Today in India, two terms are widely used in online shopping, discount coupons and cash back. While there are many such websites offering this, Pennyful is one of the first websites to offer cash back to the online shoppers in India. Funded by family and friends, Ravitej Yadalam founded Pennyful in May, 2010. Yadalam, an Electronics and Communication engineer from R.V. College of Engineering, Bangalore believes that the entrepreneurial spirit was always in him. Always wanting to become an entrepreneur, and during his college days the idea – Pennyful, stuck his mind.
Customers are the most vital characteristic for companies like Pennyful and the focus consistently lies in delivering the best customer experience for their users. In line with this, the objective is to deliver the best customer experience to the users and have this experience generate customer loyalty. At Pennyful, users can withdraw any amount of money they accumulate as cashback, even as little as two bucks. This has definitely been one of the reasons customers love this venture.
When asked about Pennyful to Yadalam; here is what he had to say
Pennyful is the first cashback and discount coupons website to come into the Indian market. A lot of buyers are now shopping online and Pennyful helps them save and earn by giving them their money back into their Pennyfull account, which they can choose to withdraw whenever they like.
While ensuring that customers have access to the biggest and best e-commerce players in the country, the online portal currently supports over two hundred ecommerce websites with more than 30 million products.
“Based on the success we saw with Pennyful, the team decided to extend the concept to the offline healthcare space. And this is when MediRupee came to existence”, said Yadalam.
Medirupee is India’s first and only free Healthcare CashBack Program, and helps Indian customers save on all their out-of-pocket healthcare expenses for free in the form of upfront discounts and cashback rebates.
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Though cashback is not a new term in Indian e-commerce market, still educating customers remains a priority for many companies like Pennyful. At times, it seems that receiving your money back is too good to be true, and is often misunderstood as being the same as a discount. But once the users see that there is actual money coming back into their bank account, they become believers and evangelists of the concept. Pennyful has made a big leap by maintaining a no-bar withdrawal policy.
Pennyful is widely accepted between Indian online shoppers because they give real cash back to users, and secondly they do not force customers with a minimum withdrawal limit.
“On an average we have seen users withdrawing Rs. 3,000 , but there have been many instances where this has been much higher, even close to Rs. 80,000” the company claims.