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.
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.
This Tiny ASX Stock Could Be the Next Afterpay
One little-known Australian IPO has doubled in value since January, and renowned Australian Moonshot stock picker Anirban Mahanti sees a potential millionaire-maker in waiting…
Because ‘Doc’ Mahanti believes this fast-growing company has all the hallmarks of genuine Moonshot potential, forget ‘buy now pay later’, this stock could be the next hot stock on the ASX.
Doc and his team have published a detailed report on this tiny ASX stock. Find out how you can access what could be the NEXT Afterpay today!
See how you can find out the name of this stock
Returns as of 6th October 2020
More reading
- Cashrewards (ASX:CRW) share price lifts on successful IPO debut
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
The post Why the Cashrewards (ASX:CRW) share price is charging higher today appeared first on Motley Fool Australia.
from Motley Fool Australia https://ift.tt/2VC2MyA
Leave a Reply