GetUpside Business Model and SWOT Analysis – How Does Getupside Make Money?

GetUpside is an Android and iOS mobile device application that allows users to earn cashback upon scanning their receipts.

Affiliate commissions are the source of revenue for GetUpside. The company receives commissions from 20,000 companies it partners with, such as Burger King and BP.

Some people are skeptical about the legitimacy of the working model of such companies. I can assure you that GetUpside is a legitimate company; that is the short answer.

It could also save you a great deal of money on fuel costs. In GetUpside, consumers can earn cashback on purchases at gas stations, retail stores, and other establishments.

GetUpside maps discounts based on a user’s location. In contrast, Groupon and LivingSocial send users coupons via email. 

A market leader in the incentive industry, GetUpside was founded in 2016 and has grown steadily since then. GetUpside shoppers have earned over 100 million dollars worth of cash.

Customers can earn cashback through GetUpside’s cashback rewards program. Customers can use the service easily.

For shoppers to access GetUpside, they must first download the iOS or Android app. The customer then selects an offer to redeem. The grocery store, gas station, and restaurant industries offer incentives to their customers.

After you have completed your shopping, snap a picture of your receipt and upload it to GetUpside. The platform’s image recognition technology will automatically recognize this.

The consumer will receive cashback incentives following the validation of an online purchase. Your rewards may be redeemed with a check, digital gift card, or PayPal transaction.

Short History of GetuUpsidede

In 2016, GetUpside was founded by Alex Kinnier (CEO), Jan Rubio, Joanna Kochaniak, Rick McPhee, Thomas Vaughan, and Wayne Lin. The company has offices in Washington, DC.

During the mid-2000s, Kinnier and Lin met while working on a company’s ad serving platform at Google.

In addition to Khosla Ventures, Kinnier has partnered with New Enterprise Associates (NEA). He served as a venture capitalist for five years before joining Opower as their Vice President of Product Development and Engineering.

GetUpside made its public debut in December 2016. It was originally intended to provide cashback deals for gas stations.

In the years following, GetUpside exclusively focused on enhancing the supply side of its platform by partnering with companies such as BP, Kmart, etc.

GasBuddy and Checkout 51, two of the company’s largest competitors, signed deals with the company in March 2020. Due to these partnerships, GetUpside will be able to advertise its personalized offers on the platforms of these partners.

Additionally, GetUpside has been able to sign partnerships with companies like DoorDash, Instacart (December 2020), and Uber (August 2021).

With the assistance of these partnerships, ride-hailing and delivery platforms could provide cashback rewards directly to their drivers.

GetUpside has offered its users since its launch at the end of 2016. In addition to the Austin, Chicago, and Washington offices, the company now employs more than 200 people

Profit Share

The amount that GetUpside shares depends entirely upon the incremental amount a merchant earns over and above what they would earn without GetUpside.

If GetUpside does not generate incremental profit, it does not get paid. We use this process to ensure our company initiatives are aligned with the mission to contribute to community success.

The size of our user base is the determining factor in determining the appropriate percentage of incremental profit for taking fees. For our business to continue to grow, we have to earn back the investment and profits so that we may continue to acquire new users.

For GetUpside to earn as much as possible, they should make just enough to reach that threshold.

To achieve this, GetUpside has calculated a fee percentage for each customer to return our investment on customer acquisition within a reasonable time frame to continue to raise outside capital.

How Does GetUpside Work?

It is quite easy to save money with a GetUpside account. As soon as you launch the app and create a free account using your email address, you will be able to begin earning money.

