I was invited to visit Shopback’s office today. Anyway, let me clarify that this is not a paid advertisement, although i did get a free lunch on them.
I was surprised to find the office housed inside the premise of NUS Enterprise, a start-up incubation space. I was told quite a few of the company founders were from NUS, so in a sense, NUS is giving them a helping hand. It’s easy to justify such an arrangement (the word “subsidy” comes to mind), given that they are already a success story. Everyone needs a success story, right?
The company is already more than 80-strong, and I think they have a sure footing in this business. They went headlong into the market when few people understood the business model. I can imagine it would have been damn hard work negotiating with the merchants, so Shopback really deserves a pat on the back for the windfall they’re raking in right now.
In case you don’t know what Shopback is about, i have a very short writeup here. In essence, you’re rewarded for brand loyalty and accepting marketing content. Just about every business is giving cashback now, because consumers love the feeling of getting a “kickback”. Consumers are, themselves, the ones paying for it anyway.
Many thanks to Ying Ying from Shopback for hosting me!