Background
Savewise is a platform designed to help users maximize their rewards by earning cashback, miles, and points while shopping online. By aggregating offers from over 20 shopping portals and integrating with credit card programs like American Express and Chase, Savewise enables users to "stack" deals, combining multiple offers to achieve double discounts on their purchases. The company's mission is to simplify the process of earning rewards, making it accessible and efficient for all online shoppers.
Key Strategic Focus
Savewise's strategic focus centers on providing a comprehensive and user-friendly platform that consolidates various reward programs. By integrating shopping portals and credit card offers, the company aims to streamline the rewards-earning process. Key objectives include expanding the number of supported merchants and shopping portals, enhancing user experience through technological innovation, and maintaining a competitive edge in the rewards aggregation market. The primary market targeted comprises online shoppers seeking to optimize their spending by leveraging multiple reward programs simultaneously.
Financials and Funding
As of the latest available data, Savewise generates approximately $25,000 in monthly revenue. The company has not publicly disclosed specific funding details or investor information. Revenue is primarily derived from a combination of free and paid membership plans, with the Pro subscription offering additional features such as extended offer history, auto-sync and activation for offers, custom point valuations, and offer alerts.
Technological Platform and Innovation
Savewise distinguishes itself through several proprietary technologies and innovative features:
- Portal Comparison: The platform compares cashback percentages or points/miles per dollar offered by over 20 shopping portals, enabling users to select the most advantageous option.
- Card-Linked Offer Integration: Users can sync their American Express and Chase accounts to import and automatically activate all available card offers with one click, facilitating the identification of stacking opportunities.
- Browser Extensions: Savewise offers browser extensions for Chrome, Firefox, and Safari, providing real-time notifications of deals and offers as users browse retail sites.
- Product Search: The platform allows users to search for specific products, displaying a list of vendors along with their respective rewards rates across various shopping portals.
Leadership Team
Savewise was founded by Avneesh Kohli, who serves as the sole employee and driving force behind the company. With a background in consumer product development at companies like Instagram, Microsoft, Foursquare, and Dropbox, Kohli brings extensive experience in building user-centric platforms. His passion for deal hunting and travel hacking inspired the creation of Savewise, aiming to automate and simplify the process of maximizing rewards for online shoppers.
Competitor Profile
Market Insights and Dynamics
The global cashback industry is part of the broader loyalty management market, projected to reach $12.6 billion by 2025. This growth is driven by increasing consumer demand for rewards and incentives, as well as advancements in digital platforms facilitating easier access to such programs.
Competitor Analysis
Key competitors in the rewards aggregation and cashback market include:
- TopCashback: Offers cashback on over 5,000 retailers with various payment methods, including gift cards, PayPal, and bank transfers. Known for providing some of the highest cashback rates in the industry.
- Slickdeals.net: A community-driven platform where users share and rate deals across various categories, including electronics, groceries, and travel. Features price alerts and a mobile app for convenient deal tracking.
- Honey: A browser extension that automatically finds and applies coupon codes at checkout, helping users save money on online purchases.
- Rakuten: Formerly known as Ebates, Rakuten offers cashback, deals, and shopping rewards from a wide range of retailers.
Strategic Collaborations and Partnerships
Savewise has established integrations with major credit card issuers, including American Express and Chase, allowing users to sync and activate card-linked offers seamlessly. Additionally, the platform supports over 20 shopping portals, enabling users to compare and select the most beneficial rewards programs.
Operational Insights
Savewise's competitive advantage lies in its ability to consolidate multiple reward programs into a single, user-friendly platform. By offering features such as portal comparison, card-linked offer integration, and real-time browser notifications, the company differentiates itself from competitors that may focus solely on one aspect of the rewards process. This holistic approach appeals to users seeking a comprehensive solution for maximizing their online shopping rewards.
Strategic Opportunities and Future Directions
Looking ahead, Savewise aims to expand its network of supported merchants and shopping portals, enhancing the breadth of rewards opportunities available to users. The company also plans to introduce additional features, such as personalized recommendations and advanced analytics, to further optimize the rewards-earning process. By leveraging its current strengths in technology and user experience, Savewise is well-positioned to capitalize on the growing demand for integrated rewards platforms.
Contact Information
- Website: getsavewise.com
- Social Media:
Please note that specific contact details such as address, phone number, or email are not publicly disclosed.
