PODCAST | The case for cashback and rewards programmes in a tough economy

Cash-strapped South Africans are increasingly making use of cash back and reward programmes as a way to save money in tough economy. 

This edition of Business Day Spotlight explores developments in this space. Host Mudiwa Gavaza is joined by Dov Slowatek, CEO and founder of SavvySaver.

The discussion focuses on how reward programmes can help to entice people to patronise certain businesses at a time when consumers are trying to hold on to their money as much as possible. 

SavvySaver calls itself a cashback platform. While many loyalty and rewards programmes that South Africans have become accustomed to are tied to specific retailers like Woolworths, Pick n Pay or Clicks, SavvySaver has agreements in place with brands. This means consumers can get savings or rewards on the brands of products they buy as opposed to where they shop.

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Slowatek says the cost-of-living crisis is triggering a major shift in consumer behaviour. With consumers at the tipping point of affordability, he says there is a strong shift to cashback rewards as “a solid solution to increase cash flow and manage household finances”.

The discussion explores SavvySaver’s business model; the place of “cash in a digital economy; avoiding scams; and the use of artificial intelligence (AI) in reward systems. 

Slowatek also advocates for the granular insights that can come from a cashback platform, such as measurable return on investment, granular data, consumer behaviour. 

Business Day Spotlight is a TimesLIVE Production.