New York City is an expensive place, and you can say that again. Reuters reported that an estimated 3.57 million people moved out of NYC from January 1st through December 7th, 2020. New York lost some US$34 billion in income over 2020 due to this outflow of residents. Many, unsurprisingly, cited the cost of city living as a major factor in their decision to move. True New Yorkers aren’t going anywhere, but we feel your pain. New York City is the most expensive place in the continental United States and has been for quite some time. As is always the case, a new slew of people (roughly 3.5 million) moved into the city during that same period in 2020. These new folks are probably only now getting used to the price tag of life in the “Big Apple,” not only because the costs are real, but also because the newcomers are – as Reuters puts it – people “earning lower average incomes.” In the short term, the city’s taking a hit in revenue, but these outflow/inflow cycles generally end up being healthy for the city. New blood, fresh perspectives, renewal, etc. Regardless, prices here are stubborn things and unless you’re named Vanderbilt or live on Park Avenue, the next couple of years are going to be belt-tightening ones for most New Yorkers. Saving money is tough, but the premise behind reward apps offers a way to save that requires only marginal effort.
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Reward apps are getting popular all over the world as people trade their shopping data for discounts, deals, or quick conveniences such as a free coffee or an Amazon.com gift card. The process works by scanning (sometimes photographing) your shopping receipts for the app. That’s it. Scan a receipt from any establishment that gives one and earn rewards as points start adding up in your user wallet. From a simple meal at a bodega to opera tickets… all the receipts you collect are almost the equaling of free money. What’s the catch? It’s staring you in the face: they want your shopping data. It’s a trade – data for rewards. And most reviews say it’s an equitable one. Ordinary loyalty or reward programs also come with strings attached, but those strings are mostly annoyances. “Buy any item worth at least US$9.99 on Wednesdays, Saturdays, or Mondays before noon, and it’s 30% off the next time you visit us on the second Sunday of the month!” –Exaggerated, yes… but not that far off from the hoops you have to jump through. Research backs up the observation that most people aren’t bothering to sign up for reward programs and aren’t even cashing in points. The process isn’t worth the effort.
But you have your phone with you at all times you shop and remembering to scan a receipt is a tiny learning curve. Plus, there’s no rush: you’ve got two weeks to get the data in. The app knows the whole scanning thing is a bit of a chore, so they go out of their way to offer a range of rewards to ensure there’s something there for everyone. You can redeem your points for discounts at almost all of the big players: CVS, Target, Chipotle…etc. Or you can let them sit and wait for some promotion or offer that speaks to you. As noted, this is a trade. Trades have to work for both sides. Corporations need data… big data. And we might just be cogs in the machine of commerce – but these cogs have valuable data. Marketers would give an arm and a leg for the kind of stuff you get from a receipt. A receipt is a cornucopia of facts: Where, what, when, what color, what size, how many, how often – exactly the information that AI can separate into patterns and trends. Faster than any survey – and more truthful, too. And if you happen to not want an algorithm to know you bought some “personal item,” don’t scan that receipt!
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You might remember a grandparent or parent cutting out newspaper coupons that got them a few cents of the price of milk or something. Your family might not even have been hard up; snipping out and using the coupons was just common sense. –Why not grab a chance to save? The coupon was declared dead a while back – not because you can’t find them in newspapers but because people value their time over the meager savings. A reward app might be the coupon’s digital descendant but it comes with a scope unimaginable even a few decades ago: everything you buy can count towards points, which equal rewards… and not reward choices of this or that, but a goodie basket that’s bound to have something you desire. It’s not going to pay your rent, but hey, a buck saved is a buck earned, and getting those savings is even easier than snipping out bits from newspapers. Verdict: worth it.
