Savyour, Pakistan’s first-ever cashback app, recently crossed the milestone of distributing over Rs. 100,000,000 in cash back to its users. Launched last year in August, the app has completed nearly 200,000 orders to date and has over 250 partner brands on board.
The Karachi-based start-up is backed by Disrupt.com, and started the brand with a humble team of 25 members, which has now grown to employ over 80 people across Karachi, Lahore, and Islamabad. The app has grown significantly especially during the COVID-19 pandemic. The platform has accumulated over one million users to date. These numbers indicate not just the performance of the application, but also shifting trends amongst consumers nationwide.
Globally, e-commerce just turned 30 this year and is currently at an all-time high. The pandemic pushed consumers to switch to online shopping for not just leisure purchases, but also day-to-day necessities. In Pakistan alone, the e-commerce industry saw a 35% increase in the market size during the first quarter of 2021 and is currently the 46th largest e-commerce market. The rising gravitation amongst consumers towards platforms such as Savyour is a precursor to changing times. It is a sustainable shift in purchase patterns that are expected to continue even after the world returns to the ‘normal’ it knew before the pandemic. The extent of savings is considerable which provides users with the opportunity to shop online and save more than they would do at regular brick and mortar outlets.
“Since the past few years, we have seen multiple players working hard to earn customers’ trust and convince them to switch towards online shopping. This was a more gradual process, till the pandemic happened and changed consumer behavior drastically. Not only did e-commerce see a sudden spike, but also opened up opportunities for q-commerce and other online shopping services. What we saw was an opportunity to disrupt the space entirely by introducing a platform that can actually act as a support system for all existing players and benefit consumers simultaneously,” said Saad Gadit, Chief Product Officer, Savyour while sharing the idea behind the app.
Savyour has some of the most mainstream brands on board. Their recent partnerships with major brands like Daraz, foodpanda, GroupM, and elo are signifying the growth of the platform. Other leading names that are on board with the app include Bata, Naheed Supermarket, Burger Lab, and QNE to name a few. As these collaborations grow, both retailers and consumers avail benefits in cash and brand recognition.
Moreover, Savyour and its partnerships are not limited to prominent names across the country. The platform is also enabling smaller businesses to register on the application without any upfront cost and giving them access to a much larger target audience. Consumers also get the opportunity to shop from and allow small/medium businesses to grow and prosper.
“Unlike larger, more established businesses, small/medium businesses lack the finances and resources to market themselves in an effective manner. Through Savyour, we provide hundreds of SMBs the opportunity to reach a large audience absolutely free of charge. Leveraging Savyour’s platform provides SMBs the scope to overcome size-based challenges and enable them to better benefit from digital transformation. In recent years, we have witnessed numerous homegrown brands across different sectors turning into success stories, and we definitely want to play a role in helping many more succeed” commented Umair Gadit, CEO, Savyour when talking about their ambitions towards smaller retailers.
The rise of Savyour offers us a glimpse into the shift that consumer behaviors are experiencing not just across the country but globally as well. Another insight that has come to light is through the best-performing categories within the platform. Electronics are the most ordered items from Savyour, which is a positive indication of the trust local consumers have developed in online shopping over the years. The second most popular category is grocery, which shows that the habits formed during lockdowns have carried forward and this trend will continue due to the convenience it offers.
For any platform to succeed, it is imperative that they provide customers with value and an incentive they cannot get elsewhere. Savyour’s cashback offering is what has given them an edge in the overall commerce space of the country. Cashback is an easy way for consumers to earn cash. They shop as usual and earn a certain percentage of the amount they have spent. What customers save in their Savyour wallet is hard cash, which they can redeem directly into their bank account as soon as they hit a minimum of 200 rupees. They are not bound to spend this amount on the Savyour app only and are free to utilize it as per their own discretion.
“If you look at the shopping experience - not just online shopping - in Pakistan, you will see we still have a long way to go. Our benchmark of customer satisfaction is still quite low. Through Savyour, we are trying to resolve a number of issues that are currently faced by users on a day-to-day basis. Digitizing the entire experience would play a crucial role in uplifting the commerce of the country. By giving users back a certain amount of their spending, we are rewarding them in the best way possible. So far, we have distributed over Rs. 100,000,000 to our users, which is a testament to how much potential our business model holds. In the long run, we want Savyour to be a full-fledged shopping companion for shoppers” signed off Umair.
Pakistani rupee witnessed upward trajectort against US dollar and other currencies amid positive economic cues.
On Wednesday, the US dollar moved down and was being quoted at 283.7 for buying and 286.75 for selling.
Euro remained stable at 309 for buying and 312 for selling. British Pound rate increased to 361 for buying, and 364 for selling.
UAE Dirham AED dropped to 77.6 whereas the Saudi Riyal rate stands at 76.
Source: Forex Association of Pakistan. (last update 09:00 AM)
|UK Pound Sterling||GBP||361||364|
|Hong Kong Dollar||HKD||36.49||36.84|
|New Zealand Dollar||NZD||175.89||177.89|
KARACHI – Gold prices in the local market continue to decline in line with the international market.
On Wednesday, the price of a single tola of 24-karat gold stands at Rs219,400 and 10 grams of 24k gold costs Rs188,100.
Each tola for 24 karat is Rs216,700, 22 Karat is Rs198,640, and 21 karat rate per tola is Rs189,613 and 18k gold rate is Rs162,525.00 for single tola.
In the global market, the precious metal moved down, and hovers around $2023 per ounce after drop of around $10.
|Lahore||PKR 219,400||PKR 2,625|
|Karachi||PKR 219,400||PKR 2,625|
|Islamabad||PKR 219,400||PKR 2,625|
|Peshawar||PKR 219,400||PKR 2,625|
|Quetta||PKR 219,400||PKR 2,625|
|Sialkot||PKR 219,400||PKR 2,625|
|Attock||PKR 219,400||PKR 2,625|
|Gujranwala||PKR 219,400||PKR 2,625|
|Jehlum||PKR 219,400||PKR 2,625|
|Multan||PKR 219,400||PKR 2,625|
|Bahawalpur||PKR 219,400||PKR 2,625|
|Gujrat||PKR 219,400||PKR 2,625|
|Nawabshah||PKR 219,400||PKR 2,625|
|Chakwal||PKR 219,400||PKR 2,625|
|Hyderabad||PKR 219,400||PKR 2,625|
|Nowshehra||PKR 219,400||PKR 2,625|
|Sargodha||PKR 219,400||PKR 2,625|
|Faisalabad||PKR 219,400||PKR 2,625|
|Mirpur||PKR 219,400||PKR 2,625|