myWorld

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myWorld
Company typePrivate
IndustryShopping reward and loyalty program
Founded2017
HeadquartersGraz, Austria
Key people
Radovan Vitosevic (CEO), Marko Sedovnik (President of the Board), Dipl.-Ing. Herbert Paierl (CSB)
OwnerHubert Freidl, Marko Sedovnik and Sharif Omar
Number of employees
600+
Websitewww.myworld.com

myWorld International AG is an Austria-based company specializing in a shopping reward and loyalty program. Its core service, the myWorld Benefit Program, connects consumers, retailers, and service providers, offering incentives and benefits.[1][2]

In September 2023, myWorld was voted the second most popular cashback portal in Germany by servicevalue.de.[3] Previously that year myWorld received the title of "America’s Best Loyalty Program" in the General Rewards category, according to an independent survey by Newsweek and Statista Inc.[1]

History[edit]

myWorld's roots are linked to the Lyoness shopping community, established in 2003.[4]

In 2017, Lyoness rebranded and reorganized its services under the brand name "Cashback World" and progressively transitioned its international subsidiaries to the "myWorld" brand.[5][6]

In May 2017, myWorld International Ltd. was established in London, uniting all myWorld subsidiaries under one umbrella company.[2]

Following its separation from Lyoness, myWorld has independently evolved its business model and diversified its product and service offerings.[7]

In July 2023, myWorld initiated a comprehensive restructuring. The company relocated its headquarters from London to Graz, Austria, and has since operated under the name myWorld International AG. myWorld International AG became the central service hub and the new umbrella company for the majority of myWorld subsidiaries worldwide.[8]

In the same year, myWorld received the title of "America’s Best Loyalty Program" in the General Rewards category, according to an independent survey by Newsweek and Statista Inc.[1]

In September 2023, myWorld was voted the second most popular cashback portal in Germany by servicevalue.de.[9]

Also, the company supports global educational and environmental projects through partnerships with the Child & Family Foundation,[10] and the Greenfinity Foundation.[11][12]

Background[edit]

myWorld was formerly named Lyoness,[13][14][15] and created as a MLM company[16][17][18][19][20] in Austria in 2003. In 2004, the CEO of Lyoness, Huebertt Friegl became the company's director.[21] Lyoness comprises at least ten corporations registered in Switzerland,[22] 13 corporations registered in Austria[23] and approximately 42 additional national and regional corporations all around the globe.[24]

MyWorld (previously known as Lyoness) has garnered significant attention from notable newspapers in Austria and Switzerland, focusing on the company's management of shopping communities.

In March 2010, the Swiss magazine Beobachter published an article[25] with a big review and analyses of Lyoness. In early 2012, Kleine Zeitung published an article[26] suggesting that Lyoness operated an irrelevant shopping community. L'Hebdo, a Swiss magazine also criticed the company and its investment methods, not enough clear for general public.[27]

In February 2012, an article by Beobachter revealed that internal Lyoness communications offered members "bounties" of up to 45,000 CHF for providing "relevant information" about critics of the company. Furthermore, the article highlighted concerns about the Lyoness business model, suggesting it prioritizes recruitment over providing discounts.[28]

In 2012, the Austrian Der Standard[29], and the Swiss Handelszeitung reviewed the Lyoness and mentioned it has failed in financial fullfillment according to EU and Swiss investments regulations.[30] [31][32] The Wiener Zeitung reported in 2013[32] about Lyoness (now MyWorld) regarding financial tensions between the Austrian government and MyWorld, having provided a detailed analyses on MyWorld (Lyoness) management and functioning.[32]

Business model[edit]

myWorld International AG operates the myWorld Benefit Program, which provides various perks for consumers and business partners, spanning over 50 markets. For shoppers making purchases through myWorld affiliates, the program offers rewards such as Cashback and Shopping Points, which are redeemable for discounts and deals. In the B2B sector, myWorld supports businesses by offering marketing tools for enhanced customer loyalty and exposure, charging fees only upon successful transactions, and facilitating connections within its partner network.[33][8][34][35][36]

References[edit]

