CoinOut Clone: Guide to Launch a Cashback & Rewards Platform like ‘Shark Tank’ investment-winning company CoinOut
Author Cashback Rewards App Development, CoinOut Clone
We are all not very much interested in coins when compared to currency notes. Most of our wallets don’t even have a partition to hold coins. We all would have encountered a scenario where we buy something from a shop, and the shopkeeper gives us chocolate instead of the change. Most of the people don’t even eat those chocolates. We have been losing a lot of our money in change without our knowledge. That money collected could sum up to a humongous amount. None of the crowd was worried about it until the day Jeffrey Witten appeared in the Shark tank and spoke on his idea of CoinOut. Yes, this young lawyer turned entrepreneur wanted to save these changes in a wallet and provide a cashback for all the purchases made. This was the start of CoinOut.
The rise of the cashback and rewards industry
The word cashback is itself an exciting one to the consumer. If a person can earn money or get a chance to buy a product at a lower price just because he spends his money on something, then why would he say no. This basic human desire to get money back from something he spends on is the basis for the rise of the cashback and rewards industry. A report states that the cashback and rewards industry has grown into $108 billion by 2020. With a constant rise in online shopping in recent times, most apps have begun to give a cashback to the user. This makes the customer come back to spend on something else, expecting a cashback.
The Story of the Shark Tank investment winning app: CoinOut
When the whole human race kept neglecting the changes from buying a product, a young lawyer named Jeffrey Witten thought they should not be wasted but saved in an online wallet. He also provided data that said the total amount neglected as change by Americans in a year is approximately $62 million. He spoke on this idea of his in the Shark Tank investment program in February 2018. Robert Herjavoc invested $250,000 in this idea of Jeffrey Witten.
He also added another feature in it, converting receipts into money. If a person spends money on a hotel, a grocery shop, or a parlor, he can scan the shop’s receipt and get a cashback for it. This was a breakthrough. Any person earns money by just scanning a receipt of the money he spends. This feature was cool and exciting. This leads many entrepreneurs around the globe to launch a cashback and rewards app by developing a CoinOut clone app.
The basic steps to earning a cashback using CoinOut
CoinOut is a very simple, user-friendly app. It merely is a wallet and receipt scanning cashback app.
- Download the CoinOut app from the play store or apple store
- Register in the CoinOut app with phone number
- Scan a receipt through the option available in the app itself
- The cashback will be reflected in the account within a day, or sometimes it takes up to 90 days. It varies depending on the merchant.
- The payout can be done via direct deposit, PayPal, or Amazon gift card. To receive the payout via PayPal or Amazon gift card takes a bit longer than direct deposit.
- The users can also earn money by referring CoinOut to their friends.
- The user can also buy products from other eCommerce platforms with a cashback via the CoinOut app. The products of other eCommerce websites are affiliated with the CoinOut app.
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Connect on WhatsApp Launching an app similar to CoinOut
The cashback apps are taking over the business world in their own way. They are mostly focused on providing a coupon. This coupon is applied when buying a product getting the user a cashback amount. In CoinOut, the user can spend his money on any service or product from retailers and avail a cashback just by scanning the receipt. This is a reverse process and also an easy process. The user doesn’t have to search for a coupon. He simply has to scan the receipt, and he gets the cashback. Several companies are providing customized CoinOut clone apps. As an entrepreneur, you simply have to approach a company that offers you a CoinOut clone app and customizes it with the features you need, and launch it.
What is a CoinOut clone?
A CoinOut clone is a ready-made cashback app solution built with the same features as the CoinOut app. It can be further customized with add-on features and different UI for your target audience.
The pros on launching a CoinOut clone app
The growth of eCommerce platforms and the habit of e-shopping is seeing a massive hike in recent years. When shopping online or offline, every human appreciates a small reduction in price. This has been the reason behind the rise of cashback apps like CoinOut. Research says, As of 2020, there are nearly 485 cashback apps globally. This shows the potential of the business. As an entrepreneur, there are various benefits to starting an app similar to CoinOut they are,
- You get to affiliate your business with a lot of merchants
- There is no need for inventories
- The investment is low when considering the revenue generated
- There is no need for marketing as it is a marketing strategy
- The number of users increases on providing more rewards
Features of a CoinOut clone app
The prominent features in a CoinOut clone app are,
- A scanning feature to scan the receipts
- A wallet to save the cashback money
- An integrated payment mode to cash out the money from the wallet
- An affiliate link to get directed to the concerned merchant’s website
- Coupon generation
- An interactive UI
- A partner program where offers from various websites can be displayed in the app
- Referral program
The revenue generation methods of CoinOut clone
The CoinOut clone app follows the same revenue model as the CoinOut app. The revenue is mostly based on affiliate marketing. The CoinOut clone app is affiliated with several merchants and retailers. These merchants and retailers are supposed to pay the price to be affiliated with the CoinOut clone app. The merchants also have to pay commission for every purchase made by the CoinOut clone users. The cashback will be provided to the user from this commission. As more rewards and cashback are offered in the CoinOut clone app, the users would prefer to buy products via the CoinOut clone app. The more users in the app, the more revenue is generated. In every way, the CoinOut clone app provides huge profits.
Cost of launching a CoinOut clone App
The basic requirements to launch a CoinOut clone app is less. There is no need to have a vast inventory or a delivery network system or a need to invest in products. The only requirements are to build or purchase a CoinOut clone app from a company providing it and affiliating with all the local and global merchants. The cost of purchasing a CoinOut clone app from a company providing it is the best option as you get it at a considerably lower price than building one yourself.
Final Thoughts
The rise of cashback and reward apps is unstoppable considering the increase in online shopping. The investment required to launch a cashback and reward app like the CoinOut is relatively lower than other businesses. The major problem most entrepreneurs face is the lack of high investments, but by launching an app like CoinOut, You can earn a lot in a short span of time. There are a number of companies providing CoinOut clone apps in the market. You just buy and customize it to your target audience, launch it, and start generating revenue.
Get the ready-made Cashback App Solution like CoinOut Clone
Marketing is my soul mate and writing is my side kick. Using my writing skills to share the knowledge of app development and upcoming technologies.
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