Members of FNB’s rewards programme eBucks have spent a substantial R1,5-billion worth of eBucks of the total R2-billion allocated since the programme’s launch in October 2000.
Over the past year, eBucks members have spent 24% more of their eBucks, and earned 26% more than they did compared to the previous year.
According to Jolande Duvenage, eBucks’ CEO, this growth is an encouraging sign that eBucks’ more than 2,3-million members are finding their rewards programme increasingly relevant and simple to use.
“We measure the success of our programme by the ‘spend to earn’ ratio. This compares the rate members earn eBucks to the rate at which members spend their eBucks. Currently, eBucks members’ average spend to earn ratio exceeds 80%, which is much higher than that compared to the international rewards benchmark, which is between 60% and 70%,” she says.
One of the trends eBucks have noted is that their members are becoming increasingly more “savvy” in how they earn eBucks, and that they have begun to change their banking and shopping behaviour to maximise their rewards. In addition, members also started to use their eBucks rewards to extend their purchasing power.
“We noticed that our members were increasingly using their eBucks to stretch their wallets. As members began to feel the effects of the recession, they became skilled at maximising the amount of eBucks they earned by swiping their FNB cheque and credit cards to pay for their purchases.
“They also opted to use their eBucks to purchase everyday essentials such as fuel, medicine, groceries and airtime, with nearly half of the total eBucks spent each month redeemed on these ‘bare’ necessities,” Duvenage explains.
Another contributing factor to the growth in spend, says Duvenage, was the addition of relevant spend partners over the years including Makro, Engen, Incredible Connection, Cape Union Mart and more recently Dis-Chem.
Fuel purchases at participating Engen garages have become a firm favourite, with eBucks’ members spending a substantial amount of eBucks at participating Engen service stations since December 2009.