CVS customers will no longer be kept waiting for their cashback rewards. CVS Pharmacy announced an enhanced customer loyalty program that will now provide cashback right after each purchase, for both in-store and online.
Previously, CVS shoppers saw cash rewards every quarter. Consumers are now hybrid shoppers who want to see consistency and immediacy across different channels. Instant cashback should also speed up higher sales as well.
The following excerpt from an Adweek article reports more on the topic:
CVS Health’s retail division, CVS Pharmacy, is updating its loyalty program’s core 2% cash-back feature for the first time in 20 years so benefits are disbursed immediately after each transaction, rather than on a quarterly basis.
The upgrade to the pharmacy chain’s ExtraCare Rewards program applies to existing benefits, such as 2% back in so-called ExtraBucks for every purchase. Members can access these rewards in the CVS app, on CVS.com and on its digital and paper receipts, which the retailer said reflects the omnichannel reality of retail today.
“Customers really want more flexibility and faster access,” Michele Driscoll, CVS’ vp of customer engagement, loyalty and personalization, said of the changes. “Our customers have told us they want a similar experience shopping in-store and online, so the aim here is to use rewards both in-store and online.”
The updates were largely driven by customer feedback, which included in-store observations and calls to the retailer’s customer service line, Driscoll explained. “A lot of what we’re working for is to create a personalized experience,” she added.
Overview by Raymond Pucci, Director, Merchant Services at Mercator Advisory Group
