As cost-of-living challenges continue to impact consumers, loyalty schemes have come to the fore as a way for retailers to offer enhanced value to their shoppers.
All the major UK food & grocery retailers, bar the discounters, now offer some form of direct-value benefits as part of a loyalty programme.
Membership is the long-term loyalty component of the Co-op proposition, and in April 2023, it launched ‘Member Prices’, bringing a significant new dimension of value to the programme. It represents a major pillar in Co-op’s ambition to grow membership numbers by one million over the next five years.
In August, Co-op announced an investment of £70 million into the ‘Member Prices’ mechanic, extending it across nearly 200 everyday essential lines, including milk, eggs, bread, chicken, and bacon.
It will enable members to save up to 11% on standard prices, which could amount to a saving of £500 in average a year.
This is a major step in addressing shopper-price perceptions of the convenience offer, which is widely seen as being more expensive than larger stores.
In addition, this move is also bringing value to the convenience shopper in a form that really matters, reinforcing mission-related mechanics such as meal deals with a new membership price-point.
Bringing to life the Co-op Difference, Kenyatte Nelson, Chief Membership & Customer Officer at Co-op, will be speaking at the Co-op Trade Briefing by IGD on 14 September, diving into the membership proposition and why being member-owned really matters.
Nelson commented, "The Co-op Group is a fundamentally different business... we are owned by and run for our member-owners, rather than a group of shareholders. The more our member-owners engage with us the more value we create for members and for member communities."
Learn more about the Co-op Pure Convenience strategy at the 2023 Trade Briefing from IGD, taking place on 14 September in Manchester.
For full details and tickets, visit www.igd.com/events/igd-co-op-trade-briefing.
