I notice there hasn't been a 20-25% cashback on alcohol. Places like the iconic and myer have stopped their 20% cashbacks, and all round it looks like the big companies are ditching the program. Anyone know what is going on? Is cashback a dying idea now?
Cashrewards got bought by ANZ
oh damn! i missed this news.
Yes this was my assumption as well. Cashrewards isn't pushing, so now Shopback isn't pushing. I've noticed a massive dropoff in general in the quality of their sales in general. Unless you want lots of pizza
TA left
Really when? why?
Is cashback a dying idea now?
Considering they are on the stock market / been purchased by the big boys aka ANZ. They are out to make money for themselves!
They never passed on the full cash back, just a % of it. They now keep a larger % for themselves.
Like many tech adjacent companies, they're great at the start and then taper off and offer worse products over time as either market share grows, or they run out of free cash.
I was never sustainable plus they are into either fleecing those not in the know (non OzB types) or trying to move old and obsolete stock.
As above think promotions will come back for end of financial year and black friday sales.
Retails have really screwed themselves too with black friday. Christmas purchases are pushed forward to buy at a discount, then there is boxing day discount window too. Last year was horrific for retailers.
IMO interest rates plays a big factor. We had really good times when rates were declining steadily from 2011 to 2021. People were spending freely, debt was cheap, companies could grow their customer base steadily, marketing spends weren't a concern. Now that rates are up and companies are cutting costs one of the first things a company will cut apart from headcount are marketing costs which hurts cashback sites like Cashrewards, and if people are spending less overall because of the economic landscape what's the ROI or point of of partnering with Cashrewards anyway?
Although it's seems ANZ are trying to transform the company at the moment (the other thread recently said that there are a lot of roles changing) so it's possible it could also be a side effect of all that happening.
From what TA said I think it’s more related to ANZ’s profit first approach considering they’re off-shoring majority of labour resources.
Interesting, didn't see that comment.
Cashrewards got bought by ANZ, so aren’t desperate to grow their users. Which takes some pressure off Shopback. And I suspect retailers are realising it is just another discount, not a magic bullet.
Take a look at OzBargain more generally since Black Friday and I feel like retailers are running fewer sales as they try to get a bit more margin.