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Financial Planning

Rewards programmes open the door to cashbacks, but you have to walk through it

Momentum Multiply

We are living in a time where “every bit counts”. The fact that Covid-19 will remain with us for the foreseeable future also means that economic uncertainty will continue for some time. Given this reality, many South Africans are looking to their rewards programmes to help them save, taking advantage of the rewards on offer, like cashbacks.

The 2019/20 Truth & BrandMapp Loyalty Landscape Whitepaper noted that 72% of South Africans who were economically active, engaged with rewards programmes. However, the same report also showed a gradual decline in usage, with a 7% decrease between 2017 and 2020.

Rewards programmes motivate consumers by offering them benefits when they spend their money or practise certain behaviours, and more importantly, they help them stretch their rands at a time when they need it the most. So, while South Africans could benefit significantly from these savings – specifically in these tough economic times where every bit counts – consumers are not taking full advantage of the rewards that rewards programmes offer. 

Says Johan Kleu, Executive Head of Multiply, Momentum’s rewards programme that rewards members for healthy behaviours, “Our programme is designed to help members make better life choices – and get rewarded for it. However, at the same time, there is a responsibility on the part of our members to engage with our programme, to get the most out of it.”

Knowing that the value of a rand in the wallet of every member has become more significant, Kleu says Multiply has had to keep its ear to the ground when it comes to the needs of its members. “The truth is, cash has never been more king, which is why this kind of reward offering is so popular.”

For this reason, he says, Momentum Multiply is continuously evolving its reward structures to reflect the needs of its members. Currently, this means cashback on groceries, health products, clothing, and even online entertainment platforms like Showmax – all highly-in-demand commodities in the age of a pandemic.

“Rewards programmes reward you for an action, and each programme will have its value proposition and goal. At Multiply, that action is looking after your health and wellness, while interacting with Momentum products and partners.”

To get the most benefit from your programme, he advises that consumers should understand the ins and outs of the rewards programmes they belong to, and make sure they are ticking all the right boxes to help them take full advantage of the rewards and savings.

“Rewards programmes offer value to consumers when they need it the most. However, for rewards programmes to continue to offer consumers benefits now and into the future, consumers need to recognise their responsibility to holistically understand, and engage deeply with, their programme.”

For example, Multiply is offering higher discounts and cashback to their members on their online shop for a limited time only. For more information on the items available on the Multiply online shop, visit multiply.co.za/campaign.







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