The Cashrewards Pty (ASX: CRW) share price is pushing higher on Friday morning following the release of a trading update.
At the time of writing, the cashback rewards platform provider's shares are up 3% to $2.03.
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What is Cashrewards?
Cashrewards is a recently listed cashback centred e-commerce ecosystem. It allows its members to browse brands and offers and receive cashback on transactions by shopping online or in-store.
At present, it has over 800,000 members and is providing them with a broad array of cashback offers via its 1,500+ merchant partners.
These partners include Adidas, Amazon.com.au, Apple, Booking.com, Cellarmasters, Chemist Warehouse, Dan Murphy's, Dell, Expedia, Myer Holdings Ltd (ASX: MYR), Nike, The Iconic, and Microsoft.
Management notes that its ecosystem has driven more than $2.3 billion of total transaction value (TTV) for merchant partners since its inception, which has translated into more than $100 million of cashback for members.
Trading update.
This morning Cashrewards provided the market with an update on operating metrics for the key Black Friday and Cyber Monday weekend.
According to the release, Black Friday was the biggest single trading day in Cashrewards' history. Unique shopping members were up 83% and transactions were up 54% compared to the prior corresponding period.
Across the entire four-day period, management advised that unique shopping members were up 63% and transactions were up 44% year on year.
Also increasing was its TTV, which was up 53% on the prior corresponding period. This was driven by a strong performance across key shopping verticals.
Cashrewards' CEO and Managing Director, Bernard Wilson, commented: "We are very pleased that the positive momentum outlined in our Prospectus has continued into the December quarter, including across these key sales events, during which the fashion, beauty, children and homewares categories performed particularly strongly."
"We are also pleased to be seeing the early signs of an uplift in domestic travel bookings with the recent re-opening of Australian internal borders," he added.
