Jun 11, 2026 · 44 min · 11 segments
Membership and loyalty programs are one of the most powerful growth levers in consumer businesses, yet 90-95% of them fail. Most companies treat them as a feature bolted on top of the product. The…
Anuj RathiGuest
Rahul ChowdhriHost
Membership programs are grown up companies again trying to become startup in their own right.
The first thing is the ability of the company to package benefits that can be given to users that are desirable, predictable and profitable.
When we had like no MOV, minimum order value, many users started ordering papad and samosa and like 19 rupees things for free delivery and so on.
How do you go about defining pricing as in what is attractive enough for a customer? We cannot think of P&L in snapshots.
What Swiggy started observing was that even though 100 rupee coupon is like a more valuable coupon, would still choose the option of free delivery coupon.
Instead of spending a cack of thousand rupees on a new customer, why don't I create a membership program between the two that repeat customers? Lesser negative on unit economics.
This is the shape of P&L, customer cohort-wise, that I want to see over the next one year or three years.
Do you have or can you create a set of benefits that make people turn? If you pick any of those things that I talked about, each one of them becomes like a recipe for failure if you have not done it right.
Membership programs are grown up companies again trying to become startup in their own right.
The first thing is the ability of the company to package benefits that can be given to users that are desirable, predictable and profitable.
When we had like no MOV, minimum order value, many users started ordering papad and samosa and like 19 rupees things for free delivery and so on.
How do you go about defining pricing as in what is attractive enough for a customer? We cannot think of P&L in snapshots.
What Swiggy started observing was that even though 100 rupee coupon is like a more valuable coupon, would still choose the option of free delivery coupon.
Instead of spending a cack of thousand rupees on a new customer, why don't I create a membership program between the two that repeat customers? Lesser negative on unit economics.
This is the shape of P&L, customer cohort-wise, that I want to see over the next one year or three years.
Do you have or can you create a set of benefits that make people turn? If you pick any of those things that I talked about, each one of them becomes like a recipe for failure if you have not done it right.
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