As the ‘World’s First Cashback Marketplace’, we’ve created a shopping destination dedicated to making customers’ lives easier by bringing together everything they love about online shopping in one convenient location. Millions of products at good prices, a wide range of payment methods and delivery options, all underpinned by our unique approach to cashback, allowing every customer to earn as they shop – and either redeem their reward straight away against their next order, save it, or withdraw it when they have a balance of GBP 5 or more. This approach has resonated with consumers and is impacting buying behaviour. Returning customers are spending 89% more year-over-year, and we see users who purchase a second time continuing to return again and again. As a marketplace that doesn’t sell its own products, we have no direct control over delivery or price, so taking a holistic approach to providing value to customers in all aspects of our shopping experience is essential to becoming their destination of choice.
We’ve always offered our customers purchase protection; first, via our original payment provider, PayPal, and then taking up the mantel ourselves when we took control of our payments as a Merchant of Record. OnBuy Protection isn’t a standalone retention or revenue driver, but it’s an extremely important part of our ecosystem. In a marketplace environment, which hosts thousands of individual sellers, it’s important to be able to give people the reassurance they need. OnBuy Protection is an important trust signal, which works hand in hand with our other offerings, including 30-day returns and fast and free delivery, to allow new and returning customers to shop with confidence.
The cost-of-living crisis heavily influenced the evolution of OnBuy. We explored the idea of introducing a standard loyalty programme but existing models were complicated, came with a lot of caveats, and generally worked to service the retailer as opposed to the customer. We want to deliver real value that means something to consumers, to give back in a way that is easy to understand and can add up and make a difference. We moved beyond the concept of loyalty programmes and have made rewarding customers a core part of our brand, delivering instant cashback on everything – from the household basics they buy every day to bigger ticket items, every time they shop with us. This initiative speaks to the savvy shopper. A small change in buying behaviour can make a big difference to their pocket. We’re in a constant state of evolution as we learn more about what resonates with our customers – and are looking for new ways to optimise and develop our platform to deliver even greater value to the OnBuy shopper.
This editorial piece was first published in The Paypers' Fintech for Marketplaces and Platforms Report 2024 which taps into the fast, ever-expanding ecommerce industry, being the ultimate source of information for businesses looking to expand and grow their consumer base.
Cas is a driven business professional and founder and CEO of OnBuy, one of the world's fastest-growing marketplaces. His career is routed within various online industries, ranging from ecommerce, marketplaces, and web development. While his experience is primarily built within online business, his ever-dynamic career has brought forth foundations within retail, distribution, logistics, international sales, and marketing.
Founded in the UK in 2016 by Cas Paton, OnBuy has a simple vision to change online retail for the better. By not stocking its own inventory, the brand has established itself in the ecommerce sector as a pure online marketplace that doesn’t compete with retailers. Offering millions of products across a range of sectors (including electricals, toys, beauty, and home and garden), OnBuy gives thousands of verified online retailers the platform to provide competitive prices and exceptional value to customers. Trusted by millions of consumers and world-leading brands, OnBuy understands its customers and partners with its retailers, offering them an online marketplace that works with them, not against them. And with customers benefiting from the marketplace’s unique and generous cashback offering, it pays to shop with OnBuy.
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