CASHING IN ON CONSUMERS

A revolutionary app that will reward consumers for shopping and build loyalty, thus boosting sales for brands

We caught up with Jess Ross, the suave founder of CashOut, in a quiet restaurant in Mont Kiara. We know him as the owner of the highly successful events company, Experience 6, which has conceptualised and run over 500 events in Malaysia and beyond, creating magic for brands. So we were curious: what is this maverick of the branded moment doing in the tech space?

Let Jess tell us in his own words:

“During the pandemic obviously the events business was hit enormously. We pivoted, moved many of our clients online, and we created virtual launches, even a virtual concert for WWF and Maybank Foundation. We created a fascinating VR world working with Ampersand Advisory which won multiple awards and was amplified to 17 countries in Europe.

But the pandemic made me think: how will consumers emerge from this experience? Will they be the same or will they have changed? Will a shopper be more loyal to brands or less, in the future? That’s when I thought of CashOut.

CashOut is a groundbreaking app that reshapes the shopping experience by rewarding consumers for their purchases, creating a deeper and more rewarding connection between brands and their audiences. Designed for today’s digital savvy consumers who crave gamification and instant gratification, CashOut transforms traditional shopping by merging it with interactive rewards, making every transaction an engaging experience.

CashOut was founded with a mission to meet the evolving needs of both brands and consumers in a world where simple sales promos no longer suffice or lead to reduced business margins. Brands now seek to forge lasting relationships with their customers, understanding that loyal consumers are the cornerstone of sustained growth.

When an economy is growing at 3-4% per year, and brands need to continuously show growth to their local or international bosses, year on year, the shopping experience needs to be reimagined. In line with this vision, CashOut empowers brands to go beyond transactional interactions by creating meaningful interactions and engagements that foster loyalty and genuine connections.

“With CashOut, we’re taking shopping into the future by introducing an exciting, gamelike experience that’s built around rewards,” said Jess while sipping a cooling watermelon drink.

“We recognized the growing consumer desire for instant gratification and a sense of achievement, so we created a platform where every shopping experience feels like a win. Our goal is to transform how people think about shopping, making it fun, rewarding, and deeply connected to the brands they love.”

CashOut’s unique approach leverages the power of gamification—users earn points, unlock achievements, and access exclusive rewards as they shop with their favourite brands. The app’s sleek, user-friendly interface makes it easy to scan your shopping receipt, play branded games related to the products you purchased, and then see where you rank in the leaderboard of players.

Cash and reward points can be won every day, and plenty of deals that can be explored with just a few taps. The app will personalise the experience for each user, offering tailored rewards based on their preferences, shopping habits, and engagement with specific brands.”

So how is the app faring, we asked.

“We soft-launched the app in conjunction with Mydin’s 67th anniversary. The company launched a 67-day shopping festival called OHMYDIN! with Boost Credit, Oppo, Adabi, F&N, Puteri, Unilever, and Wipro Unza, and was designed to reward loyal customers through a range of exciting promotions and contests.

CashOut was a key partner, and the success of its engaging games for brands like Adabi and Lifebuoy has resulted in the campaign that was initially meant for 67 days to be extended to another 5 months with us. While I can’t disclose client-confidential numbers, I can say we are all very heartened with the outcome.

Our CashOut campaign with MYDINPay is growing at 20% weekly, and close to 90% are returning players. Clearly CashOut is addictive! I am looking forward to sharing our proposition with FMCG and other marketers.”

What is the current user base?

Said Jess, “Today, CashOut is also available to 200,000 users of the WavPay eWallet, and as an embedded part of the MYDINPay, is expected to reach over 500,000 users by the end of the year.”

MYDINPay was developed by CashOut co-founder Brahma Shakthi and his tech team. Brahma is the yin to Jess’ yang. A tech entrepreneur and innovator, he has founded numerous companies across the adtech and fintech sectors. These include WAVPAY ewallet, which also saw investment of RM 10 million from Menteri Besar Selangor Incorporated (MBI Selangor).

His key adtech venture, Enomad, developed DOOH (Digital Out-Of-Home) mobile screens integrated with programmatic capabilities for e-hailing platforms. This venture attracted investment from Seni Jaya, which expanded Enomad’s offerings in the out-of-home advertising space.

Says Jess of his partner, “Brahma is the calming influence, and the analytical mind in our duo. He sees opportunities and makes them happen. We’re exploring deals with multiple retailers and grocery chains. So in a sense he leads the tech and supply side of the business, while my primary focus now is on acquiring advertisers.”

The gamification market in the USA is about USD 20 billion today, and is growing at 19% annually. Within this market, the retail sector holds a prominent position. Retailers are increasingly adopting gamification techniques to enhance customer engagement and drive sales.

By incorporating game-like elements such as rewards, challenges, and interactive experiences, retailers create dynamic shopping environments that resonate with consumers, particularly younger demographics like Gen Z.

So how big can this business get?

Says Jess, “In Malaysia, this is a brand new space, where no one is doing much: it’s a greenfield opportunity for us to stake our claim. The casual mobile gaming market in Malaysia is already worth over RM 1.2 billion, and is growing at 15% annually. CashOut fits perfectly at the intersection of casual mobile games, consumer rewards and in store shopping. We are aiming for 1 million CashOut users in the next 6 months.”

Even before the official launch to the wider audience, CashOut has gained rapid traction. Adabi, Carrie Junior, Puteri and Lifebuoy have all come on board, and seen great results. Mydin is extending its engagement too.

We asked the founders to list some key features of CashOut that make it stand out and so attractive to advertisers:

1. Instant Rewards: Earn points, tickets to play the games, and redeem rewards instantly as you shop, turning purchases into gratifying experiences.

2. Gamified Shopping: Unlock levels, achievements, and exclusive deals that add a layer of fun to every transaction.

3. Personalised Recommendations: Explore brands, products, and rewards curated specifically to your tastes and preferences.

4. Exclusive Brand Engagement: Participate in interactive challenges, flash sales, and brand events, deepening your connection with your favourite brands.

5. Easy to activate: Brands can get on board within 6 to 8 weeks. CashOut has over 500 mobile games available that can readily be customised to various brands requirements.

6. Cost effectiveness: Brands can run effective contest campaigns at a fraction of the cost they normally spend running traditional contests. This enables brands to do more initiatives with their savings.

“The beauty of CashOut lies in its simplicity”, says cofounder Brahma Shakthi, who is obviously a proven pioneer in tech innovation. “Consumers just need to scan their shopping receipt and that earns them a chance to play games in our mobile app. Our Optical Character Recognition can identify what they have bought, and then they are directed to games linked to the brands on their shopping receipt.”

Brahma continues, “CashOut is easy for everyone to understand and follow: it is digitally inclusive. Our games work on all types of phones, and we’re continuously adding in more features, reward partners and exciting games to keep consumers excited.”

Adds Ross, as he pays the bill, “In conjunction with our official rollout, every day from December 1st 2024 we will be giving away cash prizes too, to those who top the leaderboard in the CashOut app! Even if you don’t shop, you can still participate in various free games and earn points.”

He looks at the bill. “Maybe we need to integrate restaurants into Cashout too, eh Brahma?”

For this dynamic duo, the world is their opportunity to cash out.

CONTACT CASHOUT NOW: [email protected]