PepsiCo asks fans to bundle, scan, earn cash back
Food and beverage manufacturer launches ‘PepCoin’ rewards
PepsiCo recently launched “PepCoin,” a rewards program offering cash-back for consumers purchasing specially marked PepsiCo beverages and Frito-Lay snacks to prompt in-store bundling and reward loyalty.
To earn, consumers create a free account on PepCoin.com, link their PayPal or Venmo account, then purchase PepsiCo and Frito-Lay products marked with the PepCoin logo. Users then scan/enter the code on the bag or cap at pepcoin.com within 48 hours of purchase to earn up to 10 percent back, PepsiCo says. Once the balance reaches $2, money is transferred to the linked Venmo or PayPal account.
PepCoin was developed in partnership with San Luis Obispo, Calif.-based agency Hathway, and SessionM, Boston, based on insights that show high percentages of drinks and snacks are purchased together. A unique program for the industry and for PepsiCo, PepCoin was designed to be evergreen, boosting bundling and loyalty while adding as little production cost as possible, Hathway says.
“There are two parallel paths for this initiative: how to increase conversions through the experience using conversion rate optimization methods (CRO), as well as making improvements to the scanning mechanism and the backend machine learning,” says Matthew Carinio, vice president of strategy and consulting at Hathway. “These are all created to boost the accuracy of the application scanning and reduce fraud.”
Carinio notes that ongoing innovation for PepCoin could eventually include a native app, along with the ability to share or donate PepCoin earnings. PepCoin’s robust backend also lets the brand know exactly which products are being purchased in-store, something typically only the retailers see.
“What this product starts to unlock is consumer intelligence that might help Pepsi create a better relationship with consumers, and that’s something we’re excited to be a part of,” Carinio concludes.