Here are the few simple steps involved;

  • In terms of functionality, GetUpside is similar to other apps such as Ibotta and Checkout 51, but it is exclusive to gas purchases.
  • A similar process to iBotta is offered before making a purchase. On the other hand, GetUpside provides rewards on gas purchases in a similar manner.
  • A receipt is usually required as proof of purchase by most retailers. You must purchase within four hours to submit a claim and upload your receipt within 24 hours.
  • GetUpside also accepts credit and debit cards for payment. If you check in or upload an eligible receipt, you can expect to receive your offer within 10 days.
  • GetUpside offers a wide range of products. You may withdraw up to $10 if you wish to shop at any big retailers.
  • Another attractive feature of this rewards program is its easy PayPal access. Generally, redemption prizes are delivered within 24 to 48 hours.

How Does GetUpside Make Money?

GetUpside earns money through affiliate commissions (also known as referral fees) from each brand. During making purchases of cashback-eligible products through these partners, GetUpside receives compensation.

Like Ibotta and Fetch Rewards, GetUpside presents consumers with customized offers based on machine learning technology.

Several anonymous data sources are fed into the GetUpside algorithms, including transaction history (such as records of debit/credit card transactions) and information regarding the user’s location.

For example, a customization tool may be used to display additional products not previously considered by the customer. GetUpside receives a portion of the increase in sales generated by its partners, which results in increased profits and sales volumes.

Brands may also advertise on GetUpside for a variety of reasons. The first is exclusiveness. GetUpside will display only one station on the app, for example, when there are three adjacent gas stations.

Consequently, this sign will make the store more likely to attract customers.

Secondly, traditional marketing channels such as television or billboards are ambiguous in terms of data, which leads to inconsistency when calculating ROI.

Every purchase made through GetUpside is credited to every store and user.

Once GetUpside has this information, the company provides its partners with aggregated information about a purchaser’s activity (without sharing any of the purchaser’s identifying information), enabling them to understand which products or locations are performing well.

In addition, to increase their points, partners can promote specific products. Consumers who frequently purchase a particular product category increase their loyalty and brand exposure.

GetUpside SWOT Analysis

SWOT analysis is used to identify strengths and weaknesses within an organization and opportunities and threats external to the organization that may shape current and future operations and guides the development of strategic plans.

This type of analysis is not specific to companies only.

Here is the detailed SWOT Analysis for the GetUpside business model

Strengths

  • In addition to being a private company, GetUpside does not provide revenue or valuation information to the public.
  • Referrals are the source of revenue for GetUpside. The retailer must pay GetUpside a fee whenever a qualified purchase is made via the app.
  • GetUpside offers a wide variety of consumer spending data, allowing businesses to obtain extremely valuable information on their stores, locations, and products.
  • Additionally, GetUpside is an essential tool for companies with stiff local competition.

Weaknesses

  • The GetUpside app is available in over 40 states for gas stations; however, the app’s geographical scope is more limited when it comes to grocery stores and restaurants. 

Opportunities

  • Cashback is offered on the entire bill before taxes and tips if you choose to claim the restaurant cashback offer.
  •  In contrast to other cashback apps, GetUpside is a free app used in real life instead of online. 
  • You can earn cash within days by using the free app. It does not require a great deal of personal information.
  • You can earn cashback while shopping at grocery stores, gas stations, and restaurants through GetUpside.
  • A map showing gas stations near me is incredibly helpful for finding gas stations.

Threats

  • The biggest threat to GetUpside is the unavailability of absolute trust. Customers do not take it as a hundred percent legit business. Although it is just a myth, the reality is that this perception exists.
  • Sometimes, GetUpside can be more expensive than its competitors. It has to offer more margins for a wide range of gas stations.
  • Although it has a simple UX/UI appearance and design still needs improvement for a better overall user experience.

Here are Some Quick Usage Facts About the GetUpside App.

  • You must be at least 18 years old in the United States (or 16 with parental permission) to be eligible.
  • iOS and Android smartphones are supported.
  • In the D.C. area, earning potential is up to 35%.
  • PayPal, paper check, or digital gift card are all possibilities for payment.
  • Payment time frame: 24-48 hours.
  • Each offer allows you to purchase a maximum of 50 gallons of gas.