How SocialGood Is Offering 100% Crypto Cashback on Online Shopping
- Mobile app SocialGood will allow users up to 100% cashback rewards in crypto on online purchases.
- The project is an effort to lessen wealth inequality by providing everyday shoppers access to crypto assets.
- The project’s native token aims to turn shoppers into investors.
SocialGood takes on wealth inequality by allowing shoppers to earn crypto assets on their online purchases.
Mobile App Offers Crypto Cashback Rewards
In the late 1990s and early 2000s, e-commerce transformed retail consumption by giving people a way to buy goods on the Internet. E-commerce exploded as the Internet hit mass adoption, changing retail shopping forever. As companies adjusted their business models to cater to the online boom, many introduced cashback offers to reward customers.
Today it’s common practice for retailers to offer cashback as a marketing strategy to attract online shoppers. According to the 2020 Global Cashback Report, the global cashback market was worth $108 billion in 2020, with over 450 firms identified as industry leaders. Working with affiliate merchants and deploying a variety of techniques, cashback firms give competitive rewards for retail transactions to incentivize spending.
In recent years, the rise of Bitcoin and tokenized assets has made the cashback vertical ripe for disruption. Within the cashback market, blockchain-based loyalty networks are rising in popularity among end consumers. One of the most notable projects operating in this space is SocialGood, an app that allows users to accumulate crypto assets simply by shopping using the app across various portals.
SocialGood is a mobile crypto cashback app.
It was launched by Japan’s Social Good Foundation in an effort to solve the world’s widening economic inequality problem. It introduces a novel system that lets consumers acquire crypto assets as they shop online.
The app, available through Apple’s App Store and Google Play, lets users shop on a variety of leading eCommerce stores like eBay, Lazada, Best Buy, AliExpress, Zalora, Myntra, and more. Users are offered 100% cashback on their online purchases in the form of SocialGood (SG) token rewards up to a value of $10,000 per transaction.
SocialGood’s model differs from most other existing cashback firms. Where SocialGood returns 100% cashback, competitors typically offer between 1 and 3%. Moreover, SocialGood distributes rewards within 30 days, whereas other firms may take up to three months to pay users.
The SocialGood token can currently be traded on the cryptocurrency exchanges Bittrex and Bitmart, as well as the popular automated market maker Uniswap. The exchanges allow users to trade SG for fiat money, stablecoins, or crypto assets like Bitcoin and Ethereum (as Uniswap is a decentralized exchange on Ethereum, it does not support fiat currencies or Bitcoin).
Data from SocialGood reveals that 270,000 users from more than 160 countries had registered on the app as of July 2021. The annual user growth rate exceeds 185%.
In addition to offering cashback rewards, the project distributes tokens through retail partners in exchange for affiliate marketing and commission deals with retailer partners.
SocialGood’s Network Effect
SocialGood is in a unique position compared to other global cashback players. Few other cashback firms have their own native token. With continued adoption, the SG token could see increased utility within the e-commerce space.
By offering 100% cashback, retail buyers are incentivized to retain the full value of their online purchases in crypto tokens, which could drive demand for the app and its token. This model could help SocialGood experience exponential growth as the network effect strengthens.
In the long term, wider adoption of SocialGood and the SG token could increase the value of the network. In crypto, there is often a direct correlation between the number of token holders and the token’s market capitalization. Bitcoin and Ethereum, the two most valuable cryptocurrencies, have the highest number of wallets in the entire crypto market.
At the time of writing, SG is currently priced at $1.50, which gives the project a market cap of $315 million. At the end of September 2021, SocialGood is offering 15% APY on SG token staking within the app, which should act as another incentive for users to hold onto their rewards, thereby reducing selling pressure. SocialGood’s cashback model and token have the qualities of an asset, helping turn consumers around the world into investors. The system is designed to have limited tokens issued and long-term holding incentives.
Overall, SocialGood is an innovative project that could be hugely disruptive for retail shopping. It’s the first of its kind to offer shoppers 100% cashback on purchases and could usher in major changes in the e-commerce space. By offering shoppers significant economic incentives with its own native token, SocialGood leverages the benefits of cryptocurrency technology. As the space enters the mainstream, SocialGood is well-positioned to hit wider adoption in the coming years.
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