The word 'Cheappy' has no meaning. It is not a real English word. 'Cheapy', colloquially, can mean 'a little bit cheap' (an adjective), and 'cheaply' (an adverb) means in a cheap way. 'Cheappy' with two 'p's means nothing.

i think its CHEAPLY which means cheap manner.

Interesting fact. In Cyprus the word is used in its Greekized form: male: chippys, female: chippyssa to mean the person that likes cheap products, the stingy person.