Walgreens Introduces Credit Card Rewards Program

After greater than 18 months of residing by way of the COVID-19 pandemic, customers are extra conscious than ever that “healthcare” goes past simply an annual physician’s appointment – as full wellness is a crucial a part of shopper well being, each bodily and financially.

To capitalize on and drive the pattern, Walgreens introduced Monday (Aug. 16) the launch of a brand new branded bank card issued by Synchrony Bank that rewards customers not just for purchases from Walgreens and different retailers, but in addition for physician’s appointments, health club memberships and recipes.

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Plans for co-branded bank cards with Synchrony and Mastercard had been first introduced earlier this 12 months, though particulars had been scarce on the time.

Read: Walgreens rolls out co-branded playing cards with Mastercard, Synchrony

David Parkes, senior vice chairman of co-branded merchandise at Synchrony, instructed PYMNTS’ Karen Webster that the myWalgreens Mastercard is designed to reward individuals for wholesome decisions, no matter which means for the person shopper.

“We tried to design a macro construct that provides the framework for all types of people and with all needs to be rewarded for this healthy lifestyle,” he stated.

The new branded bank card gives customers 10 p.c Walgreens Cash rewards on Walgreens branded merchandise and 5 p.c rewards on all different Walgreens purchases. Cardholders additionally earn 3 p.c rewards for different grocery, well being and wellness purchases outdoors of Walgreens — together with well being care visits — and 1 p.c rewards anyplace Mastercard is accepted.

Mary Smith, who grew to become vice chairman of economic companies at Walgreens in February, instructed Webster that as she realized extra about well being and wellness, she found that there are a lot of “pain points” for customers. “Our loyalty product is really working to improve that overall health and wellness piece, and this is one product that will help amplify that for our members,” Smith stated.

PYMNTS’ Connected Economy survey discovered that roughly 33 p.c of all customers and 51 p.c of millennials are extremely linked in terms of their well being. Importantly, for Walgreens and Synchrony, 29 p.c of extremely linked customers use store-brand playing cards to make purchases.

View extra: How 73 million extremely linked customers are pioneering the linked economic system

Smith stated that as Walgreens learns extra about how prospects spend on merchandise for his or her well being and wellness, the myWalgreens card program will proceed to evolve. “This is just the basics, it’s just the basics,” she instructed Webster. “We evolve from here.”

An excellent wholesome app

After a buyer is authorized for a line of credit score, the myWalgreens card is straight away built-in into the Walgreens app and cellular pockets, permitting cardholders to handle their account, make purchases, and pay payments with out leaving the Walgreens ecosystem.

PYMNTS has beforehand reported that a big portion of customers are open to the creation of a “superportal,” or single app or web site that may enable customers to determine a single digital id that may retailer and share details about their lives. According to PYMNTS analysis, 41 p.c of customers want to embody cost options or purchasing information in such a “super portal,” and almost 35 p.c would love well being and wellness information to be included.

“The advantage of having all these financial services and payment functions under one organization is that we can ensure a seamless experience across the board,” Smith stated. Going ahead, Smith stated Walgreens plans to proceed investing in providing differentiated monetary merchandise.

New buyer touchpoints

The new bank card can also be a part of Walgreens’ bigger drive to create a extra personalised expertise for patrons by reinventing the membership program, which had grown into the corporate’s third quarter by the tip of May. as much as 75 million members.

Related: Walgreens sees extra income as personalization efforts proceed

In December, the pharmacy chain additionally unveiled the Walgreens Advertising Group, which makes use of “advanced data modeling” to attach manufacturers instantly with the general public in a digital ecosystem. Walgreens has additionally launched in-store promoting on the glass doorways of its refrigerated and frozen meals division by way of a partnership with ad-tech startup Cooler Screens.

New CEO Rosalind Brewer, who joined Walgreens in January after serving as Starbucks Chief Operating Officer, is predicted to ship a strategic evaluation and long-term marketing strategy for the corporate later this 12 months.