The announcement comes after market research and trials undertaken by the British challenger brand last year, revealed that just 7% of Brits’ buying habits haven’t been impacted by the cost-of-living crisis.

According to the study of 2,000 consumers, one in two (47%) are now constantly seeking a bargain due to the current economic climate and a third (36%) are avoiding last minute purchases.

A fifth are only buying what they need (21%) or from retailers that offer regular deals (19%).

The disruptive retail business has responded by doubling down on its pioneering cashback offering to give customers a minimum of 5% back on all purchases through the platform – up from the 1% previously offered.

The baseline cashback reward will be complemented by higher rates of up to 20%, offering savvy shoppers the opportunity to quickly accumulate meaningful cashback through everyday purchases As a result, customers could end up earning over £400 per year.

Cas Paton, CEO and Founder at OnBuy, said: “Whether it’s Council tax, food, transport, or utility bills, the cost pressures on British people are ever increasing. With no end in sight, we must help Brits to spend smarter.

“We’re now offering one of the highest base cashback rates on the market – we’re not just challenging retail, but credit cards and other cashback sites as well. We want to thank our customers and show that we’re the world’s most rewarding marketplace.”

All of OnBuy’s customers will receive the new base rate, with cashback available to be spent onsite immediately, saved, or withdrawn into a bank account after 30 days on balances of £5 or more, with no waiting period or complex clauses – unlike other third-party cashback sites.

Since 2016 OnBuy has disrupted e-commerce with a revolutionary model. With unprecedented demand for its cashback offering, over £150 million worth of sales were transacted through the online retail platform last year.

The British startup recently announced a strategic decision to move its HQ from Bournemouth to London and launch a permanent base in New York as part of its international expansion plans.

“It’s not just Brits struggling to make ends meet. Financial pressures are being felt around the world, and through our international expansion we’ll be helping more to build cashback rewards. Within a year, we’re confident that we’ll be delivering nearer £40 million in cashback globally,” said Paton.

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