In a significant shift in its customer loyalty strategy, the Co-operative Group has announced plans to discontinue its cashback rewards for loyalty card holders. The supermarket chain, which operates more than 2,400 food stores across the country, communicated this change in a recent email to its members.
Starting from January 2024, Co-op members will no longer receive the customary 2p cashback for every £1 spent in their stores. This move marks a departure from the traditional cashback system that has been a staple of the Co-op’s loyalty scheme.
Instead, the group is set to introduce a new system that focuses on providing ‘member-only’ prices. These exclusive discounts are expected to offer significant savings on a range of products, tailored specifically to the members of the Co-op community. This change aligns with a growing trend in retail where businesses are shifting focus to personalized discounts and offers, enhancing the shopping experience for their loyal customers.
Co-op members have been advised that they will have until the end of 2024 to use any accumulated cashback on their cards. The supermarket group encourages its customers to make the most of their existing rewards before the transition to the new discount-focused loyalty program.