Jamaica Stock Exchange launches loyalty card
Published:Thursday | November 17, 2016 | 12:00 AMTameka Gordon
The Jamaica Stock Exchange (JSE) has launched a loyalty card for investors on the stock market in the hope that this will drive them to do business with listed companies, while reaping cash back value for themselves.
The population of investors number more than 100,000.
Administration of the card and back office services are being handled by partner Sure Loyalty Solutions, a fairly new entrant to the loyalty card market, which counts Sangsters Bookstore, Tile City and Key Insurance among its clients.
General Manager of JSE Group, Marlene Street Forrest, at the launch on Thursday pitched the card as a way for individual investors to reap added financial benefits, outside of dividend payments, from the companies in which they invest.
"It is what I would term a full-circle card, which spreads benefits from the company to the investors and from the investor back to the company, which is owned by the investor," Street Forrest said.
"The participating companies in this loyalty reward programmed know that dividends stock splits are all tangible benefits however these do not bring investors directly in touch the products and services in which they invest," she said.
The card could also mean new customers for listed companies, if it takes root, she reasoned, while noting that businesses will have a pool of more than 100,000 investors as a potential market.
Speaking to what she described as a regular complaint of companies that shareholders do not often attend annual general meetings, Street Forrest said the card will also put investors closer in touch with companies whose stock they own as they partake of the products and services.
So far, seven stock market companies have signed up to accept the card, six of which are listed on the junior market Derrimon Trading Company, Dolphin Cove, Lasco Financial Services, Sweet River Abattoir & Supplies, Knutsford Express Services and Jamaican Teas' retail outlet, Shoppers Delite; while the seventh is Jamaica Stock Exchange Limited itself, which is listed on the main market of the JSE.
Application forms are available at the participating merchants and at the JSE.
The card branded 'The Jamaica Stock Exchange Loyalty Programme: Rewards for Investors' will offer two per cent to five per cent cash back when swiped at the seven participating merchants.
"Customers will then receive cheques with the cash value earned over a four-month period," General Manager of Sure Loyalty Solutions, Dexter Tulloch, explained at the launch event on Thursday.
The near four-year-old card company itself has a branded product on the market dubbed, Sure Loyalty.
While merchants have the option of offering varying levels of discounts, Tulloch said the range currently spans two per cent to five per cent.
"The rewards are converted to points, accumulated on your loyalty account over a four month span then loyalty cheques are mailed to you, which can then be redeemed at any of the participating companies," Tulloch said.