v1.0
Initial build from research finding - Jun 2025
v2.0
Commercial review 1+2: Shareback explainer added, campaign data added, enterprise language adjusted
v3.0
Commercial review 3: sustainability objection added, active user data added - stable version
Research finding - 15 structured discovery interviews
All five major competitors lead with the same message: "highest cashback rate" or "up to X% back."
No competitor is leading on a structurally different value proposition. This is messaging convergence - every player is competing on the same axis, which means the axis itself is the trap. The repositioning opportunity: be the only platform in the category that makes cashback rate comparison structurally irrelevant.
How the Shareback model works Added v2.0
Added after commercial review 1 - the Head of Partnerships flagged that enterprise procurement contacts were asking "how does this actually work?" before engaging on value. This section now leads any partner conversation where the audience is unfamiliar with the equity mechanic.
01
User shops at a partner brand through the platform
02
Partner pays a standard affiliate commission rate
03
Commission is converted to equity in the platform (Shareback)
04
User accumulates equity with every qualifying transaction
For the partner: the commercial mechanic is identical to a standard affiliate relationship. The commission rate, tracking, and reconciliation work the same way. The difference is where the commission goes after settlement - to the user as equity rather than as cash.
01 · Feature comparison
Primary reward Reframed v2.0
Cash returned to the user per transaction at a fixed or variable rate
Equity ownership in a NASDAQ-listed company - user becomes a shareholder, not just a shopper
Value model
Transactional - value exists only at point of purchase, ends when spend stops
Compounding - equity value accumulates independently of ongoing spend behaviour
Category comparison
Directly comparable to every other cashback platform on rate, retailer selection, and payout speed
No direct comparison - equity ownership through everyday shopping is a structurally different category
User relationship
Loyalty to rate - user will switch to whichever platform offers a higher rate for the same retailer
Ownership stake - user has a financial interest in the platform's success that cashback cannot replicate
Commercial model
Affiliate commission shared with user as cashback - a pass-through model
Affiliate commission converted to equity - a wealth-building model positioned as a long-term financial tool
02 · Positioning comparison
"Shop at your favourite brands and get cash back. Up to X% back at 4,000+ retailers. Join [X] million members."
Leading signal: rate percentage. Proof: member count. Call to action: join and save.
"Shop at the brands you love and become a shareholder. Your everyday spending builds equity in a NASDAQ-listed company."
Leading signal: ownership. Proof: NASDAQ listing. Call to action: invest through your existing behaviour.
02b · Platform reach & engagement Added v2.0
Campaign
performance
benchmarks
160K+
Opted-in subscribers reached per campaign send
33-43%
Onboarding open rates vs 20-25% benchmark
26.3%
First-purchase conversion - zero paid acquisition
11.9x
GMV multiplier - fully activated vs average user
Added after commercial review 1 when the Head of Partnerships confirmed enterprise procurement contacts were asking "how many of your users will actually see my brand?" before discussing commission rates. Full campaign performance data available on request.
The reframe - when a rate comparison is raised
"Comparing our rate to a cashback platform's rate is like comparing the dividend yield on a share to the interest rate on a current account. They're different instruments for different purposes. The question isn't which rate is higher today - it's which model builds more value over time."
03 · Objection handling +1 objection added v3.0 after partner conversation
Their cashback rate is higher than yours for the same retailer
Acknowledged. On a single transaction, a higher cashback rate returns more cash today. But cashback ends when the transaction ends - your equity stake continues to grow independently of whether you shop again. The NPV of an equity position that compounds over time is not comparable to a one-time cashback payment. What we offer isn't a better cashback rate - it's a different financial instrument entirely.
I already use a cashback platform - why would I switch?
You don't have to switch. Most of our users run both. The question is whether you want your existing shopping behaviour to build equity or return cash. Equity builds regardless of whether you shop again. Cashback doesn't. If you're going to shop at these brands anyway, which outcome compounds more over 12 months?
Equity sounds complicated - cashback is simple
The simplicity of our proposition is exactly that: you shop as normal, your equity grows automatically. You don't need to understand equity markets to benefit from them. The complexity sits with us - the platform handles the equity mechanics so you don't have to. What you experience is: shop, earn, own.
The equity value could go down - cashback is guaranteed
A fair point. Cashback is a fixed-rate instrument. Equity carries market risk. But equity also carries market upside that cashback categorically cannot. The question is appetite for upside versus certainty of a small fixed return. For a user whose shopping behaviour is consistent, the equity upside over 12-24 months has historically exceeded equivalent cashback returns - and the NASDAQ listing creates a transparent, auditable proof of that.
This model relies on users continuously using the app - what if engagement drops? Added v3.0
A fair commercial question. The short answer: equity already earned does not disappear if a user reduces activity. Existing Shareback positions are held regardless of future spend behaviour. For the partner, the commercial risk is the same as any affiliate relationship - if users stop transacting, affiliate revenue decreases. What is different here is that users have an ownership incentive to remain engaged that cashback users do not. Our active user retention data shows [X% 90-day retention among users with confirmed Shareback positions] - available on request. The equity stake itself is a retention mechanism that standard cashback does not replicate.
04 · Win & caution signals
Win signal
User is already shopping at our retail partner brands and asks "what do I get back?" - they are comparing outcomes, not features. Lead with the equity compounding story.
Win signal
User expresses frustration with switching between platforms for the best rate - they have rate fatigue. Our answer: stop optimising the rate, start building ownership.
Win signal
User mentions investing, ISAs, or financial goals - they already think in ownership terms. The equity model is a natural extension of how they already think about money.
Caution - do not enter
Do not engage in a direct rate comparison. If a prospect is determined to compare our cashback rate against a competitor's rate for the same retailer, the correct move is to reframe to the value model question, not to justify the rate. A rate comparison is a conversation we cannot win consistently - and winning it once means we are positioned as a cashback platform, which makes us permanently vulnerable to any competitor who raises their rate.