Definition
A rebate is a partial refund offered to customers after they make a purchase, effectively reducing the final cost.Core Concept
It’s a sales promotion where a portion of the purchase price is returned to the buyer. This method encourages sales and rewards consumers for their purchase.How It Functions
Customers typically pay the full product price upfront. They then submit a claim, usually with proof of purchase, to the seller or manufacturer to receive the money back.Common Applications
Rebates are frequently used for consumer electronics, major appliances, and sometimes as promotional offers on services or even for certain UPI payments.Author
