Singapore, 4 August 2022 – ShopBack, Asia-Pacific’s leading shopping and rewards platform, today announces its upcoming market entry into Hong Kong. During the soft launch set to take place on 8th August 2022, shoppers in Hong Kong can expect heightened access to discount codes and coupons to earn Cashback on online purchases.
With the market primed for more rewarding shopping experiences, ShopBack has already onboarded over 250 merchants in Hong Kong. These merchants range from local to global players, including Watsons, Disney+, Apple, KFC, Booking.com, Farfetch, Taobao, Sasa, ParkNShop, iHerb, and more.
The Group’s entry into the market comes at an opportune time, where e-commerce in Hong Kong is poised to rise at a rapid rate of over 11 percent, potentially reaching revenues of HK$226 billion (US$29 billion) by 2024. In efforts to turbocharge this sector and boost its overall retail industry, Hong Kong is implementing the 2022 Compensation Voucher Scheme, where shoppers in Hong Kong can experience greater financial accessibility towards their shopping experience.
“Entering Hong Kong is an exciting prospect for us at ShopBack. The market’s massive potential for e-commerce and the government’s focus on growing the sector illustrates a clear market demand for financial flexibility and convenience in shopping activities,” said Josephine Chow, Head of Expansion and Co-Founder, at ShopBack. “With ShopBack's vast array of Cashback rewards and financial services, we are excited to see even more shoppers enjoy a seamless shopping experience following our official hard launch in Hong Kong later this year.”
ShopBack’s entry into Hong Kong occurs in tandem with the Group’s first global brand refresh across all its 10 markets in the Asia Pacific. Underscored by its new tagline – “For the Wins” – the brand refresh seeks to translate the small wins on ShopBack’s platform into an elevated shopping experience for its users.
To illustrate the full suite of benefits that ShopBack provides, the Group’s rebrand will focus on empowering its shoppers to achieve small wins in their daily shopping and payment activities. Its new tagline, “For the Wins”, a play on the popular Internet catchphrase, looks to celebrate the victories in one’s daily life, however small they may be.
“ShopBack believes in the power of small wins, applied consistently and continuously, and we work relentlessly to deliver smarter ways to shop and pay. We hope that the rebrand brings out this message more strongly to our shoppers,” said Henry Chan, CEO and Co-founder. “As we continue to grow our network of partners and brands in Hong Kong, we will continue to engage shoppers across multiple touchpoints, help partners gain visibility and sales, while supporting them in achieving their own victories through small wins.”
ShopBack’s launch in Hong Kong is the latest in a series of milestones achieved by the company. In 2021, ShopBack company drove US$3.5 billion in sales to 10,000 merchants, launched its ShopBack Pay service earlier this year, and raised US$80 million during a recent funding round in June. The Group also plans to deepen its product offerings and expand its financial services to more markets in the coming months.
The ShopBack Group is Asia-Pacific’s leading shopping, rewards, and payments platform, serving over 40 million shoppers across 11 markets. In 2023, the Group expanded its offerings into Germany, signalling its entry into the European market.
Driven by the vision to be the world's most rewarding way to shop, ShopBack is dedicated to saving members money and time, while delivering delightful experiences with every purchase. The platform also enables merchants and brands to engage with their members in a cost-effective manner.
Founded in 2014, ShopBack now powers over US$4 billion in annual sales for over 20,000 online and in-store partners. Facilitating upwards of half a million transactions daily, ShopBack continues to provide value to both members and merchants through its innovative offerings. Notably, its payment solution, ShopBack Pay, offers members a convenient and rewarding payment option at checkout.
