PUNE, India, Feb. 27, 2023 /PRNewswire/ — According to a recent market study published by Growth Market Reports titled “Cashback Apps Market by Type (Cash Back and Points Back), System Type (Android-based and IOS -based) , Application (Retail, Restaurant, Tank Station, Hotel, E-Commerce, and Others) and Regions: Size, Share, Trends, and Opportunity Analysis, 2023-2031”, the market was estimated at $3.2 billion in 2022 and is expected to reach $5.7 billion by the end of 2031, at a CAGR of 6.8%. The market growth is attributed to the rising cashback, coupon and discount marketing strategies adopted by global brands to increase online and offline purchases and customer loyalty.
Key market players profiled in the report
Fetch Ibotta, Inc. Dreamplug Technologies Pvt Ltd. RetailMeNot Upside Services, Inc. Prodege, LLC Cashrewards Honey Science LLC Dosh Holdings LLC. Rakuten Rewards
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The report encompasses comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that may transform the market dynamics of the industry. It offers in-depth analysis of market segments including system type, application, and competitive analysis.
This report also includes a complete analysis of the industry players, covering their latest developments, product portfolios, prices, mergers, acquisitions, and collaborations. Additionally, it offers crucial strategies that help market players to expand their market share.
Highlights of the segments of the Cashback Apps market
The global cashback apps market is segmented by type into cashback and pointsback. The cash back segment is expected to expand at a sustained CAGR during the forecast period. The segment growth is due to consumers’ increasing preference to save on regular purchases.
Based on system type, the global cashback apps market is segmented into Android-based and IOS-based. The Android-based segment is expected to rise at a considerable rate during the forecast period. The highest global user base for Android systems coupled with the growing availability of various cash back apps on the Play Store is driving the growth of the segment.
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In terms of application, the global cashback apps market is segmented into retail, restaurant, gas station, hotel, e-commerce, and others. The e-commerce segment is anticipated to rise at a considerable rate during the forecast period. The e-commerce platforms use lucrative discount and cashback marketing strategies to increase the user base of their platforms.
Based on regions, the cashback apps market is segmented into five major regions namely North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The North America market is anticipated to grow at a substantial CAGR during the projection period. The market growth in the region is mainly due to the increasing application of cashback apps in the product sales of various end-user industries.
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Key statements from the study:
Cashback apps offer rebates, coupon rewards or rebates in exchange for customers’ online and offline purchases. These apps are becoming increasingly popular among ecommerce platforms to attract and retain new customers. The cashback apps offer some cash returns or add points to customers’ accounts, which allows customers to save money. The innovative systems developed by cashback app platforms to create a “win-win” scenario for customers and platforms are increasing the popularity of cashback apps across the consumer base. The rapidly growing use of smartphones with the availability of cheaper 4F/5G internet has started to build a buying and selling environment mainly based on the current or ongoing promotional strategies of companies. Hotels and restaurants, gas stations, retail stores, supermarkets and clothing stores are among the regular end users of cash back and rewards-based payment app solutions. The attractive offers of these apps increase consumers’ interest in choosing certain branded products and services. The increasing consumer preference for ecommerce apps for shopping is one of the big trends in the cashback apps market. The availability of low-cost 5G/4G smartphones with cheaper internet subscription prices has brought about a major shift in the global digital shopping industry. The increasing usage of mobile wallets for payments along with brands that offer lucrative customer retention benefits is also expected to drive the growth of the cashback apps market over the forecast period. Mobile wallet apps like GPay, Amazon Pay, Paytm, PayPal and Samsung Pay and numerous others work with various e-commerce and cashback app platforms to offer customers great deals and grow their user base.
Read 210-pages research report with detailed ToC on “Cashback Apps Market by Type (Cashback and Points Back), System Type (Android-based and IOS-based), Application (Retail, Restaurant, Gas Station, Hotel, E-Commerce , and Others) and Regions (Asia Pacific, North America, Latin America, Europe and Middle East & Africa) – Global Industry Analysis, Growth, Share, Size, Trends and Forecast 2023 – 2031”
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Key segments covered
Type
system type
Application
Retail Restaurant Gas Station Hotel E-Commerce Other
region
North America Europe Asia Pacific Latin America Middle East and Africa
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