How many times have you gone shopping, loved a dress, and posted its picture on social media?
But, are you getting paid for promoting brands product?
No, right! You are doing it for free.
Every influencer gets paid for it! But what if a normal user like you can get paid for posting pictures of products you shop for?
This is exactly what WYLD is doing.
Founded by Yash Sakhlecha, Dishant Sanghvi, and Aashna Sakhlecha in 2021, WYLD is a social currency platform that pays you for promoting products online.
This idea worked pretty well.
In their closed group Alpha testing phase, WYLD processed over 700 transactions worth over Rs.10 Lakhs. Their first 100 users generated over 500 pieces of content, with an 85% retention rate. It gave them a market validation of their product, and then they launched the beta phase of their product in April 2023.
They already had 10,000 users on the waitlist, so they invited them to use WYLD in the beta phase.
To add the cherry over the cake, they appeared in Shark Tank India season 3, which gave them some more attention from influencers. They secure funding of INR 75 Lakh at a 50 Cr valuation. They also raised 350,000 in pre-seed funding led by Better Capital.
To date, WYLD claims to have worked with 200+ brands and 10,000 influencers with a reach of 64 million on social media.
In this article, we are going to discuss how WYLD social currency works, its unique features, and its business model.
Let’s start with how WYLD social currency works.
👉 How does WYLD social currency card work? #
Wyld works with a very simple concept.
You buy something using a WYLD social currency card.
Post a picture of you wearing a dress or holding it! (Don’t forget to tag WYLD on your post)
Earn cashback or reward points on your WYLD card.
It’s that simple!
Unique Features of WYLD #
➢ Social currency card #
WYLD stood out with its social currency card. No one industry was paying users to post pictures online of products they shop for. WYLD noticed it and launched its own social currency card. It’s like a normal debit or credit card, which you can use to buy products. The only difference is it pays for your influence on social media.
➢ WYLD Score #
WYLD launched its card, but there was an issue. How to determine the cashback or reward percentage and eligibility. So, it launched the WYLD score to choose eligible users and offered them WYLD cards. WYLD score is their AI scoring system that considers factors such as followers, reach, engagement, post frequency, and story interactions. It’s good for business, they focus on interactions and not just followers. It helped them onboard more brands on the platform by showing organic traction.
➢ Cashback Mechanism #
WYLD doesn’t pay common cashback rates like other cashback platforms. They created a platform that offers cashback based on your WYLD score. So, if your story or post gets more engagement, you will earn more cashback. It encouraged users to grow their followers and engagement to earn more cashback.
➢ Brand Partnerships #
WYLD onboarded more than 200 brands on their platform with these unique features. WYLD built trust among the brands, showing that they are bringing genuine traction to their brand helping them promote without spending much. Brands were already spending a part of their marketing budget on nano influencers, so WYLD became a one-stop place for finding them. It helped brands save time finding influencers and helped them focus on core business aspects.
Now the question is if the WYLD offered so many benefits to users and brands, how does it make money?
👉 How does WYLD make money? #
➢ Interchange Fees #
Like any fintech company, WYLD charges an interchange fee for every transaction made using the WYLD card. This fee contributes to the company’s revenue stream.
➢ Share in Cashback #
WYLD also receives a share of the cashback offered by partner brands. As users earn cashback, a portion of it goes back to WYLD, creating a sustainable business model.
➢ Earning from Partner Brands #
WYLD earns from partner brands who promote their products naturally on Instagram. The company has partnered with over 200 brands across various verticals, including restaurants, bars, events/concerts, fashion, beauty, footwear, and electronics.
👉How to register on WYLD? #
Not everyone can register on WYLD as of now, it is invite only program. You don’t have to do much, just submit your Instagram handle, name, and email ID.
Pros and Cons of WYLD #
Pros:
- Earn cashback for sharing products on social media
- You can start with a minimum of 1000 followers
- Best for nano influencers
- Work with brands that you use regularly
Cons:
- Manual verification of cashback(chances of human error are high)
- You only get cashback if you use a WYLD card
- The invite-only program. So, not everyone can join.
Want to build a Cashback Platform? #
Our team at EnactSoft can help you build a platform that can attract brands and influencers to come to your platform to promote brands. With 10+ years in the cashback industry, our team has gained expertise in developing platforms that can automate cashback delivery, giving you an upper hand over WYLD, which processes cashback manually.
Connect with our team and share your requirements for developing a coupon & cashback platform.
What’s next? #
Indian influencer economy is growing, and with WYLD offering a unique value proposition to nano influencers, it is expected to take a large chunk of users out of it. With brands focusing more on Nano influencers, platforms like WYLD have huge growth potential.
FAQs #
1. How can users make money on the WYLD Social Cashback Card? #
WYLD said that users can earn 30-100 percent cashback on purchases.
2. Is WYLD a Profitable business? #
Currently, WYLD is burning cash after a few years WYLD may be a profitable startup Company.
3. How can an Influencer earn cashback on WYLD? #
WYLD said that users can earn 100% cashback on purchases.
4. Which company provides a WYLD (Cashback Card) type solution In India? #
EnactSoft provides innovative solutions to internet marketers, including tools related to coupons, cashback, in-store cashback, crypto cashback, and charity cashback.
