Customer rewards platform ShopBack recently discontinued its buy now pay later (BNPL) service as of late March, less than two years after it was launched in Singapore and Malaysia.
While customers can no longer split up payments for their purchases into instalments, they are still able to earn cashback on their online/in-store purchases by paying through the platform/app and enjoy discounts on future purchases by buying shopping vouchers from ShopBack.
But how has customer satisfaction and consumer consideration of the platform in Singapore changed since ShopBack announced the termination of its BNPL service?
Latest data from YouGov BrandIndex reveals that the ShopBack’s net Buzz score (which measures whether consumers have heard more positive or negative things about a brand in the past two weeks) slumped almost ten points shortly after news of its BNPL discontinuation broke, from 13.2 on March 5 to 4.1 by April 2. While it subsequently climbed to 6.4 by April 11, the fintech firm’s recent Buzz score remains five points lower than on January 1, where it stood at 11.8.
However, Satisfaction towards ShopBack among its current users – which also dipped over the same period from 17.9 on March 5 to 12.4 by April 11 – was down just 0.9 points from 13.3 on January 1, indicating that customer contentment with the platform has largely held steady.
Meanwhile, ShopBack’s Consideration score (which tracks the percentage of Singapore residents who would consider transacting with the brand) fell by over seven points between March 5 to 31. But it has since started on an upward trend, recovering to 18.6 as of April 11 – which is comparable to its score of 18.9 on January 1.
As ShopBack restructures for business sustainability, laying off 24% of its workforce in late March, is a full recovery in customer satisfaction and growth in consumer consideration on the cards? YouGov BrandIndex’s daily tracking of consumer perceptions towards the customer rewards platform will allow interested parties to see just how much – and how soon.
Explore related stories about customer loyalty programs in Singapore:
➤ Singapore’s top customer reward apps: which consumer loyalty programs are most popular?
➤ Customer reward programs: what benefits are most attractive to consumers in Singapore?
➤ Can customer loyalty programs help brands in APAC grow their pool of loyal patrons?
Methodology: YouGov BrandIndex collects data on thousands of brands every day. Buzz scores are based on the following question: “Over the past two weeks, which of the following brands have you heard something positive/negative about (whether in the news, through advertising, or talking to friends and family)?" (Net score). Satisfaction scores are based on the following question: “Of which of the following brands would you say that you are a satisfied/dissatisfied customer?” (% yes). Consideration scores are based on the following question: "Which of the following brands would you consider purchasing from?" (% yes). Figures are based on a 2-week moving average. Learn more about BrandIndex.
