ShopBack, the Singapore company that provides digital loyalty and discovery programs for online merchants has announced that it plans to enter Vietnam by the end of this year. The company was founded in 2014 and has established its online presence in 7 APAC countries and has offices in 8 countries.
The company has more than 2,000 eCommerce merchants onboard, including Expedia, Lazada, Taobao and Zalora along with other well-known local and international brands. The company claims that its reward program has awarded more than $60 million USD in cash back to date. Vietnam will be the eighth market in Asia-Pacific for ShopBack, after Australia, Indonesia, Malaysia, the Philippines, Singapore, Taiwan and Thailand. According to the company, it has raised $83 million USD in funding since 2014, including a $45 million USD investment round led by Rakuten and EV Growth in April.
Josephine Chow, ShopBack’s head of expansion said in a media interview with KrASIA, that Vietnam has huge opportunities and that “Aside from online purchases, the recent surge in e-wallets has also resulted in a growing appetite for e-commerce and e-bookings in the market.”
ShopBack already has a presence in Vietnam, with 50 engineers working at a Research & Development office in Ho Chi Minh City. Chow said that ShopBack would go “live” by November since it already has agreements with more than 100 merchants in the country. After the initial launch, more merchants will be singed into ShopBack’s program and an official launch party will take place in early 2020.
Chow said that there are “immense opportunities” to partner with similar businesses because “Vietnam is still relatively young in the rewards space” and that Vietnam’s consumers have already become familiar with reward programs and so they should be very receptive to the company’s cashback program.
There are several platforms in Vietnam that offer cashback promotions, including: tichluy.vn, Putatu, and rungrinh.vn, however the majority of Vietnam’s platforms have not gained major consumer acceptance. ShopBack believes that with its strong regional reputation that it can become a leader in this space.