CAIRO: Saudi Arabia has established itself as a regional enterprise hub, attracting start-ups from numerous sectors and growing its industrial standing.
Saudi improvement has attracted know-how entrepreneurs searching for skilled expertise and commerce effectivity.
One of the current startups interested in Saudi Arabia is UAE-based CheckRewards, which has begun an aggressive growth plan geared toward strengthening the dominion’s purchasing sector.
Founded in 2023 by Artem Ostapenko, CheckRewards leverages machine studying to supply cashback companies and is supported by a $1.2 million funding from world holding firm Mitgo Group.
The firm was based when Ostapenko acknowledged a market hole within the UAE: the absence of cashback companies. This recognition led him to develop and launch a minimally viable product, which rapidly gained consideration and in his first month he gained over 100,000 customers.
In an interview with Arab News, Ostapenko spoke concerning the firm’s ambitions to popularize the cashback idea within the Kingdom and set up CheckRewards as a sensible purchasing associate.
double the advantages
“We plan to launch it within the Saudi market by the second quarter of this yr, conduct checks, get preliminary outcomes and draw conclusions. In Saudi Arabia, the market is sort of 4 instances bigger and hungry for brand new know-how, so We anticipate an excellent greater cashback increase than within the UAE,” Ostapenko stated.
He additional expressed optimism concerning the potential progress of the Saudi market and stated the corporate is at the moment adjusting its objectives and techniques to reply to the distinctive traits of the market.
“In phrases of buyer attain, our forecasts for CheckRewards’ progress and market share within the Saudi market over the following few years are bold. We are aiming for a 2-3 instances improve as compared,” Ostapenko added.
The firm has already began discussions and negotiations with two firms within the world fintech subject, and is aiming to conclude a strategic partnership as quickly as attainable.
strategic progress
Ostapenko stated CheckRewards has had a robust presence on each the App Store and Google Play for the reason that product’s launch in November.
The firm is now strategically centered on rising its person base with the objective of attracting a broad and numerous viewers.
The plan is to launch it within the Saudi market by the second quarter of this yr, conduct checks, and draw conclusions based mostly on preliminary outcomes. Saudi Arabia is predicted to expertise an excellent greater cashback increase than the UAE.
Artem Ostapenko, CheckRewards
At the identical time, CheckRewards can also be actively working to ascertain partnerships with retailers, manufacturers, and eating places to supply enticing incentives and promotions to customers. The fundamental pillars of the corporate’s technique revolve round his three key metrics: person acquisition, partnership improvement, and market growth.
“To obtain these objectives, the corporate is getting ready an intensive advertising and marketing marketing campaign that can embody influencer advertising and marketing, exactly focused promoting, and strategic public relations efforts. Gen Z, Women, and Expats We are paying particular consideration to attracting folks as a audience, guaranteeing a complete strategy to serving a various person base,” Ostapenko defined.
a grander imaginative and prescient
Currently, CheckRewards goals to ascertain a robust cashback class that can function an extra advertising and marketing channel.
Ostapenko stated the corporate views the emergence of recent rivals positively and sees them as contributing to the corporate’s core mission of increasing its markets inside the Middle East and North Africa area.
“Ultimately, CheckRewards will lead the MENA cashback market, drawing inspiration from the mannequin’s success as a significant site visitors supply for affiliate internet marketing in markets such because the US, UK and a few European nations. “We purpose to do this for 20 years,” he added.
But introducing a cashback mannequin to a brand new market presents its personal set of challenges, primarily involving educating each prospects and retailers about its worth and the way to successfully put it to use, he stated. additional defined.
Ostapenko elaborated that the preliminary doubts had been widespread, saying: “Customers usually query the authenticity of getting a reimbursement into their checking account each time they buy a product, however advertisers who aren’t accustomed to cashback fashions could also be questioning about its advantages and what they will get from it. The potential advantages will not be instantly obvious.” ”
Once the market understands and accepts the idea of cashback, CheckRewards will additional innovate by creating numerous modifications and new mechanisms for the cashback mannequin based mostly on the concepts the workforce is at the moment envisioning for the longer term. Ostapneko explains.
“We imagine we’re one of many pioneers of cashback within the area and one in every of our fundamental objectives is to extend consciousness of this mannequin. “We purpose to coach folks about it and spotlight its potential advantages,” he added.
“When it involves the MENA market, I believe cashback may be very related right here, particularly for expatriates who come from different nations the place cashback mechanisms are already well-liked, or areas that need the concept of cashback. There are lots of people who will get a few of their a reimbursement on purchases each offline and on-line,” he stated.
“We purpose to be the go-to platform for our prospects to search out nice offers every single day. The fundamental problem is that this class, together with the time period ‘cashback’ itself, The cause lies in the truth that it isn’t as widely known as in comparison with the market. ” he added.
enterprise fundamentals
CheckRewards leverages machine studying to streamline the cashback course of and makes use of algorithms to confirm receipts to make sure accuracy and stop duplication.
This strategy simplifies the person expertise and enhances advertiser engagement by offering prompt cashback and worthwhile buyer interactions.
“Advertisers profit from quick onboarding that requires no technical integration and a cost-per-sale fee mannequin the place they solely pay for confirmed purchases. CheckRewards additionally gives detailed reporting and It additionally gives insights and helps companions goal the fitting prospects, improve gross sales and successfully promote their merchandise,” Ostapenko defined.
The majority of the corporate’s income comes from a cost-per-sale mannequin that pays companions or advertisers solely when a person completes a purchase order by means of the app. In addition, CheckRewards enhances its income streams by means of media promoting and lead era companies.
Ostapenko prompt the corporate is on observe to turn out to be worthwhile by subsequent yr and expects vital earnings.