UVTimes: August 2016

Online Shopper? There is a lot of prejudice and myth around cashbacks offered by websites like CouponDunia. A lot of users miss out on a lot of savings because they take Cashbacks very lightly.

Here are the top 5 reasons why Cashback makes a lot of sense and should never be ignored.

5 Reasons Why You Shouldn't Ignore Cashbacks

#1: Cashback is too less to be cared about (MYTH)

Yes, it may feel like that early on. Typically when you make recharges you get 1%-2% cashback and it translates to a few Rupees. However, if you check categories like Fashion, Accessories, Electronics - you can get up to 15% extra cashback on top of discounts.

So imagine a T-shirt worth Rs 800 available at Rs 599 after Discount can be yours at Rs 510. That's Rs 90 saved. Similarly you can save upwards of Rs 200 on Shoes and more than Rs 1000 if you buy a Laptop, iPad or Mobile phone.

Also, cashback on food ordered online is significant. And you can also save on Booking Bus/Flight tickets and Hotel Bookings.

Finally, even with Recharges, if you check how much you spend on the following you'd realise the amount is significant. Let's take a very Practical example:

Recharges (100/week) = Rs. 400/mo
Internet Bill (250/month) = Rs. 250/mo
Electricity Bill Payments = Rs. 500/mo
DTH recharge = Rs. 300/mo

Total = Rs 1450

If you happen to do it for your Family members also the total might come to be around Rs 2000.
With only 2% you can save about Rs 500 in an year. That translates to 2 months of Internet for FREE.

#2: Too many conditions/Too long cycle (MYTH)

It takes a lot of time to get cashbacks confirmed to your account. This seems like an issue because many do not understand the process and focus only on Short Term benefits.

Cashbacks are a part of affiliate commission that Coupon and Cashback Websites earn from online stores. Stores have to take care of cancellation period, plus then they consolidate all reports for an entire month after taking care of exchange, partial/full cancellations etc. Stores take more than 6 to 8 weeks to provide any detail about the transaction.

That said, as a user you should not care about these. You will not stop shopping tomorrow. You should just continue doing the things that you do any way. Using a Cashback website will slowly help you accumulate a very significant amount.

#3: Too much Hassle (MYTH)

Typically, it takes only 30 seconds to login and click out from a cashback website/app and reach your favourite store. It may take a few minutes and a few clicks if you also want to find a great offer.

So where is the hassle. In my honest opinion penny saved for a few extra clicks is totally worth it.

4. Referral Schemes & Special Bonuses

All Coupon and Cashback websites keep coming up with a lot of Offers very regularly to make sure you keep shopping. It's important to watch out for them and maximise your engagement with them. Particularly, there are high value referral schemes that can earn you thousands of rupees when your friends join using your referral code and then Shop online using the cashback website. They get the same offers and you earn extra when they shop.

5. Combined Offers = More Savings per Transaction!

The best part of using cashback websites is that you can combine the cashback with Discount offer from the stores and Cashback offers from Banks and Digital wallets.

For Example: You if you order two Medium size Cheese-burst pizzas from Dominos- Often you can get A BOGO offer(50% Off) + Flat Rs 25 Off from a Cashback website + another 5% to 10% off if you pay by a specific Bank Card or Digital wallet. So you get Pizza worth Rs 975 in around Rs 415. That's a saving of Rs 500+. Now, if that makes you hungry. Be sure to use Cashback Websites and Apps before ordering.

So it's not an exaggeration when they say that an average user can earn over Rs 20,000 in cashbacks an year.

Disclaimer: I am a Sr. Product Manager with CouponDunia.in (India's largest, most trusted Coupons and Cashback website)

As part of team Headstart, I took a workshop for students, working professionals, startup enthusiasts at IIM-Bangalore about Startup Ecosystem. It briefly discussed What is a startup and Why one should startup at all. But main focus was on making people aware about the startup ecosystem. While I discussed about all stakeholders of the ecosystem I guess the most important part was how one can actually leverage the Startup Ecosystem.

Startup Ecosystem: Headstart Workshop @ +IIM

When I was preparing for the workshop, I figured that the answer is more simple than even I could have expected. Simple but not obvious. It's often hard to reach the simple answers, because it needs you to both know and realise (experience first hand) a few basic things. Let me take you through the ride on how I reached the simple answer:

Let's begin by defining the context on What is 'ecosystem' after all?
I am referring to the biological ecosystem that is around us. The air, water, earth and skies. A quick google search defines it as "An interconnected system where living and non-living components interact with each other."

Now that we know what the ecosystem is, it's important take a moment to realise that we already are 'by default' a part of this ecosystem. We breathe in air, take in food and water, expel things out in various forms and keep interacting with the ecosystem almost involuntarily, and in a loop. We do not have to connect with it or reach out for it. We do not need to plan to use it. If you have realised, we've been using it already. But using it is one thing and leveraging is another. Leveraging needs some effort. Will come back to this thought.

First, where do you think we started using it? It wasn't a decision we deliberately took. For simplicity lets assume we enter the ecosystem independently as soon as the umbilical cord is cut and we were tapped on the butt to induce crying. The first gush of air for the lungs and the loop begins. Since birth we've been exchanging air and water, among other things, with the ecosystem.

If we take a clue from the biological ecosystem, we'd find that startup ecosystem is also not very different. As soon as we 'conceive' an idea we become a part of the ecosystem 'by default'. Again since no one taught us about it, we remain a little unaware of it. However, just like the biological ecosystem all we need to do is "start breathing". Take the first step, begin the exchange. A little difference here is that you'd need some awareness and voluntary effort to keep the exchange going.

So just get some awareness (knowledge) about the startup ecosystem around you and begin interacting, exchanging. First step you can take is do an online search about e-cells, incubators and accelerators in your area. You can look for Headstart and TIE chapters and visit their events. You can explore co-working places and visit them. That's all for being aware. There is no exchange so far. Exchange happens when you meet people, take small steps to help them or take their help. In most simple way, you can begin an exchange by asking questions, answering their questions, connecting them to relevant resources/people you know. Now you need to keep doing it, over and over. And in some time you'd realise what gives you more leverage.

The gist of my understanding so far is that for better impact, one should focus on maximising "What you can give?" instead of focusing on what you can get. It sounds altruistic but it's a fine business strategy.

The more you are perceived as a giver, the more powerful you become in an ecosystem.

So the simple way to leverage the ecosystem is by "Giving". Now you don't need to throw in money. You also don't need to be a speaker, writer. You may just need to invest some quality time with people, for people. Ask their stories, tell your story. Become a part of their story, make them part of your story. If you don't have a great story yet, share other interesting stories you came across. Evangelise. You just need to make sure that some of your time and effort goes in solving problems for others, if possible. If you can write, speak publicly - that definitely accelerates the process, but is not mandatory to become influential.

Just for an example you read a blog post, you go back to life, interaction ends there. No exchange happened. However, if you read an article and leave a comment an interaction begins. You share it on social media, more people engage, interaction multiplies and you create a following for your self as well. When you share a kind of article people start associating the knowledge and insights in that article with you as well. If you add your thoughts to it as a comment, another interaction begins, another opportunity to give, another avenue to gain some power.

So just be aware, start breathing, start giving and you are on your way to leverage the startup ecosystem.

And for curious souls here's the slide deck I presented at IIM Bangalore.

If you have reached this far you should totally leave a comment about how you liked it and share this post with others.