A "Buy Without Money" program is a type of loyalty or rewards program where customers can make purchases without using traditional money. Instead of paying with cash, credit, or debit, customers use accumulated points earned through activities like referrals, purchases, or engagement with the store's services.
A customer signs up for the Fair store’s loyalty program form
He or she is assigned a starting balance of points or earns points with his or her purchases.
2. Accruing Points Through Referrals:
A referral program allows customers to refer friends or family to the store.
For every successful referral (i.e., when the referred person makes a purchase or signs up), the customer who referred them receives points as rewards.
For example:
Referral Reward:
If you refer a friend who makes a purchase, you earn 10 points.Referral Points Accumulation: Over time, as you refer more people, your points balance increases.
These points can be used as a form of currency.
Once a customer has accumulated enough points, he or she can redeem those points to buy products or services from Fair store.
The points act as a substitute for cash payment.
Example:
1000 points equals NGN500,000.00 worth of Product.
If a customer’s accumulated points are enough, he or she can fully cover the cost of his or her purchase without needing to use traditional money.
Free products or discounts: Customers get access to items they may not have been able to afford using traditional payment methods.
Incentives to refer: The more people a customer refers, the more points he or she earns, encouraging word-of-mouth marketing and store growth.
Exclusive offers: Fair Store offers bonus of 200 points for referring 100 people within 1 - 3 months .
Imagine you shop at a local electronics store and join their loyalty program.
Here’s how it work:
You refer your friends to the store, and they make their first purchase. You earn 300 points for the referral.
Over time, you refer a few more people, and you accumulate a total of 500 points.
You go to the store and want to buy a new phone. The phone costs NGN300,000.00. The store allows you to redeem 100 points which equals to NGN50,000.00. So, your 500 points worth NGN250,000.00. Therefor, you only need to pay NGN50,000,00 in cash, as 500 points cover NGN250,000 of the cost.
As you continue to refer more friends, you earn more points and can redeem them for future purchases.
It provides a rewarding shopping experience where they get free products or discounted prices based on their actions (such as referrals).
It’s an easy way to save money or even get products for free by leveraging accumulated points.
A "Buy Without Money" program allows customers to make purchases using points earned primarily through referrals, which promotes customer engagement and business growth. This type of program benefits both the customer, who gets rewarded with free products or discounts, and the store, which gains a new customer base and increased sales through referral incentives.
The more customers refer, the more they can accumulate points, which makes them feel more invested in the store and encourages long-term loyalty.