Cashback site provides £1 billion boost to retail industry

After six years, Quidco, the UK’s biggest and most established cashback site, today celebrates its £1 billion impact on the retail industry.

The site, which drives customers to retailers’ websites in return for a commission which it passes on to its members in full as cashback, has helped retailers boost their revenues by £1 billion and attract new audiences.

An alternative to expensive online advertising, the cashback site posts offers and details about a retailer to its 1.2 million members and in return the retailer pays commission (or cashback) for every sale. It is therefore a cost-effective form of advertising as the retailer only pays commission in return for a sale.

Quidco’s member base is typically male, aged between 25 and 44, with an income above the national average – all of which is of great appeal to many retailers as target customers.

And it’s not just the retailers that benefit. Members save an average of £300 a year and many save over a thousand pounds on an annual basis.

In the last year alone, Quidco has grown by over 400,000 members and now offers cashback both online and in-store, as well as printable vouchers, voucher codes and a car insurance comparison tool.

Hannah Green at Quidco said, “Cashback is still a relatively new concept for consumers and businesses but the benefits to each group are significant. After just six years, Quidco has brought retailers sales of £1 billion and rewarded its members with £110 million of savings through cashback.

“With exciting plans lined up for the remainder of the year, Quidco will continue to help the retail industry and consumers alike to earn money.”

Quidco has almost 3,000 merchants listed on its site from the retail, travel, insurance, financial services and utility industries.