Bunnings is providing merchants and businesses with discounts on fuel, cash back and Qantas Points as businesses battle to meet customer expectations amid the cost of living crisis.
The company launched a six-tier version of PowerPass Pro on Monday to help more than 1.1 million customers in Australia and New Zealand in the program’s biggest update since 2011.
Bunnings launched a new loyalty program on Monday. Getty
All members can earn $100 in rewards if they spend $2,000, and another $50 for every $1,000 they spend after that.
They can also get discounts on fuel through Shell Card Lite and earn Qantas Points through Qantas Business Rewards, with more benefits the higher your annual spend with Bunnings.
Bunnings managing director Mike Schneider said the idea was inspired by customer feedback and will help traders and small businesses get the most out of their spend.
“We listened closely to our customers who told us they wanted more than just a discount at the checkout – they wanted their loyalty to be recognized and rewarded in ways that truly support their business,” he said.
“With fuel discounts, travel rewards, Pro Rewards dollars and benefits that grow over time, the program will help customers get more bang for their buck and take it far beyond the job site.”
PowerPass Pro membership levels start at Member and go up to Basic, Plus, Elite, Supreme and Black.
At the highest level, members can receive up to 8 cents per liter off at the petrol station and 85,000 Qantas Points each year.
Research by the Australian Loyalty Association in June found rising customer expectations and cost of living pressures are forcing companies to rethink their loyalty programs.
It found that 80 per cent of Australians expect better deals if they are members of a loyalty program, and 72 per cent expect better service.
Meanwhile, 86 percent are taking steps to cut costs.
“Brands can no longer take loyalty for granted,” said Australian Loyalty Association founder and chief executive Sarah Richardson.
Australians want better value for their money. Getty
“Consumers are under pressure to actively compare alternatives and expect tangible benefits in exchange for their participation.”
Consumer expert Graham Hughes said companies are getting better at executing their loyalty programs than ever before as the area becomes highly competitive.
“Most of us are in some kind of program, but the question is whether these things can actually bring us any tangible benefits, and that obviously makes a difference whether we shop with a particular company or another,” he said.
“Some of these benefits they provide you may end up influencing your decision as a buyer.”