RocketCash sets up currency exchange
A few companies are trying to remedy that problem -- and pick up more customers in the process.
RocketCash CEO Jeff Mason said the company's Currency Exchange program should alleviate that problem online.
"Today teens are participating in a lot of different sites and earning different rewards: points, beenz, CyberGold dollars," he said. "We started getting requests from teens asking 'How can I convert $3 or $4 I'm earning on different sites to RocketCash?'"
Consumers testing waters
RocketCash uses varying exchange rates to convert the points earned at other sites, and teens can spend it at any of the participating RocketCash merchants.
'We started getting requests from teens asking, "How can I convert $3 or $4 I'm earning on different sites to RocketCash?"'
- RocketCash CEO Jeff Mason
Reward programs have proven popular with online merchants, but consumers may still be testing the waters. The average consumer belongs to only three affinity programs both online and offline, said Melissa Shore, an analyst at Jupiter Communications in New York.
That means there will probably be more programs like these, which allow consumers to consolidate some of their earnings.
"The smaller programs will have to do more of this switching to survive ... and develop 'intercurrencies.' Larger programs will try to develop more relevance on their own," Shore said. Larger programs such as Netcentives and MyPoints will partner online and offline, she said.
Let the deal-making begin
Those partnerships have already begun. In January,
"As the programs become more relevant, the consumer interest in adding another program decreases," Shore said.