Enkash APIs
Coins Cashback Mechanism
How the Coins Cashback Mechanism Works:
Earning Coins:
Users earn coins as cashback when they perform qualifying actions on the platform.
Coins to Currency ratio is configurable.
| Coin APIs | Function |
|---|---|
| Create Coin Event Configuration | This API is used for creation of a coin event confguration |
| Get Coin Event | To Fetch a particular coin event configuration details |
| Update Coin Event Configuration | To update a particular event configuration |
| Allocate Coins to User | To Allocate coins to a user according to the event configured |
| Get User Coins Balance | To fetch a user's coins balance |
Using Coins:
Once accumulated, users can redeem these coins during future purchases.
Coin Validity and Expiry:
To encourage timely usage, the coins might have an expiration date.
Tracking and Management:
Users can easily track their coin earnings and redemptions through a dedicated section in their account dashboard.
Use Cases for Coins Cashback Mechanism
Boosting Sales During Promotional Events:
During special promotions, the platform can offer increased coins cashback rates, such as double coins for purchases during a holiday sale. This not only attracts more users but also increases the average transaction value as users aim to maximize their cashback.
Encouraging Higher Spend:
By offering more coins cashback on higher-tier purchases, users are incentivized to spend more. For example, a user might earn 5% cashback in coins for purchases under 5,000 units and 10% cashback for purchases over 10,000 units, prompting them to upgrade their purchase to reach the higher cashback rate.
Enhancing Customer Retention:
The Coins Cashback system serves as a retention tool by rewarding users for their continued loyalty. Users are more likely to return to the platform if they have accumulated coins that they can use to get discounts or free products in the future.
Referral and Acquisition:
Users can earn coins not only through direct purchases but also by referring new users to the platform. This creates a dual incentive where the existing user gains coins for referring, and the new user might receive a welcome bonus in coins upon joining, fostering growth through word-of-mouth.