Founded by the sibling duo Mehul Jobanputra & Jimish Jobanputra in 2015, Zingoy is India's most extensive cashback presenting platform. The purpose was to offer the best cashback deals while establishing Zingoy as the best and most rewarding platform for digital shopping.
Mehul mentions, "The plan was to present a platform that gives users the best cashback opportunities and maintains loyal users by remunerating them." However, like any start-up, the initial journey of Zingoy had its speedbumps and issues. "The digital shopping market was not as accepted as it currently is. People were dubious of paying digitally, with payment through the more traditional ways being favoured," recalls Mehul.
After comprehensive research and an extensive study into people's spending habits and preferences, the duo found the perfect business model that guaranteed they succeeded.
Jimish Jobanputra mentioned, "We launched with three models for clients from different categories. First, the B2B model deals with businesses exploring corporate gift cards and prepaid cards at the most beneficial prices. Second, the B2C model serves shoppers through online shopping deals, coupons, gift cards, and cashback offers from over 300 top retailers in India. Finally, the C2C model enables users to sell gift cards to other users of Zingoy with protection coverage from the company."
The concept of cashback as a reward for shopping dates back to the 1980s. Then, credit card companies used to offer customers cashback motivations for using their credit cards.
Currently, in the digital business market, numbers play a prominent role. Zingoy drives the industry with over 300K patrons and more than 400 registered retailers. Mehul believes the 2021 festival time will see a jump in customers and retailers. With a comprehensive marketing strategy already ready for the festive rush, the goal they have set for the team seems obtainable. With the current global inclination in marketing, Zingoy has a feasible affiliate and influencer-based marketing strategy. The company's marketing strategy is to embrace influencer marketing as a means to approach a younger audience. Especially those who started their shopping practices when digital payments were standard practice. Through the "Zingoy ambassador programme", preferred influencers and ambassadors will be allowed to operate, learn and manage mentorship programmes with paid incentives.
One of the unique highlights of Zingoy is that the app has a desktop version that enables users to get cashback deals and offers based on their location, thus eliminating the need to pause and search for the best deals while they shop online.
The spirit continually defines the degree of success, and when it comes to Zingoy, the growth chart demonstrates the sibling duo's belief and desire to achieve success. Currently a bootstrapped organisation, Zingoy has a team of 25 specialists managing the company's day to day operations. Jimish understands that progress has no alternatives and yielded that while investors have no active pitch plans. However, if any investor desires to invest in the product range and offerings, they would examine and consider the offer.
The success of the gifting cards and the widely accepted online and offline Rupay cards enabling users to earn rewards for every transaction made, whether online or offline. When talking about the company's plans, they already have the next goal in sight. They already have a blueprint ready for the launch of gamification on the platform.
With the increasing trust and appreciation of digital shopping and transactions, people have shifted their payment preferences to platforms that help make the transaction seamless while offering them the best financial benefits. The added advantage of earning rewards and eliminating the need to search for the best deals has made Zingoy customers loyal and committed to using the platform.