What makes a rewards currency more valuable than cash? Discovery's latest research paper reveals the true value of Ðiscovery Miles, and why it is the most sought-after shared-value rewards currency of them all.
A recent study by Discovery has found that over Ð31 billion have been earned since January 2020, showing the increasing popularity of Ðiscovery Miles.
Plus, it is expected that over Ð10 billion will be paid out to members in 2024, with a potential redemption value of up to R1.4 billion with the Ðiscovery Miles dynamic spend discount.
What makes a rewards currency more valuable than cash?
Highlights from the report:
Healthier living, higher rewards
Discovery's shared-value approach shows that incentivising members for improving their health correlates directly with increased rewards. The healthier your lifestyle, the more rewards you earn.
As a shared-value rewards currency, Ðiscovery Miles stands out for its undeniable appeal and value. Vitality Health, Drive and Money members have so many opportunities to earn Ðiscovery Miles every day, such as:
- Keeping active and achieving their exercise goals.
- Driving responsibly.
- Buying qualifying healthy groceries, personal care items and baby essentials.
- Paying for fuel and Uber rides.
- Using a Discovery Bank card, investing for the long term, and having life insurance.
Once they've earned Ðiscovery Miles for their healthy behaviour, members have the flexibility to use their rewards for a variety of needs and desires, and in many convenient ways. The following image shows how healthy habits translate into meaningful rewards for members:
More valuable than cash
In 2023, Ðiscovery Miles were 1.23 times more valuable than their cash out equivalent when spent through the in-store and online partner network, in the Vitality Mall, and on prepaid products and services in the Discovery Bank app.
What makes Ðiscovery Miles so valuable? Members get an upfront discount of 5% to 15% every day of the month when they spend their Ðiscovery Miles. What's more, on the 15th of every month, members get from 10% to 30% off at over 40 in-store and online Ðiscovery Miles retail partners on Miles Ð-Day.
In 2023, members used their Ðiscovery Miles spend discounts to make purchases worth R530 million in exchange for Ð4.3 billion - meaning clients enjoyed 23% more in value than if they had opted for a cash out option.
Ðiscovery Miles are more valuable than cash on the Discovery and Discovery Bank apps, in-store and online with Discovery Vitality's partners.