CVS Pharmacy inaugurates dual-tiered customer reward system
Brand New Take:
🔥 CVS Pharmacy Shakes Up Loyalty Game 💊🔥
- In an attempt to revamp its strategies, CVS Pharmacy has introduced a revitalized loyalty program comprising two tiers: ExtraCare and ExtraCare Plus, as announced on Thursday.
- With the no-cost ExtraCare tier, shoppers can revel in perks like a 2% ExtraBucks rewards and personalized discounts via text message. Previously exclusive rewards within ExtraCare Pharmacy & Health Rewards will now be accessible through the base ExtraCare tier. Members can score up to $50 in rewards by fulfilling prescriptions and getting vaccines, according to the announcement.
- For just $5 a month, ExtraCare Plus subscribers can enjoy the same ExtraCare benefits while benefiting from seamless same-day deliveries and a monthly $10 reward. CVS Pharmacy first unveiled its ExtraCare Plus program, formerly known as CarePass, in 2019.
💡 Inside Scoop:
CVS Pharmacy has been tweaking its incentives for years. In 2021, the company changed its ExtraCare Rewards program to pay 2% ExtraBucks rewards more frequently, moving from quarterly payouts to nearly every transaction. The company has also enhanced features like text messaging, mobile app, and in-store checkout functionalities.
"ExtraCare has been a trailblazer in the loyalty program industry for a long time, and this evolution will enable us to offer even greater simplicity for members with value and convenience," stated Zach Dennett, Vice President of Loyalty, Omnichannel, and Hispanic Formats at CVS Health. "Now, instead of needing to join various programs to access all the savings, we've made it more straightforward for our members and patients to choose from our two-tiered offerings and reap benefits tailored to their needs."
Amid financial struggles, CVS is stepping up its offerings to attract customers. Last year, the retailer announced plans to eliminate 5,000 positions. In August, CVS unveiled a restructuring initiative following a 37% drop in yearly profits during the second quarter. The company stated it anticipated wrapping up this restructuring plan by the end of 2023.
📝 Exclusive Perks for ExtraCare Plus Members:
- 20% off CVS Health brand products: Score significant savings on a vast array of health and wellness products.
- Free shipping: Enjoy free shipping on online orders worth $10 or more.
- Monthly $10 bonus: Receive a $10 reward each month, automatically added to rewards accounts.
- Free same-day delivery: Take advantage of free same-day delivery for almost all CVS products when time matters. ⏰
Even though the fee for joining the ExtraCare Plus program is $5 per month or $48 per year, the savings and benefits make it an attractive choice for frequent CVS shoppers. The basic ExtraCare program remains free and provides essential benefits, such as exclusive deals, 2% cash back in ExtraBucks rewards, and other discounts. 🏆
- CVS Pharmacy updated its loyalty program, introducing the ExtraCare and ExtraCare Plus tiers on Thursday, offering perks like a 2% ExtraBucks reward and text message discounts.
- For just $5 a month, ExtraCare Plus subscribers can enjoy the same benefits as ExtraCare, along with extras like seamless same-day deliveries and a monthly $10 reward.
- In an effort to attract customers amid financial struggles, CVS Pharmacy plans to eliminate 5,000 positions and unveiled a restructuring initiative in August, following a 37% drop in yearly profits during the second quarter.
- The revamped ExtraCare Plus program, which originally went by CarePass, offers exclusive perks like a 20% discount on CVS Health brand products, free shipping, a monthly $10 bonus, and free same-day delivery.
- As technologies advance in business and finance, especially in the heath sector, CVS Pharmacy is leveraging AI to streamline its loyalty program and enhance customer experience.
- Looking ahead to 2023, CVS Pharmacy aims to finalize its restructuring plan, as the company anticipates wrapping up these changes by the end of the year, syncing with broader industry trends in technology and health.
