Speed Launches Bitcoin Cashback: Reward Your Customers’ Every Purchase

At Speed, we are nothing if not user-centric. That’s why our team is constantly working with users to find ways we can make Speed better for everyone.  We are thrilled to introduce yet another irresistible feature that will encourage your customers to spend more with you — Cashback.

Now, you can offer cashback to your customers when they shop with you. You can set custom rules for cashback based on your preferences. Speed lets you offer a fixed amount or percentage-based cashback.

If you are not familiar with the idea of cashback, read on to find out what it’s all about, how it works, and how can you start rewarding your customers with Speed.

▸Attract new customers

Offering cashback is one of the most effective ways of attracting new customers. In a recent survey, Wildfire, a white-label loyalty, rewards, and cashback platform, 90% of consumers say that they are more interested in getting discounts, using coupons, and earning cashback rewards while they shop.

Cashbacks and customer rewards are no longer optional. Customers expect cashback and discounts on every purchase. Thus, if you are seeking to dominate your competition, it is time to enable cashback offers.

Sign up with Speed today to design and deploy attractive cashback campaigns with just a few clicks.

▸Is cheaper than other rewards and marketing activities

Most loyalty programs reward customers for spending a certain amount or visiting a certain number of times. The reward could be anything, a free product, complimentary coffee, or a service. It really depends on your industry.

Offering free products and services can end up costing you more than a cashback might. Let’s say you want to reward your customers with a free coffee if their order total exceeds $20. This will cost you $5 for every $20 spent by your customers.

On the other hand, if you decide to offer 1% cashback, you will only be giving away $0.2 for every $20 spent. Even if you offer higher cashback, let’s say 5%, even then, you will end up saving $4 with cashback rewards.

▸Boost customer loyalty

A recent report from TidalCommerce revealed roughly 83% of consumers say that they are more likely to return to a business if it has a rewards program than a business without any incentives.

Cashbacks can significantly boost your customer loyalty. Over 46 percent of consumers consider cashback a vital step in their purchase decisions. If you don’t have an active rewards program, they are less likely to purchase from you. Thus, if you are seeking to boost customer loyalty, a rewards program is a necessity.

▸Maximize sales

Cashback rewards can boost your sales significantly. After all, who doesn’t like getting additional benefits on their purchases? Everyone is inclined to cash in on rewards for purchasing an item they already need.

According to a report by Statista, retailers who have participated in cashback grew their revenue up to 2.5x faster than competitors who do not use them. Cashback not only attracts new users but also encourages existing customers to buy often from you. Thus, cashback rewards are an effective way of maximizing sales, irrespective of the industry you are in.