The Pepsi loyalty program is titled PepCoin, and it will apply to both purchases of Pepsi beverages and Frito-Lay products. When using PepCoin, customers will be able to receive money to a linked Venmo account. Users of the Pepsi loyalty program can scan codes to earn money back, however, customers will have to reive at least $2 before it goes into a Venmo account. Pepsi has indicated that the program will be permanently available to customers, allowing access to the program when needed.
Loyalty programs for snack and beverage companies are not common in the industry. However, the extra money could incentivize consumers to choose Pepsi and Frito-Lay products over competing brands.
Beverage Brand Loyalty Programs
The Pepsi Loyalty Program Will Send Money to a Venmo Account
Trend Themes
1. Beverage Loyalty Programs - Disruptive innovation opportunity: Implementing loyalty programs in the beverage industry to incentivize customer choices and increase brand loyalty.
2. Cashback Rewards - Disruptive innovation opportunity: Introducing cashback rewards through connected payment platforms like Venmo to enhance customer satisfaction and retention.
3. Scannable Codes - Disruptive innovation opportunity: Utilizing scannable codes to engage customers and provide seamless and convenient earning opportunities for loyalty program participants.
Industry Implications
1. Snack and Beverage - Disruptive innovation opportunity: Implementing loyalty programs in the snack and beverage industry to drive customer loyalty and increase market share.
2. Payment and Fintech - Disruptive innovation opportunity: Partnering with payment and fintech companies to leverage connected payment platforms and enhance customer experience through cashback rewards.
3. Marketing and Advertising - Disruptive innovation opportunity: Helping companies establish and promote loyalty programs through effective marketing and advertising strategies to attract and retain customers.