ENCASHIT – The Cashback mobile app

Encashit – The coupons & cashback mobile app which enables users to shop online on multiple stores and earn cashback. Instead of searching for offers or deals users can find all deals and coupons at one place with extra cashback offer on the top. Partnered with 300+ online merchants in India and delivering 100’s of coupons daily. We are the first among cashback industry to launch an user friendly and fully functioning coupons & cashback mobile app with huge store database.

We are solving a basic problem that online shoppers are facing, Every mobile user with internet facility wants to shop online using mobile app as it is very handy. But he cannot install multiple apps in his limited memory. So our app solves the issue. He can download Encashit app and we have integrated multiple stores with us and user can shop via Encashit on multiple stores.

1.What is a cashback?

We get paid a commission from our partnered stores when users shop through our app or website. We keep some commission and pass a part of it to the users as cashback. This increases returning users and it is a win-win deal for customers as well as merchants.

2. Tell us about current traction in terms of people availing coupon and cashback at Encashit on a monthly basis, # of merchants etc.?

A: We are currently generating 20K-25K transactions per month with 300+ merchants on board. Reached 20,000+ downloads on playstore in just one month with 3000+ daily active users. We have started gaining pace in our user-footfall and transactions have taken a steep curve up after our App launch and concentrated focus.

The company is a seeding and we put in all our efforts to develop a strong product and trying to crack the right formula. Although, the profits haven't been the greatest, we're happy with the promise it holds. We're running all our operations with the revenue generated.

3.Are you profitable? As of now couponing, cashback (affiliate marketing) isn't catching up like ecommerce. What are the challenges in running a cashback and couponing website.

As mentioned above, the profits from our operations are currently sufficient to run our operations on a tight budget.

In India, things catch up and catch up like wildfire when they do. So, although, there isn't much traction to the idea of cashbacks and rebates, I'm sure it will catch up in no time.

The Indian market and audience is taking its time to understand the model here where the customers are used to instant discounts and are impatient to wait for cashbacks.

The biggest challenge in this space educating the customer of the process and its terms. Trust is another big factor. Customers find it easy to call it a scam when they don't see their rewards posted when they expect to. But, slowly and steadily we're getting there, spreading the word about our model.

In my personal opinion, I see cashback/rebates to be the next best thing in e-commerce. Nobody expected Ebates from US to be sold out for $1 Billion last year. If customers understand the model there is a lot of scope in this space. Once investors understand this space it will be more interesting, because whatever happens to coupons and their existence, cashback will always exist.

4.What is your USPs over pennyful, Cashkaroetc?

We at Encashit are committed towards educating the mass audience about this amazing shopping utility. As part of making it simple for users to go about the process we launched our Android & Blackberry mobile apps last month thereby becoming the first amongst all our competitors. Our new smart technology handles app to app redirection as we have seen Flipkart and Myntra shutdown their mobile sites and became app-only shopping sites. Our Mobile app enables users to shop on flipkart app and they are eligible to earn Flipkart Cash as Rewards.

We are planning to launch our iOS & windows apps soon.

5.Future plans

Detailed attention and focused scaling of encashit to millions of online shoppers out there.

We are planning our App to be the smartest utility for shopping on the go, as a part of it our next step would be price comparison along with cashback option.

Right now we haven't even scratched the surface of the scratch on the tip of the iceberg

We plan on pitching our story to lots of investors and convince them of it's potential and seek their support in making it all a reality.

The app is Available for download on Android Playstore