“Sweet Success: How Honey Turns Bees’ Hard Work into Profitable Returns 2023”
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How Does Honey Make Money?
Honey makes money by equipping you with the information you need to make the best money decisions. It’s easy to spend money online. However, spending money and making the best savings is literally impossible without proper insights.
This company provides you with insights for achieving the best savings when you shop and spend money online. Honey then makes money from commissions it gets from stores and organizations as you apply the insights.
What is Honey and How Does it Work?
As highlighted above, Honey is a company committed to providing insights for making the best savings when shopping and spending money generally online. The company helps you save money and time, leading you to the best deals.
Honey comes in the form of a browser extension. Add the extension to your browser, and it will automatically search for deals as you shop. The extension searches for deals from about 30,000 stores.
With the browser extension, you don’t need to do anything to find deals and coupons. Simply visit your favorite websites to shop, and Honey will bring the deals and coupons to you. The tool works in the background without interrupting your browsing activity. You get your deals and coupons within seconds.
Honey also works to add coupon codes to your shopping cart at the point of checkout. At the point of checkout, Honey automatically checks for applicable codes and adds them to help you save even more.
When you use the Honey extension, you also get to earn rewards on eligible purchases. These rewards accumulate and are redeemable as gift cards.
Honey has a bundle of products designed for the best shopping, saving, and spending experience. Let’s go through these products to give you a better idea of how you can maximize them.
The products Honey offers include:
- Savings finder
- Price history
- Mobile app
- Honey Gold
- Amazon best price
Savings Finder is Honey’s original product. With this product, you find coupon codes automatically on over 40,000 sites. The tool automatically applies available coupons.
Price History works as the name suggests. With the tool, you track the price changes of specific products. You can use this product to track the price trends of products and decide on the best time to buy.
The Honey mobile app gives you everything you need to make the most of your shopping experiences. You shop from your favorite sites, find the best deals and coupons, and check out within the app.
Honey Gold is the dedicated program through which you earn rewards that can be converted to gift cards. You earn gold as you shop and can convert the gift cards for shopping from your favorite stores.
Amazon Best Price is a tool from Honey that you can use to find the best prices on Amazon. The tool compares prices from Amazon sellers and gives you an overview of the available options. With this tool, you save time and money while shopping on Amazon.
With the Droplist tool from Honey, you can watch out for price drops on specific products. You simply add the products you want to track to the droplist and get notifications as the price drops.
After you add the extension to your browser, you can use any of the products with a mix of features for improving your saving and shopping experience.
Some of the stores and websites that partner with Honey include:
- Forever 21
- J. Crew
As long as the browser is installed on your browser, it will automatically work in the background for partner websites.
Does Honey Collect and Sell User Data?
To provide you with insights for maximum savings and the best shopping experience, Honey collects real-time data about your shopping patterns.
According to Honey, it collects user data to study the shopping pattern of users. The data that Honey collects also provides insights into price changes and other developments from shops and websites.
Although the company collects user data, it does not sell the data. Honey only collects data needed for operational purposes. The data is not shared unnecessarily with third parties.
Honey does not share its users’ data to make money. The company gets commissions from partner brands and companies. Part of the commission that Honey receives is what is given to users as part of the rewards program.
How to Sign Up to Honey?
You can use the browser extension for shopping and saving without signing up. As long as the extension is added to your browser, you will find deals and coupons.
However, if you want to benefit from other features such as the rewards program, you need to sign up and create an account.
Step 1: Sign Up
Honey provides multiple sign-up options. You can sign up via email, Facebook, Paypal, and Google. Irrespective of the option you use, signing up involves sharing creating signup details such as username and password.
Step 2: Confirm Your Profile
Once you’ve submitted your sign-up form, it’s time to share your sign-up details and confirm the account.
After you’ve confirmed your profile, you can enjoy all of Honey’s products, features, and services.
Several solutions and tools are in the same market as Honey, targeted at helping you save and spend wisely.
|Savings App||Saving Potential|
|Honey||Multiple saving options, including deals, coupons, price tracking, price trend monitoring, and a rewards program for earning gift cards.|
|Swagbucks||Earn points from regular activities and convert the points to gift cards or cash from PayPal. Deals and coupons are also available.|
|MyPoints||Shop from your favorite stores and earn up to 40% cashback. Partner retailers include Walmart, Home Depot, Amazon, and Best Buy. Answer surveys to earn points. Convert points to gift cards and cash. Get a welcome bonus as you sign up.|
|TopCashback||Get cashback when you shop from different stores and websites. Get cashback on products and services including car hires and airport parking. Withdraw earnings through PayPal, bank accounts, and up to 60 other methods.|
Honey vs. Swagbucks
- 18 ways to earn money and e-gift cards
- $5 sign up bonus
- Up to 10% cashback when shopping online
- $1 minimum e-gift card withdrawal
Honey focuses on helping you find the best opportunities when you shop and spend money online. You also earn rewards based on your shopping activity.
While Honey focuses on shopping and general online spending activities, Swagbucks also offers you the opportunity to earn through surveys. You can complete paid surveys and participate in polls through Swagbucks to earn points.
As you earn points on Swagbucks and reach the threshold, you get to withdraw your earnings as gift cards.
Swagbucks also offers you the opportunity to find coupons, discounts, and deals. Stores from which you can cashback and bonuses from this company include Uber Rider, Uber Eats, and WorldRemit.
While both Honey and Swagbucks have several similarities based on the fact that they offer opportunities to save and spend money wisely, Honey is strictly related to shopping. Swagbucks also involves polls and surveys.
Another difference between both platforms is that Swagbucks is a website through which you access deals, coupons, and surveys. On the other hand, Honey is a browser extension. Simply install the extension and access the saving and discount opportunities.
Honey vs. MyPoints
- $10 sign-up bonus with your first purchase
- Earn $1 on average per survey you complete
- Over 10 different ways to earn money
- Pays by gift cards, PayPal & travel miles
On MyPoints, you earn points based on your shopping activity and patterns. You also earn points on this platform by participating in surveys. You can shop on MyPoints.com or through the app to get access to available deals, discounts, and coupons.
Apart from the available deals, coupons, and discounts, you also earn points when you shop through any of the MyPoints platforms. These points are redeemable as gift cards and through PayPal.
Honey is fully dedicated to providing tools and insights for maximizing savings when shopping and spending money online. These tools include those for tracking the price of products and following price trends.
This platform is available as an app as well as a browser extension. MyPoints does not have a browser extension. However, it has an app, just like Honey.
Honey vs. TopCashback
- Get 100% of all the cash back you earn
- No minimum threshold to cash out
- Earn cash back at over 4400 partner stores
- Earn up to 25% cash back and discounts
TopCashback offers cashback for all kinds of products and services. You shop from your favorite stores through TopCashback and get cashback through an established system. As you shop, you earn points that are redeemable through methods like PayPal and gift cards, amongst others.
Retailers partner with TopCashback to get sales. So, when you shop through the website, you get a part of the commission that retail partners pay the company.
TopCashback works similarly to Honey in that you get cashback from the commission that retail partners.
Honey also helps you find deals, coupons, and discounts with its browser extension. Honey also provides other tools that help you save money as you shop. For example, with Amazon Best Finder, you can find the lowest pricing option for a product from multiple sellers.
You also get tools for monitoring and tracking prices to make informed decisions and save more money.
It’s noteworthy that TopCashback is a UK company that works mostly with UK retail partners. The company rewards you for your shopping activity with points that you can convert to gift cards and withdraw to multiple methods.