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Qoala

Spain
Market: Financial services
Stage of the project: Operating business

Date of last change: 11.04.2022
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Idea

Qoala is a free browser extension that rewards the user automatically in the form of cash-back and coupons when shopping online, maximizing conversion rates for ecommerce stores.

Current Status

Since launching Qoala in early 2020, we have generated more than 4M€ in sales for our more than 3.000 partner brands, including 30 out of the top 50 ecommerce retailers in Spain. We have done over 200k€ in revenue in our two first years, with a 500% year on year growth from 2020 to 2021. We currently have over 250k registered users, out of which, 130k have the extension installed (top 3.000 chrome extensions worldwide) and 10k in the app (launched Q1 2022).

Problem or Opportunity

61% of the reasons for shopping journey abandonment are related to the checkout process, one of the biggest challenges that ecommerce stores face today. The availability of information for a growingly dynamic user is the main cause of this, and research suggests that up to 180 billion dollars are recoverable every year thanks to checkout optimization. Current loyalty solutions have become outdated and obsolete, and are not keeping up with the way users consume today, forcing the user to abandon their shopping journey to look for coupons that often don't work.

Solution (product or service)

Qoala is a free browser extension and app that automatically rewards the user while they shop online. Qoala solves two problems simultaneously for ecommerce stores and for users. Qoala automatically presents all offers and cash-back to the user without them having to go search for them, making their shopping experience seamless.

For brands, our value proposition is the generation of sales, maximising conversion rates and reduction of shopping cart abandonment, keeping the user in the shopping funnel and giving the store additional touch-points and tools to convert the user.

Business model

Our business model is affiliate marketing. We get paid a commission for every transaction that happens thanks to Qoala, whether a user activates cashback or uses one of our coupons or offers. The commission varies depending on store and product, but averages at 4%.

Apart from commissions top performing brands also pay us monthly visibility fees, that vary from month to month depending on the budget allocated by that brand for affiliate marketing that month. On average it is about 15% of our current revenue stream.
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