to give away over £15m every year, with savvy shoppers able to earn over £400 per year. And all it takes is one simple step.
The announcement comes after market research and trials undertaken by the British challenger brand last year, revealing that just 7% of Brits’ buying habits haven’t been impacted by the cost-of-living crisis.
According to the study of 2,000 consumers, some Brits estimate they miss out on over £2,700 worth of unused benefits from credit and debit card providers a year, at a time when one in two (47%) are constantly seeking a bargain due to the current economic climate and a third (36%) are avoiding last minute purchases.
The research showed that a fifth are only buying what they need (21%) or from retailers that offer regular deals (19%).
The disruptive retail business has responded by doubling down on its pioneering cashback offer to give all customers a minimum of 5% back on all purchases through the platform - up from the 1% previously offered.
The baseline cashback reward will be complemented by higher rates of up to 20%, offering smart shoppers the opportunity to quickly accumulate meaningful cashback through everyday purchases.
Cas Paton, CEO and Founder at OnBuy, said: “Whether it’s Council tax, food, transport, or utility bills, the cost pressures on British people are ever increasing. With no end in sight, we want to help Brits to spend smarter. All it takes is one simple step to shop with us.
“We’re now offering one of the highest base cashback rates on the market – we’re not just challenging retail, but credit cards and other cashback sites as well. We want to thank our customers and show that we’re the world’s most rewarding marketplace.”
All of OnBuy’s customers will receive the new base rate, with cashback available to be spent onsite immediately, saved, or withdrawn into a bank account after 30 days on balances of £5 or more, with no waiting period or complex clauses – unlike third-party cashback sites.
Since 2016 OnBuy has disrupted e-commerce with a revolutionary model. With unprecedented demand for its cashback offering, over £150 million worth of sales were transacted through the online retail platform last year.
The British startup recently announced a strategic decision to move its HQ from Bournemouth to London and launch a permanent base in New York as part of its international expansion plans.