According to the African Development Bank, South Africa’s economic outlook is weakly positive, with GDP growth projected at 1.6% this year. That’s economist lingo for “things aren’t great, but they’re also not completely on fire.” So, while we all wait for the day when we don’t have to ration our petrol usage like students on a road trip, people are getting creative with how they save. To help, many of us lean on programmes that incentivise and reward us when we engage with them. More than 30 million of us save billions each year through this 21st century way to plan for a rainy day, fight rising inflation and manage our finances. But what if there was something better? A science-backed wellbeing programme designed to fuel long-term health, not just quick financial relief.
Loyalty that packs a punch:
Over 76% of South Africans use rewards programmes and on average, middle class South Africans are part of nine different loyalty schemes at any one time. Once upon a time, these were just a little bonus, something you half-heartedly signed up for while waiting in a checkout queue. Today they can be a financial safety net. This explains why the loyalty market is projected to grow by almost 10% a year until 2028 and be worth around R10 billion.
What makes these programmes so powerful is that you can use them for almost anything. People use their rewards to buy medication, smart watches and even groceries when payday seems like it’s a lifetime away. But almost every retailer and financial services company has some kind of rewards scheme. And many of them are often complex in nature and require you to jump through hoops before you earn enough to get yourself a coffee or a cash back.
YuLife is different. Its science backed wellbeing programme encourages holistic wellbeing which impacts more than just your pocket. Small actions every day can make a big impact forming longer lasting habits over time. With YuLife you can start as small as 2000 steps a day or a few minutes of meditation. Hitting your goals not only gets you rewards but improves your mental, physical, financial and spiritual health.
The in-app rewards come in the form of currency called YuCoin, which is earned by members for engaging in healthy behaviours such as walking, cycling, meditating, and completing wellness challenges. Employees can redeem YuCoin for rewards, discounts, and charitable donations within the platform. YuLife saw a peak in YuCoin redemptions during November and December, showcasing the impact rewards have for consumers financially, with employees primarily using their rewards for groceries, followed by retail purchases and ESG contributions.
But rewards aren’t just about patching up financial holes. According to Truth & BrandMapp’s 2023/24 Loyalty Whitepaper, rewards programmes have a considerable influence over people’s purchasing decisions. They determine where:
- 78% of people get their groceries
- 55% of people get their fuel
- 48% of people get their banking services
- 35% of people get their health products and pharmaceuticals
- And 33% of people get their clothes
Turning Points into Wellbeing
Rewards shouldn’t just be about what you can physically buy. True wealth isn’t just measured in rands and savings accounts, it’s in the ability to invest in yourself. Imagine a programme where you are not only gaining financially through being incentivised for engaging but are improving your wellbeing on a daily basis. YuLife understands that holistic wellness matters. Because what’s the point of stretching your budget if you’re too stressed out to enjoy the wins?
So, while GDP projections keep economists busy, everyday South Africans are finding new ways to make their coins count, one reward hack at a time.
Rewards allow consumers to stretch their income a lot further and, when using the right programme and investing in themselves and their family needs.
Of course, good physical and mental health should be its own reward, but things are rarely that simple. Many of these extra incentives help people over the line, especially given that 65% of people say they’d do more physical activity if they were rewarded for it by their employer.”
The Role of Businesses in Smarter Rewards:
It is not just consumers who get benefits from points. Rewards programmes are a powerful tool for businesses, driving both customer retention and employee engagement. For customers, rewards create brand loyalty by offering tangible benefits for repeat purchases, making them more likely to choose one brand over another. For employees, incentives boost motivation and wellbeing, especially when linked to health and lifestyle goals. By integrating meaningful rewards, businesses enhance satisfaction, encourage positive behaviour, and ultimately improve performance, at no extra cost to the employer.
So, what’s the takeaway for businesses? Rewards shouldn’t just be about transactions; they should be about transformation. Employee incentives work best when they align with what truly benefits the workforce not just what feels like a nice-to-have.
At YuLife, we believe businesses have an opportunity to rethink how companies structure rewards. The right incentives don’t just make employees feel valued they create a healthier, more engaged workforce.