Singapore's urbanized population, wealthy consumers, and highly developed logistics networks make Singapore one of Asia's most attractive e-commerce markets.
A recent study by BMI indicated that Singapore's e-commerce market has generated revenue worth USD 3,740 million in 2018.
Moreover, e-commerce sales are poised to reach USD 10 billion by 2020 and e-commerce would make up over seven percent of all retail.
To create a definite impact, ZoBucks has already partnered with over 250+ retailers in Singapore, spread across industries such as travel, fashion, electronics, grocery and more.
"We are excited to bite into Singapore's cashback industry and the untapped potential of over five million internet users it offers. Having pioneered the Cashback habit in India, we are certain ZoBucks will add immense value to the lives of Singapore's online shoppers as well," said founders CashKaro, Swati and Rohan Bhargava.
Barring a small margin that ZoBucks would keep, all of this commission will be passed on to the user as cashback.
In addition to its cashback service, ZoBucks will also help shoppers get the best discounts and voucher codes from multiple retailers, all on a single platform.
"Affiliate marketing in itself is growing rapidly and south-east Asia can be viewed as a young territory for the cashback industry. We chose Singapore as it is a dynamic market with a deep understanding of e-commerce. In fact, online retailers in India have variously claimed that between 15 percent and 20 percent of their total business comes from affiliate marketing and that it is the most return on investment (ROI) effective channel for them. As we have seen in mature markets like India, cashback deals have become integral to how people shop online and we believe the same shall happen in Singapore," Swati and Rohan added. (ANI)