What is a Chrome Extension?
Chrome extensions may appear simple, but they can be a powerful piece of software when developed correctly. In some cases, they can disrupt entire industries. This article discusses how one straightforward Chrome extension impacted both consumers and eCommerce giants.
Firstly, it’s worthwhile to understand what a Chrome extension is and how it works. A Chrome extension is a browser add-on built on web-based programming languages, that allows users to customize their browsing experience. They are used to expand the functionality of Google Chrome, and will often interact with or modify webpages while browsing.
If you’re looking to have a Chrome extension developed, it’s worth investigating the success of Honey, the most revolutionary extension developed to date.
Honey’s Revolutionary Extension
Honey is a free web browser extension that provides users with the best online deals. It works by scraping the internet for usable coupon codes and automatically applies them upon checkout. With its expanding list of over 30,000 participating merchants, users of Honey save a yearly average of $136.
Like most Chrome Extensions, Honey is able to detect how you’re using your web browser. This means, when you navigate to an online shopping website, Honey can find site specific coupon and apply them without user input. Honey’s non-intrusive nature, and collaboration with vendors, make it a powerful tool.
Disrupting Ecommerce Giants
Since its inception in 2012, Honey has quietly helped its users save money online shopping. In recent years, however, the browser extension has become an industry disruptor. 2019 saw the acquisition of Honey by fintech giant, and Idea Maker’s second-best card processor for small businesses, PayPal. It was bought for $4 billion, making it PayPal’s largest accession to date.
Honey makes money by charging merchants a small fee for products purchased using their coupons. It may sound counterintuitive for online retailers, but it ultimately leads to increased sales. In purchasing Honey, PayPal likely saw the value in this financial model, much to Amazon’s disdain.
After PayPal acquired Honey, Amazon released a warning to its shoppers claiming that Honey is a data security risk. Despite this, the browser extension remains fully compatible with Amazon and has never previously posed any risks.
The timing of Amazon’s warnings suggests a ploy to subvert their competition and halt Honey’s discounts. Though this is speculation, the circumstances speak to the power of Honey within the eCommerce industry. In spite of Amazon’s warnings, Honey remains a secure platform with a transparent data policy and multiple revolutionary features.
Features of Honey
64% of online consumers wait for items to be discounted before making a purchase. With Honey, however, shoppers can skip straight to the sales. When a user views their cart, Honey searches the internet for usable coupons and automatically applies them at checkout. This helps users save money without waiting for sales, or scouring the internet for coupons themselves.
Many online retailers allow users to add desired products to a ‘wishlist’. This list typically contains products consumers want to buy but aren’t ready to or can’t yet afford. With Honey’s Droplist feature, users can add products to a wishlist that detects price drops. This means that when a product on the list hits a sale or a general price drop, users are automatically notified via email.
Amazon Seller Compare
Amazon accounts for 49% of the US eCommerce market, meaning most online consumers buy through their website. Some Amazon products feature a ‘similar item’ section that allows users to compare both price and product rating. Honey takes this idea one step further by comparing seller prices, shipping rates and price history across Amazon. What’s more, it even embeds a button on the webpage for easy access.
In addition to features aimed at saving money, the platform also offers a free rewards program. Honey Gold allows users to earn rewards when purchasing from over 4000 participating merchants. For every purchase, users earn points. After collecting 1000 points, users receive a free $10 gift voucher for an online retailer of their choice. This reward scheme means users can both save and earn money through online shopping with Honey.
Impact on Online Consumer Spending
According to the Honey website, the browser extension provides its 10 million users with an average discount of 17.9%. Consistently providing substantial discounts has led to Honey saving consumers over $1 billion since 2012.
Due to its impact on consumer spending, Honey has received many positive reviews on websites, such as Trust Pilot. One reviewer stated, ‘Honey has helped me save a whole lot of money by finding the biggest discounts I could get. I don’t shop without using honey.’ Another said, ‘I’ve had honey for a while, and I love it! It’s saved so much money for my whole family….’
Integrating Honey into users’ shopping routines is simple and quickly becomes essential for online buying. Its ease of use, powerful functionality, and non-intrusive UI make Honey a truly unparalleled browser extension. Honey is available on all major web browsers, including Google Chrome, Safari and Firefox.
The Value of Honey
Honey is a shining example of what Chrome extensions can do, and the additional browser functionality they provide. Besides this, Honey’s value comes in the ecosystem created between, app, merchant and consumer.
By offering coupons to users, they are more likely to purchase products from participating merchants. This is in the interest of businesses, as, although they will not make as much money on discounted items, they are likely to sell more units. When those sales happen, Honey takes a commission.
Honey has essentially created its own micro economy on the basis of trickle-down economics, with the consumer at the top and Honey at the bottom. As a result, Honey is not just a Chrome extension, it is an intelligent financial tool and an example of intuitive development.
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