Amex Promises “Plenti” of Long Term Happiness and Love Hormone Oxytocins

May 4, 2015     By : Shanice

American Express officially announces its new Plenti Rewards Program today, giving consumers access to earning points that turn into cash that can be used at participating Plenti partners including Macy’s, AT&T and Exxon Mobil.

Plenti, the first U.S.-based loyalty coalition, today announced that the program is now available to consumers online at Plenti.com and at thousands of partner retail locations including AT&T, Exxon, Macy’s, Mobil, Nationwide, Rite Aid, Direct Energy, Enterprise Rent-A-Car and Hulu. Plenti, a program operated by American Express, offers members numerous ways to earn points and save on the things they already shop for every day.

“You can earn points at one place and use them at another. It has nothing to do with how you pay. You are probably are familiar when you go into either a grocery store or a hardware store and be prompted to join someone’s loyalty program. What Plenti is going to do is replace a number of the other cards on your keyring,” says Jed Scala, Head of Marketing and Product for Plenti.

Plenti members who use the featured offers could earn at least 10,000 Plenti points, which is equal to at least $100 in savings. Enrollment is simple and free, and while American Express is the operator of the Plenti program, consumers can use any form of payment.

Users only have a brief window of time to use the reward before it expires, Plenti gives members at least two years to use their points. To sign up for Plenti, consumers can visit participating partner locations, Plenti.com or download the Plenti mobile app, which is available on both the Apple App Store and Google Play. Consumers who start to sign up at partner stores must finish signing up online to ensure they can receive relevant offers and use points at checkout after earning a minimum of 200 points. Plenti members can also track points easily on their receipts at checkout, Plenti.com or the Plenti mobile app. Here is a screenshot of the Plenti mobile app interface:

Plenti Mobile App Offers

“We’ve done a ton of consumer research. There are three reasons why consumers like this product. The first is the simplicity. You don’t have to learn about all the different loyalty programs. It’s just one card. The second is you can actually add more value because you’re earning a multiple places versus just one store. The third thing is the flexibility to earn points at one place and use them at another is by far the most appealing thing for the consumer,” says Scala.

To add even more credibility to the consumer research, the Plenti team invited Dr. Paul Zak, the Director of the Center for Neuroeconomics Studies to prove that modest financial wins, or everyday wins improve consumers happiness, reduce stress and build store loyalty.

Dr. Zak concluded that shopping does not have to be a hassle; his study found that modest financial wins at checkout reduced stress hormone levels, and modest everyday financial wins elevate oxytocin levels by 67% – making you happier than if you received a box of chocolate.

“We found that the reward process actually released oxytocin in a very powerful way; a 67% increase in oxytocin for the people who got a monetary reward. So essentially, it’s building this social relationship where now you feel cared about, you feel loved by a store experience. The oxytocin takes effect on the brain for about an half an hour. So for at least an half an hour after you’ve gotten that reward, you are a nicer, kinder more passionate person,” says Dr. Zak.

See below for Dr. Zak’s six key insights into the science of shopping:

  1. By measuring shoppers’ oxytocin levels before and after the study, he found that the ‘everyday wins’ of modest financial rewards increased shoppers’ love hormone oxytocin by 67%.
  2. Everyday financial wins actually reduce the stress of shopping. Participants given these rewards after shopping were found to have lower stress hormones (by 3%)– whereas study participants who received a non-monetary reward of fancy chocolate, or no reward at all, actually experienced an increase in stress.
  3. Everyday financial wins increase shoppers’ happiness – Dr. Zak’s study participants reported being 14% happier after receiving a modest financial reward, than before they walked into the store.
  4. In fact, everyday financial rewards are proven to make people happier than chocolate! Compared to the 14% increase in happiness after receiving an everyday financial reward, study participants were only 4% happier after receiving a box of fancy chocolate
  5. This happiness is long-lasting – study participants who received a modest financial reward after shopping reported a 20% increase in happiness one week after receiving the reward.
  6. Everyday financial rewards also make the overall shopping experience 14% more enjoyable than shopping without these rewards.

For more information about the new Plenti Rewards program, visit www.plenti.com.

What is Plenti?

Finally a rewards program where you can earn points at one retailer and redeem them at another — On May 4, 2015, Plenti launches, the first U.S. coalition loyalty program comprised of widely-known brands including AT&T, ExxonMobil, Macy’s, Nationwide, Rite Aid, Direct Energy, Enterprise Rent-A-Car and Hulu. Plenti members who use the featured welcome offers could earn at least 10,000 Plenti points, which is equal to at least $100 in savings. Now that’s #PlentiTogether! Enrollment is simple and free, and while American Express is the operator of the Plenti program, consumers can use any form of payment.

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Shanice

Shanice Graves is an author and community manager at LTP. She reports on happenings in payments and commerce from the NYC area. Shanice is a recent transplant to New York from Ohio. Ask her how she will bring the world of fashion and content to the universe of payments and commerce at LTP.