Timed for the holiday shopping season, Nov. 7, has been minted “Cash Back Day” by RetailMeNot. During the 24-hour period, customers will receive exclusive offers from hundreds of retailers for up to 20 percent cash back.
Participating retailers include Amazon, Macy’s, Adidas, Asos, Home Depot, Lands’ End, Tarte and Overstock, among others.
“We have worked hand-in-hand with our trusted retail partners to bring a large number of exclusive deals to shoppers and help them save on everything they need as they prepare for the holidays,” said Marissa Tarleton, chief executive officer of RetailMeNot.
The retail holiday comes after a recent survey in which RetailMeNot finds 62 percent of shoppers will “always look for deals” before making a purchase during the holiday season. By creating an abundance of deals on one day, the company will stand to capitalize on the trend of early holiday shopping while driving those sales to select retailers. “Cashback offers will also benefit retailers who are looking to capture consumers’ attention early in the season and drive repeat purchases later,” Tarleton said.
The promotion will also drive consumers to further engage RetailMeNot by requiring an account for participation. Cashback is totaled and given back to shoppers via Venmo, PayPal or a gift card for a specified retailer. Gift cards will include a bonus value and be credited to a retailer of the consumer’s choice, to use later in the holiday shopping season in conjuncture with RetailMeNot’s ongoing coupon codes and savings offers.
“Helping people save money has always been our goal and with the creation of Cash Back Day, we’re doubling down on that mission by offering twice as much savings to shoppers just in time for the holidays,” said Sara Skirboll, shopping and trends expert for RetailMeNot. “With Cash Back Day, shoppers can save money early and then get their payout right before Christmas for any last-minute and post-holiday needs.”
Cash Back Day is not entirely unlike Amazon’s holiday, Amazon Prime Day, which also serves to initiate holiday shopping. In a recent report by WWD, Amazon Prime Day generated more than $7.1 billion in sales this year and stands to create a lasting impact on holiday sales.
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