Presto, the latest e-commerce service to be launched in Malaysia, wants to harness the power of social media to drive sales. The idea is that customers will be given increasing benefits based on how viral particular deals go; providing an incentive for people to share it over social media.
For the most part, Presto calls itself a Social Marketing platform. Indicating that it wants to leverage the power of social media, without having to spend money advertising on those networks.
This is done through a sliding scale cash back mechanic. Basically, the percentage of money returned increases based on the number of people who purchase a particular deal. The cash back amount is also affected by social media. Individual customers can earn additional funds by sharing the deal on Facebook, Instagram, or Twitter. With the amount increasing based on the number of people who click on the shared post.
Of course, there is a catch to all this. The time period for earning cash back is only within the first seven days of the deal; meaning that people will have to jump onboard very quickly. Secondly, the cash back will only be paid out when Presto gets its e-wallet service up and running. This is supposed to happen some time in early 2018; although group managing director and chief executive officer, Cheong Chia Chou, couldn’t provide a more specific date when asked.
Presto also currently has a very small selection of partners. The service is currently still in talks with other companies, but it doesn’t have a timeline for when these will start sharing deals either. According to Cheong, the goal isn’t to have a massive number of vendors sharing deals, but rather to have a smaller stable of quality partners who have the best possible offers for customers.