ShopBack

ShopBack is a cashback reward program[1] available across Asia-Pacific with over 5 million members on its platform. It allows online shoppers to receive a small percentage of their purchases on the platform, paid for through affiliate programs by the merchant. The platform also provides coupons, voucher codes, and comparison features.

ShopBack
IndustryE-Commerce, Online coupons
FoundedAugust 2014
FoundersHenry Chan
Joel Leong
HeadquartersAsia-Pacific
ServicesCashback

It is currently partnered with over 1,300 brands from all over the world, including online firms Amazon, Booking.com, eBay, ASOS, Zalora, Woolworths Online, Lazada, Uber, Grab, Shopee, Tokopedia, GoWabi, Blibli, Alibaba, and eBay.

ShopBack is available in 9 countries including Singapore, Australia[2], Taiwan, Malaysia, Indonesia, Philippines, Thailand, Vietnam and South Korea.

HistoryEdit

ShopBack’s founding team was previously from Zalora.

On 17 September 2020, ShopBack suffered a data breach.[3][4][5] They notified customers 8 days later on 25 September 2020.[6]

FundingEdit

For its first round of seed funding, ShopBack raised over USD $500,000.[7] The company has since experienced a fast growth[8]. In March 2015, ShopBack received further investment funding of USD $600,000.[9]

In November 2017, ShopBack revealed it had raised USD $25 million, a round led by Japanese finance and credit card company Credit Saison, with participation from Blue Sky, AppWorks, Intouch Holdings, Aetius Capital, 33 Capital, SoftBank Ventures Korea, Singtel Innov8, Qualgro and East Ventures, bringing their total funding to USD $40 million.[10] Today, ShopBack averages an order every 2 seconds, with an annualised sales figure of over USD$500 million and 5 million users in early 2018.[11]

In April 2019, ShopBack announced that it has closed a $45 million round led by new investors Rakuten Capital and EV Growth, bringing their total funding to US$85 million. The investment will see Amit Patel, who leads Rakuten-owned cashback service Ebates, and Willson Cuaca (Managing Partner of EV Growth and East Ventures), join the board.[12]

ShopFestEdit

ShopBack ShopFest[13] is an annual event hosted in partnership between e-commerce brands and ShopBack. Across the APAC region, ShopFest puts together major shopping events during the year end sale season.

ShopFest starts in September (November for Australia) and lasts for 4 months till December. Regionally, ShopBack holds the 9.9 Sales, 10.10 Sales, 11.11 Sales, Black Friday Cyber Monday Sales and 12.12 Sales[14]. Other highlights of ShopFest includes MyCyberSale in Malaysia[15] (27 Sep - 3 Oct), the 12.12 Hari Belanja Online Nasional[16] (Harbolnas) in Indonesia, and Click Frenzy[17] in Australia (12 - 13 Nov)

Partnerships and CollaborationsEdit

ShopBack has also collaborated and partnered with various international and regional organisations. The list includes Visa, Citibank, OCBC Bank,[18] Starhub,[19] EZ-Link,[20] Singapore Committee for UN Women,[21] Institute of Singapore Chartered Accountants,[22] Bank of the Philippine Islands,[23] Globe Telecom,[24] AirAsia,[25] Maybank,[26] and Packet One Networks.[27]

ReferencesEdit

  1. ^ "Singapore startup ShopBack pays you to shop online". Retrieved 27 March 2015.
  2. ^ "Cashback Launch as Featured in the Australian Financial Review 2018".
  3. ^ "Customer Notice FAQs". Shopback AU. Retrieved 2020-10-27.
  4. ^ "ShopBack Data Breach". OzBargain. Retrieved 2020-10-27.
  5. ^ hermesauto (2020-09-26). "Singapore's data privacy watchdog investigating customer data breach at ShopBack". The Straits Times. Retrieved 2020-10-27.
  6. ^ "ShopBack and RedDoorz investigating data breaches". Business Times (Singapore). 2020-09-26.
  7. ^ "Steady, Silent, and Deadly: Inside Singapore's Hidden Gem Startup, ShopBack". Retrieved 27 March 2015.
  8. ^ "ShopBack eyes S-E Asia's US$60b e-commerce market". Retrieved 27 March 2015.
  9. ^ "Shopback secures $600k seed funding from East Ventures & Accel-X". Retrieved 27 March 2015.
  10. ^ "ShopBack raises $25M for its cash back shopping service in Southeast Asia". Retrieved 15 November 2017.
  11. ^ "ShopBack bags $25m in latest funding round". Retrieved 15 November 2017.
  12. ^ "ShopBack, a cashback startup in Asia Pacific, raises $45M from Rakuten and others". Retrieved 28 August 2019.
  13. ^ "Asian shopping platform to bring together Shopee, Lazada, Taobao and Qoo10". Retrieved 4 September 2019.
  14. ^ "12 Biggest Sales in Singapore Not to Miss". 2019-07-03. Retrieved 4 September 2019.
  15. ^ "ShopBack launches ShopFest to highlight six major online sales in Q4". 2018-08-22. Retrieved 4 September 2019.
  16. ^ "Harbolnas, ShopBack Recorded Its Highest Transaction Throughout 2018". Retrieved 4 September 2019.
  17. ^ "Click Frenzy Mayhem Smashes Records". Retrieved 4 September 2019.
  18. ^ "Earn up to 20% cashback on your online shopping via ShopBack". Retrieved 15 November 2017.
  19. ^ "Starhub Exclusive Partners". Retrieved 8 July 2015.
  20. ^ "EZ-Link Rewards Scheme with Perx". Retrieved 8 July 2015.
  21. ^ "Singapore Committee for UN Women News". Retrieved 22 April 2015.
  22. ^ "ISCA Members' Privileges". Retrieved 22 April 2015.
  23. ^ "P200 sign up bonus at Shopback - BPI Cards". Retrieved 8 July 2015.
  24. ^ "Get Rewards Points with ShopBack!". Retrieved 20 August 2015.
  25. ^ "Press Release: AirAsia BIG takes off with ShopBack as the first largest local partner on board". Retrieved 20 August 2015.
  26. ^ "Complimentary S$5 Sign-up Cashback Bonus with minimum S$50 spend at any participating ShopBack merchants". Retrieved 20 August 2015.
  27. ^ "P1 Customer Loyalty Rewards". Retrieved 22 April 2015.