I hate spending a ton of money on things especially if I know I can get it for a discount in any way even if it only saves me a couple of dollars. Honey is a browser digital extension. So if you use a browser like Chrome, there’s this other one called Safari on a Mac, you could use Microsoft Edge on Windows. Any one of these browser supports, honey. So once you install it, it will show up as a browser extension. And it works on over 30000 Web sites at the time.
Many people have heard about it. A lot of people don’t know about it and use it. Some people know about it but haven’t used it. And they’re also some people that have never heard of honey. It’s a browser extension app. It sits right on top of your browser. You basically shop online, let’s say, at Walmart or Target. Here you register with honey. And once you enter the checkout from one of these online shopping stores, honey will automatically pop up and start scanning codes all over the Internet, different promo codes.
What Honey is and & how it works
It just is an automatic type of app that works for you and it will save you some money. And that’s basically it. Once you save money, you can cash out over here and redeem into different types of gift cards that they have. So let’s just go over this really quickly.
It doesn’t matter if it’s a food delivery website or Amazon, Wal-Mart, whatever the website is, this honey pop up shows up on the site so it automatically finds coupons where there are coupons available and you could simply just apply coupons right here. You can just go to the checkout page of a website and this came up so I could apply seven coupons and it just scans coupons for me. It does the testing for me. I don’t have to find these individual coupons and try them manually myself on any website.
Now, just like that, on a purchase that was twenty five dollars, it saved me five dollars and made it less than twenty dollars. This is my final price now because this coupon worked for me on this website.
So and if I do continue to check out, you could see up here then. Now I get five dollars because I spend twenty dollars. All it did was in this promo code section of the website.
How does Honey make money?
This is how it works. Each purchase you make gets honey a commission from the website. You bought an item with no expense to you. They actually make commission from the retailer. It’s the retailer’s expense. This is similar to how YouTube’s have Amazon affiliate links in their YouTube descriptions. Your favorite YouTube where it makes a small commission of any sales they get from Amazon with no expense to you.
Honey also has a couple of really useful features to help you make a smarter purchasing decision. You can see the price history of products on retail sites as far back as hundred twenty days or four months and set up alerts for potential price changes. Okay now that we know how honey works how well does it do its actual job. I would say about 70 percent of my shopping experience I have seen honey activate itself and tell me that there’s a coupon from there. Only about 20 percent of the time do they give me a coupon that works for my order. So we do some simple math about 14 of 15 percent of the time I do get a usable coupon.
How to Earn Even More Points
Yes. for example, Moosejaw, sells travel and camping gear. Let’s say I’m buying these basic looking pants for the price of $50. No thanks. If you use Honey, you’ll find that no coupon works. But, Honey doesn’t have access to special promo codes like those provided to students, first responders, military, and teachers. But if you’re one of those things, you can use those special coupon codes to save more money than what Honey would have saved you. There’s also sites like Rakuten that work similar to Honey’s gold point system except it’s cash back at the end of the month and not some gift card.
There’s plenty of times where you can stack your special student/first responder/teachers/military discount with Rakuten for savings that would outclass honey’s discount. Or if you really want to cheat the system. See what honey picks as a code, and then use Rakuten to get cash back instead of the Honey gold points. Remember though, how Honey makes money is by referring you. So you might not want to do that if you’re supporting Honey. And this tactic doesn’t work for just Moosejaw, it can work for any place that has “special” coupons. For example, if you’re like me and buy wayy too much Peak Design stuff, they have student discounts but no working honey discount. So it would save me wayyy more money if I used a student discount.
Does Honey Compromise Your Privacy?
At first, it all seemed pretty standard in terms of data collection and privacy, and it’s money making process made sense. There were a couple of things that concern me and I want to share what I found.
But first, I want to briefly look at how it started and how it became so prominent. In 2012, one of Haney’s co-founders, Ryan Hudson, was ordering pizza and he wished he had a coupon to save some money on the meal. That same night, he threw together a prototype that would find coupons online that a customer could apply to a purchase. This prototype became Honey, which was launched that same year. After several years of not being able to convince investors to put their money behind a browser extension. Hudson took a job at an advertisement company. However, through word of mouth and Reddit, Honey began growing pretty organically. Hudson’s co-founder, George Raun, is still CEO and the company now has over 200 employees worldwide. What began as somewhat of an overlooked startup has now become a household name on the Internet. So, all in all, not bad for trying to save some money on pizza. With that being said, I want to address the original concern for me looking up Honey’s processes, how they make money after digging a bit further. It seems like the main way honey makes money is through its commission with affiliate businesses. Essentially, an affiliate business will provide honey with a discount code. And when you are shopping on that affiliate business’s website, Honey will provide you with that discount code. Honey will get a chunk of the money from that sale. This means that the discount codes that are often quote unquote found by honey are actually given to them by these affiliate businesses.
Honey, isn’t even utilizing your personal data in the money transaction. Instead, the data collection that is actually taking place is used to streamline your shopping process. But more on that later. In addition to this baseline service, honey also makes money through its Hornigold program. Hornigold functions as a rewards program where the more often you use its service, the more points you can earn. When you earn 1000 points, you can exchange the points. And for gift cards for online stores like Amazon, it’s a pretty reasonable, free program that rewards loyalty to ensure that people keep using honey services.
Is it selling your data to answer that question succinctly?
No, it isn’t selling your data at all. But the reality is a little more nuanced than that. On a basic level, honey needs to know some surface level information about you in order to do its job. Well, this means it utilizes cookies to keep this data and make sure you can make the most of their service by signing up with honey. The user agreement mentions that the data they’ll be collecting includes your login banker credit card information if you use their app or honey pay items added to your drop list trends you refer to honey stores you follow on, honey, your type of device, your devices, unique ID operating system, IP address, then stamps and error logs.
There hasn’t really been any questionable vulnerability surrounding Honey. Honey itself states that they use measures that include limiting access, using encryption, testing for vulnerabilities, advanced malware detection, employing suit minimization and anonymization techniques and more. From what I can tell, Honey has implemented as much security as they can to ensure their users’ privacy remains safe. Lastly, as I get to my final thoughts, I do want to point out that I read through Hanis user agreement and I have to say I was actually really reassured by it. One of their first sentences is that they do not sell your personal information ever. There doesn’t seem to be any suspicious loopholes or concerns. Honey seems to be aware that in order to be successful, they need to have the loyalty and faith of its users and they’ve lived up to that. With that in mind, I would give you the same warning I would give you about any online service. There is always the possibility of a vulnerability or of a security compromised. Honey seems to be on your side, but that doesn’t stop other ill intentioned people from getting to your information. Honey is doing what it can to stop this, but even the most intense measures can be compromised. So in the context of the Internet, privacy and security, is honey safe? Yeah, it’s almost entirely safe.