eBucks hits 2.5 million members
FNB‘s eBucks, a multi-partner rewards programme, has recorded a 10% rise in annual membership from December 2010 to December 2011, the group said.
And under the current economic climate, the group has noticed a shift in what its members spend their eBucks on.
In an interview with BusinessTech, eBucks CEO Jolande Duvenage, said that the group currently boasts 2.5 million members. “While we do attract new members, it is not a key focus area to grow the base so much as to add value to our existing members,” she said.
The eBucks business model is based on FNB and other partner companies allocating eBucks to their customers as a reward for specific profitable behaviours – to drive acquisition, retention and activity.
SA consumers spent R140 million worth of eBucks over the 2011 festive period – a record for the First National Bank (FNB) initiative.
The eBucks initiative, which employs 170 people, saw the highest activity recorded over the 2011 festive season (October – December 2011) since its inception in 2000 – with members spending about 1.4 billion eBucks, equating to R140 million.
This reflects a growth of 60% on the previous year’s festive season spend of R87 million.
“Member spend peaks for us during the festive season as the eBucks spend trend generally follows the same seasonality pattern over the year as that of the retail sector,” Duvenage said.
The company pointed to a shift in what members were spending their eBucks on within the current economic climate.
“The economic downturn has made people more value conscious and as a result they have become more savvy in using their eBucks. Members are also gaining a better understanding of how the programme adds value to their everyday lives.”
The group said that the introduction of part-payment – which allows members to pay for their purchases from the eBucks online shop with a combination of rands and eBucks – had also helped members stretch their wallet to get those items that they may have previously thought too expensive.
“Members also tend to save their eBucks to spoil loved-ones or themselves over the festive season,” Duvenage concluded.
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