The Co-op is set to discontinue its 2p for every £1 spent rewards scheme and replace it with a “significantly increased” range of member-exclusive prices and deals throughout the business.
Starting 24 January, customers will no longer receive rewards on branded food purchases at The Co-op.
Instead, members will “benefit from price reductions on branded as well as own-brand foods for the first time”, along with receiving two personalized offers every week, Retail Week reports.
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The new offers being made available to Co-op food customers will also be available to insurance, funeralcare and legal services customers.
Shoppers with existing rewards pots will have until December 31, 2024 to either spend their rewards with The Co-op or chose to donate them to local causes.
The retailer stressed that the changes to the rewards scheme won’t change its commitment to supporting local communities, adding it would continue to do that through its £4m dedicated Community Partnership Fund.
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The Co-op Group has moved away from the needs of member, no consultation, no notice (unless you think 9 days is notice). The change sees members seeing 2% rewards removed – that was previously awarded on purchases of branded goods and had itself been slashed from the 5% originally offered at the start of the scheme. The Group claims that members will get more ‘offers’ – for some time 2 ‘offers’ have been available each week though the app and member pricing has also been in place for some time. This is a straightforward cut to member benefits.
Co-op group no longer has any form of dividend payment to members leaving many wondering where the excess (profit) will go.
Charity support has previous been split between local community groups and a national scheme – it appears from the statement above that the local element is to end.
members on the Co-opCollective are far from happy at the change and the move away from Co-operative principles
I have neither the time all the inclination to walk up and down the isles seeing where I can potentially save a few pennies.
The old system of 5% then 2% let you save up over time enough to maybe do a free shop at Christmas time which for some families would be extremely helpful.
Now I will just do one shop a week in Asda and save money on my shoe leather.