Why is Everyone so obsessed with Cash Back, and Why Should You Care as an Entrepreneur? Dorea Team, January 4, 2024January 12, 2024 Discounts are limited, and redeeming points is often pointless; you can’t use them whenever you want. That’s why people are so obsessed with cash back per purchase. What is even a cash-back reward? Let’s try to imagine a situation in which you spend $99 on an AirPod Amazon. If the salesperson sells the airpod for $80, then you save $19 in cash. The whole of this process is a form of cash-back mechanism. History of CashBack: Cash-back programs have been around since 1986, when the Discover card was launched nationally, introducing the concept. Since then, they have become extremely common, with almost every major card issuer now offering this feature on at least one of its products. Is it worth it? Maybe you need to widen your eyes and see the whole picture of that. Calculate your monthly online shopping, from toothpaste to airpods, from groceries to traveling to Miami. Now, I think the value has increased so much. The cost of living is rising (more cash back, more savings) Based on research conducted by inside Retail rising costs have made cashback offers especially appealing to Australians under the age of 45. Also, two-thirds of these shoppers say they are encouraged to buy better-quality items because of the cashback system. What we know about consumers is that they have struggled to pay their bills in the past 12 months. It’s just a little signal to entrepreneurs what their priorities must be in serving customers. What could we do as entrepreneurs? When it comes to business, you must keep in mind one single important rule: Retaining existing customers is more cost-effective than acquiring new customers. Your customers need encouragement to come back and buy again and again and again. Shopping is a loop. To enhance the appeal of this loop, consider making it more engaging and interesting. Final Business Strategy Your customer retention strategy depends on many factors; be wise and put a cashback strategy in your egg basket. How can I use cashback in my business? On the Crypto Dorea platform, we provide everything you need to set up an easy cashback program for your most loyal customers. You can customize it in any way you want for each product or service category. Visit Crypto Dorea and get the latest update on the product. Articles cash backcryptocryptocurrencyentrepreneur