SINGAPORE – Singapore-based fintech startup Rate recently announced an enhancement to their flagship browser extension RateX: a feature to automatically apply relevant promo codes on behalf of e-commerce shoppers and travellers during checkout.
The current search process for online shopping promo and discount codes is exceptionally disjointed, leading to the poor user experience. Shoppers scour through multiple websites for codes manually before proceeding with applying them individually – with no guarantee of the codes working.
Mr Jake Goh, CEO of Rate, said:
“RateX’s mission has always been focused on providing shoppers with the best shopping experience, be it through offering lower FX rates for overseas payments or through finding relevant promo codes at checkout. In the past year, we have noticed a huge uptake in shoppers saving money through our promo code discovery feature.”
During checkout, shoppers click on a single “Auto-Apply” button on RateX’s browser extension at supported merchant sites. This will, in turn, trigger the product’s algorithms to comb through all available codes, after that applying the one with the most savings – a simple one-click process that takes less than 5 seconds.
In the past year since announcing a funding round of US$2.3M, RateX has grown to support a vast array of e-commerce marketplace merchants, including Lazada, eBay, Shopee and Taobao. They have also expanded into other verticals such as travel, supporting popular travel sites such as Expedia, Agoda, Scoot, Klook and Kkday. Till date, RateX has helped consumers seamlessly save over S$500,000 while shopping online. The startup does not charge any fees at all to its customers, taking its share of revenue directly from affiliate networks and merchants.
RateX is currently available as a desktop browser extension for Singaporean shoppers, with plans for expansion into mobile, and new markets within the SEA region, in the works.
“Finding successful promo codes delights all users; that also tends to better convert them from browsers into buyers. With e-commerce across Southeast Asia growing 40% year-on-year, we are committed to extend and expand our suite of services to benefit all consumers within the region.”