Young Brits think cashback system is broken, says survey
A survey from the new money-saving extension scheme Slash, which offers instant discounts at the time of purchase, shows that people in the UK is falling out of love with the promo code culture.
Traditional money saving schemes involve cashback deals – which can take time to filter through to the shopper – or promo codes, which can be frustratingly unreliable.
Slash, a new system that offers results in real time, surveyed 303 respondents from the UK aged 18-35 to find out whether Millennials and Zoomers use promotional codes and cashback offers.
Key findings
Most respondents used neither promo codes nor cashback offers - 70% said they use neither during an average month and 15% said they use promo codes and cashback only if they already have access to them (1) When asked about their experiences with cashback subscription services, 57% of respondents said they had no cashback and were not planning to access any, while 19% said they had heard lots about cashback but did not use it (7) Almost half of respondents told us that they have never received cashback and 19% had only ever benefited from 2-5% cashback (3) Google was the most popular tool for finding promo codes and cashback offers amongst respondents, with 49% browsing google search results and 15% using a browser extension (2) Cashback offers were not the main factor motivating respondents to visit a store for the first time (39%), and often it depended more on the products sold by the store (18%) (6) The experience of using promo codes amongst young Brits is poor - 54% of respondents felt infuriated that they can almost never successfully use a promo code to complete a sale (4)
Is there another way?
Slash, one of the newest discount providers on the market thinks its instant money saving system is the future.
Slash was excited to share a new method of saving with the influencers: the first-ever instant saving extension.
With Slash, you can go to the online stores you love, simply and easily hover over the price and see what you can save. All you need to do after that is go to the checkout and buy with Slash to secure your instant saving just like you would in-store.
George Antony, head of PR at Slash App, said: “As many brands have increased their promotional offerings in a bid to entice consumers back to stores following lockdowns, now could be a great time to overhaul the promo code and cashback process.
“Our findings show that the uptake and experience of using promo codes and cashback amongst young Brits is dismal. Most rarely take advantage of these promotional offers. Those that do often find the process difficult, and the benefits wanting. As a result, the power of promo codes and cashback to incentivise young Brits to shop is weak.”
How does Slash work?
Effortlessly! After downloading Slash to your internet browser, a purple button will appear on the checkout on all partner websites. This seemingly magic button will instantly offer shoppers the chance to buy the same products for less money.
The secret to Slash is a smart-tech reimagining of the old cashback model. Shops offer “moneyback” to attract more buyers, but this is for the benefit of the shop. Brands can hold onto the money for longer, helping them pay their bills while leaving customers waiting a long time, trusting an unknown cashback company to give money back.
Instead, Slash's smart tech calculates a discount automatically at checkout. Through their partnerships, they've helped replace month-long cashback offers with a one-click saving system.Slash offers the highest data protection standards, working with the biggest brands in to make saving money online secure and enjoyable.
You can have instant savings today with Slash download. Simply use the link to the browser extension. Follow them on Facebook and Instagram for exclusive deals of up to 70% off!