  1. ^ a b c Newsweek (2023-02-14). "General Reward Programs". Newsweek. Retrieved 2023-11-24.
  2. ^ a b "MYWORLD INTERNATIONAL LIMITED overview - Find and update company information - GOV.UK". find-and-update.company-information.service.gov.uk. Retrieved 2023-11-24.
  3. ^ "Cashback-Portale". ServiceValue (in German). Retrieved 2023-11-24.
  4. ^ "Lyoness startet mit weltweiter Mehrmarkenstrategie". OTS.at (in German). Retrieved 2023-11-14.
  5. ^ "Lyoness strukturiert wieder um - Neuer Name Cashback World". Tiroler Tageszeitung Online (in German). 2018-04-11. Retrieved 2023-11-24.
  6. ^ "Cashback World wird zu myWorld". OTS.at (in German). Retrieved 2023-11-24.
  7. ^ "Keynote 2022: myWorld präsentiert seine neuesten Produkt- und Shopping-Innovationen". OTS.at (in German). Retrieved 2023-11-14.
  8. ^ a b "myWorld on a global expansion course". pressat.co.uk. Retrieved 2023-11-14.
  9. ^ "Cashback-Portale". ServiceValue (in German). Retrieved 2023-11-14.
  10. ^ "Die Child & Family Foundation und myWorld beschenken Kinder in polnischen Kinderheimen". OTS.at (in German). Retrieved 2023-11-14.
  11. ^ "Grüne Kooperation: Neuer Partner für die Greenfinity Foundation". OTS.at (in German). Retrieved 2023-11-14.
  12. ^ "Radovan Vitosevic from myWorld: Success is not only what is achieved but how we feel and what we have become". Business Class (in Bulgarian). Retrieved 2023-11-14.
  13. ^ Velasco, Paul (2018-07-02). "Inside Line: Is Eyetime part of a Ponzi scheme?". GRAND PRIX 247. Retrieved 2022-08-20.
  14. ^ Røssland, Ole Martin (2018-06-05). "Stemplet som ulovlig pyramide: Nesten hele inntekten kommer fra skyer og kuponger" [Labeled as illegal pyramid: Almost all income comes from clouds and coupons]. Bergensavisen (in Norwegian). Retrieved 2022-08-20.
  15. ^ Lorenz, Lauren (July 23, 2021). "Wie Lyconet und Co ihre Kunden mit Rabatten abzocken" [How Lyconet and Co rip off their customers with discounts]. DER STANDARD (in Austrian German). Retrieved 2022-08-20.
  16. ^ Chung, Frank (May 31, 2017). "Multi-level marketing scheme Jeunesse Global posts record Australian sales". News.com.au. Retrieved November 23, 2018.
  17. ^ Chung, Frank (August 29, 2014). "Lyoness, cashback loyalty card operator, taken to court by ACCC over allegedly operating a pyramid scheme". News.com.au. Retrieved November 23, 2018.
  18. ^ Baines, David (November 23, 2012). "David Baines: BCSC dismisses the head of its criminal investigations team". Vancouver Sun.
  19. ^ "Lyoness schafft sich Rechtsstreit vom Hals". Der Standard. October 20, 2013. Retrieved November 23, 2018.
  20. ^ Golstein, Simon (November 19, 2018). "Ten Months, No Product: Analyst "Amazed" that TenX Hasn't Been Sued". Finance Magnates.
  21. ^ Excerpt from the St. Gallen (Switzerland) Chamber of Commerce, April 30, 2013
  22. ^ “Moneyhouse: Lyoness” Archived 2013-06-20 at archive.today, “Moneyhouse Company Register: Lyoness”, June 7, 2013
  23. ^ “Monetas: Lyoness” Archived 2014-10-29 at the Wayback Machine, “Monetas Company Register: Lyoness”, June 7, 2013
  24. ^ “Lyoness Corporate Structure – Organigramm” “Lyoness Official Corporate Website”, June 7, 2013
  25. ^ “Lyoness: Haende weg!”, “Beobachter”, March, 2010
  26. ^ “Lyoness Verhandlung Klagenfurt”, “Kleine Zeitung”, January, 2012
  27. ^ “Lyoness ou l’argent facile” Archived 2015-09-24 at the Wayback Machine, “L’Hebdo”, Februari, 2012
  28. ^ “Lyoness: Drohen mit Millionenforderung”, “Beobachter”, February, 2012
  29. ^ “Causa Lyoness – VKI leitet Verbandsklage ein”, “Der Standard”, April 23, 2013
  30. ^ “Urteil gegen umstrittene Schweizer firma Lyoness”, “Handelszeitung”, June, 2012
  31. ^ “Lyoness: Prominente Partner Springen Ab” Archived 2022-05-26 at the Wayback Machine, “Handelszeitung”, September 2012
  32. ^ a b c “Auf Lyoness rollt Klagelawine zu”, “Wiener Zeitung”, March 2013
  33. ^ "mediaWorld agency GmbH | New shopping technologies: myWorld draws a positive interim result and continues its course for success". RealWire. 2022-08-17. Retrieved 2023-11-14.
  34. ^ "myWorld International kündigt weltweites Keynote-Event an". OTS.at (in German). Retrieved 2023-11-14.
  35. ^ "myWorld International | myWorld focuses on ground-breaking shopping technologies". RealWire. 2021-11-12. Retrieved 2023-11-14.
  36. ^ Ltd, Online Solutions. "Keynote 2023: myWorld announces future innovations in the shopping area". AP Multimedia Newsroom. Retrieved 2023-11-14.
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