Asian Spectator

Business & Finance Asia

SnapCoin Is Set to Revolutionize The Deals and Promotion Scene to Improve Users' Experiences

  • Written by SnapCoin
  • Consumers pay as low as 50 cents up front and the rest upon redemption
  • Commission free and zero interference between customers and merchants

 

SINGAPORE - Media OutReach[1] - 16 November 2018 -When you ask any millennial consumer, what is their biggest worry living in this era, most would tell you money or a lack thereof is their first and foremost reply.  As the costs of living rises every day in Singapore, the younger generation are turning to deals and promotions platforms to reduce their spending. These platforms usually provide vouchers and deals that allow them to purchase goods and services at a discount, leading to bigger savings.

SnapCoin Is Set to Revolutionize The Deals and Promotion Scene to Improve Users' Experiences

23-year old graduate from Singapore Institute of Management, Stanley Chia De Xian, realized that although there are many competing platforms in the market, they do not really cater specifically to the younger crowd.

The biggest difference between SnapCoin and other deals and promotions platforms are consumers only need to spend as low as 50 cents to purchase a deal, with the remainder being paid only when they are ready to redeem it. This method of redemption appeals to the young and savvy crowd as they are more meticulous when it comes to their expenditure.

Stanley shares, 'The idea for SnapCoin was born during a chance encounter. A friend of mine was complaining that she was unable to get a refund for an expired deal which she had purchased earlier. This got me thinking that a number of people actually suffer the same fate, of impulsively buying deals which they end up not having the time to enjoy as they fail to redeem it within the given time frame.

The team behind SnapCoin decided to create a mobile app to address this problem. To use the app, customers will have to purchase SnapCoins and use it to redeem the deals. After purchasing a deal on the app, all they will need to do is to show it to the merchant when they head down to the retail outlets and they will be able to enjoy the promotion stipulated.

An added benefit of this application is that SnapCoin does not charge any commissions or interfere with the payment process between customers and merchants. "I have friends and families who are merchants themselves and thus can empathize with merchants who wants to keep things simple." This further allows both parties to benefit without having to pay a third-party transaction fee.

The heart of the matter

A pen, a blank notepad and a group of likeminded individuals was all it took to start this venture. Like other bootstrapped entrepreneurs, they fondly recall countless sleepless nights in the office, eating cup noodles, and occasionally sleeping on the floor after burning out. 'It was a BMT for business,' laughs Stanley, '80% of our initial ideas were replaced and everything that remained were adaptations.'

SnapCoin currently has 500 merchants onboard and are optimistic about their growth going into 2019. Initially a team of 4, they have grown exponentially to a current count of 24 now, mostly made up of millennials themselves. Through prioritizing user and merchant experiences with the platform, the team is starting to see their results materialize which is proving to be crucial as some took the plunge joining with lower salary and job instability.

The dream team at SnapCoin has huge plans for the future. 'We're thinking of including a loyalty system in our app that will help merchants manage their loyalty programs while helping customers save more. It's a natural fit,' Stanley adds. Such a system would reward users who make repeated visits to a merchant, allowing them to gain additional discounts or unlock freebies for their loyalty. At the same time, merchants will be able to access analytics and statistics for their customers.

For more information, do head over to www.snapcoin.sg[2] to find out more.

References

  1. ^ Media OutReach (www.media-outreach.com)
  2. ^ www.snapcoin.sg (www.snapcoin.sg)

Authors: SnapCoin

Read more http://www.media-outreach.com/release.php/View/7252#Contact

Gingko House and Hong Kong Federation of Youth Invite Hong Kongers to #ShareASmile

Upload a Selfie to Share Kindness Around Hong Kong HONG KONG, CHINA - Media OutReach - 24 September 2020 - The COVID-19 pandemic has created an unprecedented distance between ...

SOCAR as a Main Pillar of Azerbaijani Statehood

BAKU, Azerbaijan, Sep 26, 2020 - (ACN Newswire) - SOCAR - the State Oil Company of the Azerbaijan Republic - is now the main gas supplier to Turkey. A year ago Azerbaijani gas was in 4th-5t...

Oil Price: Ahmed Maiteeq is in Turkey on a working visit after the signing of an agreement that unblocked Libyan oil

London, UK, Sep 26, 2020 - (ACN Newswire) - Oil Price, a British Company, has released a research report about the situation with oil in Libya. Ahmed Maiteeq, Vice Chairman of the President...

CPS Energy Releases 2019 Sustainability Report

SAN ANTONIO, Sept. 26, 2020 /PRNewswire-AsiaNet/-- -- Utility balances its "Tried & True with the New" for greater environmentalbenefitsCPS Energy, the nation's largest municipally owned...

TASTE ENCOUNTERS WITH MUMM: Laurent Fresnet brings his avant-g...

PARIS, Sept. 25, 2020 /PRNewswire-AsiaNet/-- On the 24th of September, Laurent Fresnet, Maison Mumm Cellar Master, orchestrated in Reims, France, a groundbreaking tasting experience featurin...

Huawei, Sunline Jointly Launch Contactless Digital Loan One Bo...

SHANGHAI, Sept. 26, 2020 /PRNewswire-AsiaNet/-- At HUAWEI CONNECT 2020, Sunline and Huawei jointly released the Digital Loan One Box Solution — a global contactless solution for financ...

Maybelline New York Launches Brave Together: A Long-Term Progr...

NEW YORK, Sept. 26, 2020 /PRNewswire-AsiaNet/ -- Around the world, people are living with anxiety and depression. Anxiety affects more than 284 million people. Depression affects more than 2...

Magazine

Australian startup CareApp receives funding injection to expand app

Australian based startup CareApp has recently raised over $500,000 in funding including $250,000 provided by the South Australian State Government to rapidly expand and scale up their smartphone...

Shaparency launches to enable businesses to go fully digital

New venture developed for post-Covid-19 corporate landscape London-based start-up Shaparency, which has been established in response to the business conditions resulting from Covid-19, announces ...

Specops Significant Cyber Attacks

The prevalence and severity of cyber attacks are increasing at an alarming rate every year. So much so, that statistics from Cybersecurity Ventures estimate that cybercrime will cost the global ...

Writers Wanted



News Company Media Core

Content & Technology Connecting Global Audiences

More Information - Less Opinion