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FNB and its “primary grocery retail partner”, Pick n Pay, are leaning into customer data in an attempt to hyper-personalise their offerings to customers.
After an initial pilot phase last November with FNB’s private banking clients, the wider deployment will see their eBucks rewards programme partnership growing from the current 1.4 million customers to the full contingent of over 6.4 million registered eBucks users.
TechCentral quotes Lytania Johnson, CEO of FNB’s personal segment, as saying that data will play a crucial role in the program’s development. According to Johnson, hyper-personalisation will be key to tailoring rewards for clients based on their spending behaviour.
“What is great now is we can see exactly where our customers are shopping, where they are when they do and the times they shop. All that speaks to when we present offers to our customers, that is when we link that data back in.”
Johnson told TechCentral. “We can then get away from using a generic to positioning our offers to customers to drive a more personalised engagement with them.”
In other words, Pick n Pay and FNB are hoping to tap into your algorithm and as more customer data is collected over time, FNB clients will receive offers tailored to their specific spending habits.
Building upon the idea behind reward programmes like eBucks, the new proposal will leverage customer data by encouraging behaviours that maximize the rewards they earn through the program. For example, FNB sends a prompt to users who pay for fuel at a non-retail partner, informing them of how many reward points they could have earned if they had purchased their fuel at a partner filling station.
In the case of groceries, customers will be notified of the rewards they could have earned – such as eBucks points, discounts or shopping vouchers – had they shopped at a Pick n Pay instead.
“It unlocks so much opportunity for further interaction and personalised engagement with your customers.”
One of the program’s goals is to encourage customers to use digital transactions instead of cash, benefiting both FNB and Pick n Pay while also reducing risk. Pick n Pay CEO Sean Summers said around 30% of the retailer’s total revenue is facilitated via cash transactions, which the retailer aims to minimise to reduce costs and the associated risk.
[Source: TechCentral]
