Consumers see hundreds of deals almost every day—discounts, coupons, and cashbacks are basically handed to us once we enter a retail store or click on our favorite e-commerce and shopping apps. Seeing a slashed deal can immediately fixate consumers into buying cheaper items. As Michael Heijmans puts it, discounts often work because of the urgency they give to shoppers, sometimes leading them to purchase unnecessary products. Studies show that discounts and coupons often have a negative connotation to them, as some believe that marked down products are of low-quality.
However, you should consider that slashed deals are not necessarily all that bad and discounted products are not always of low quality. In fact, deals pose a great benefit to consumers, especially in our economic setting today where one must be disciplined in looking for legitimate deals to save money. Consumers can also avoid overspending by being wary when shopping and having a good understanding on how to use slashed deals to their advantage.
Cashback, in particular, is a good form of a deal. Its name is self-explanatory—consumers get a portion of their cash or money back when they complete a transaction. Karoline Santiago, head of partnerships at online rebates platform ShopBack PH, further explains this by saying that cashbacks allow consumers to increase their savings when shopping. In some way, cashback acts as a reward or incentive for consumers. Each cashback percentage varies depending on the store, but all are able to help consumers financially gain something from their online transactions.
ShopBack, for example, is partnered with hundreds of brick-and-mortar and e-commerce stores—prominent ones, in fact, such as Lazada, FoodPanda, Booking.com, Agoda, Grabfood, Zalora, Nike, and more—to provide attractive cashback deals to a diverse range of Filipino consumers. In a nutshell, it’s an online platform that instantly returns a portion of the consumer’s money by crediting the cashback amount to their ShopBack account, which can then be transferred straight to their preferred bank account, making it a convenient tool for shopping and saving money.
Despite their evident benefits, some consumers may avoid using ShopBack because it is not as common as sale discounts and it may sound like a marketing move to lure consumers to a well-hidden bad deal. However, Shopback assures users that their service is trustworthy and transparent by providing relevant information seen in their Terms and Conditions. They also post useful and digestible information on their social media channels to show how easy it is to use the Shopback app.
(Photo from ShopBack’s Facebook Page)
In the context of the Philippines today, consumers are now looking for more affordable options for the products they would typically purchase as their flow of income has been narrowed down as a consequence of the pandemic. The effects of the virus outbreak has created a big dent to the Philippine economy to the point where the country has now plunged into a recession for the first time since 1998.
For this reason, ShopBack has expanded its reach by supporting more retail businesses such as online groceries, food deliveries, and stores that sell miscellaneous products such as workout equipment and essential work from home items. The company made sure their support prioritizes e-commerce stores that offer essential items to alleviate a bit of the financial burden off of Filipinos’ shoulders in the midst of economic uncertainty. ShopBack has also partnered with more local stores to further help and promote Filipino business owners who may be struggling during this difficult time.
“(ShopBack) can actually be used in conjunction with promos, which gives an added value to frequent online shoppers. You have the liberty to make use of your voucher codes, discount and/or referral link, and still get a percentage of the entire transaction value credited to your ShopBack account,” Santiago shared.
In some cases where deals are too good to be true, consumers should be responsible and look into them more. However, thanks to many credible services today such as ShopBack, researching for deals will be easier now more than ever. By being a smart consumer, you can save expenses and dedicate more money to what matters most to you. At the end of the day, your savings from using this cashback platform will accumulate and reach a bigger and/or significant value.
Discounts, coupons, and cashbacks may sound like a trap for you to spend on unnecessary things, but this shouldn’t be the case. There are various ways for you to make sure that you continue adhering to your financial plan. Slashed deals should not be seen as a disadvantage to your financial goals; instead, they should be used as an instrument to help you save money for the items you need. Before heading out to go shopping, you must first research for the best deals that will merit you greater financial gain.
“Stick to the essentials, treat yourself every once in a while, and most importantly: do your research. Make sure to check different websites to see where to get the most affordable item/s,” Santiago noted. Slashed deals can definitely urge you to buy items that you do not need. However, to fully utilize these bargains, you should be able to primarily understand their value and appeal. Through this way, you can protect your financial goals. Best case scenario, you might consistently achieve them as well.