Struggling Pick n Pay banks on massive FNB eBucks rewards perks as it fights back at Checkers
In a bid to regain momentum in the supermarket retail war with Shoprite, the struggling Pick n Pay group has partnered with FNB to offer eBucks rewards hunters more bang for their bucks.
Shoppers could be saving a bit extra this month as retailer Pick n Pay has partnered with First National Bank to offer customers up to 30% back on their spend in eBucks, the highest of any retailer thus far.
The rewards bonanza is expected to start in November.
A breakdown
As of November 1, qualifying FNB Private Banking eBucks customers (FNB Private Clients, Private Wealth together with RMB Private Bank) can earn up to 30% of their spend back in eBucks when using Pick n Pay’s asap! on-demand delivery service, and up to 20% back from all items purchased at Pick n Pay in-store.
The asap app is a direct competitor to the popular Checkers Sixty60 delivery app, which has revolutionized the industry.
FNB customers can also receive up to R100 vouchers to spend at Pick n Pay/Pick n Pay Clothing stores.
The retailer said that clothing has been added as a new category, with customers on Aspire getting up to R150 back in eBucks, and Premier through to Private Clients, Private Wealth and RMB Private Bank earning up to 20% back.
All FNB cardholders who are on eBucks are now able to spend their eBucks in a Pick n Pay store from November 2024.
Other retailers
As it stands now FNB customers will get the most back - at most 15% more - if they purchase through the various Pick n Pay portals when compared to other SA retailers.
If you purchase your groceries at Spar predominantly the most you can earn back is 15%.
If Checkers is your main grocery retailer then you only earn at most 15% back through the eBucks system.
And if you use Shoprite as your main retailer then you can also only earn as much as 15% back in eBucks rewards.
It should be noted that the percentage you earn back depends on your reward level and if you pay with your physical card, you'll earn up to 1% back in eBucks depending on your FNB account.
It remains to be seen if the FNB shoppers will swap their grocer, for added eBucks rewards.
A push to get more people in the door
Earlier this week, Pick n Pay released its latest financial results and despite the group’s efforts to become more profitable, the company posted a R827.4 million loss for the interim period of 26 weeks ending August 25, 2024.
The group noted that its financing costs were R1.13 billion for the year, and this resulted in a pre-tax loss of R1.05 billion, a further decline of 25.7% from 2023.
Pick n Pay said that it trading losses grew by 9.1%, in line with budgets, to R718.9 million, due to the financial year 2025 gross profit margin contraction.
There is therefore a huge drive to push more people into Pick n Pay stores as the company tries to become solvent.
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