This week I reluctantly signed up for Incredible Connection’s loyalty programme. I was buying gadgets online and to receive a discount I had to join +more, Pepkor’s new digital rewards card.
Incredible Connection is owned by JSE-listed retailer Pepkor.
I sighed. Not another plastic card to clutter my wallet. But when I collected my order in-store it dawned on me that +more isn’t only a points scheme.
With a single scan, Pepkor quietly connected my online browsing to my in-store pickup. A simple transaction was turned into a data point in a vast, live map of South African shopping. That map is growing at a staggering rate.
Launched only 18 months ago, +more has more than 13-million members. That’s a population larger than Johannesburg’s signing up to share their shopping habits.
In 2025, Pepkor tracked 52-million customer baskets through its +more programme. This is not only about big data, but a major shift in how value is created.
Pepkor, with more than 5,000 stores reaching deep into townships and rural areas, is no longer only a retailer. It is slowly, deliberately, morphing into something far more powerful: a data-driven, value-optimising platform.
The +more programme is the beating heart of this transformation, its customer value platform.
Think about it. For decades Pepkor performed well by having the right pair of school shoes in the right location at the right price. Today, it knows which customer needs the shoes, when they need them and how to offer a seamless way to buy them online, on their phone or at a local spaza via a Flash trader.
This is omnichannel, not as a buzzword but as a survival strategy: breaking down walls between store, screen and spaza to serve customers wherever they are.
The global retail scenario is clear. Amazon doesn’t sell things, it sells prediction. Walmart uses its stores as tech-powered fulfilment hubs. Tesco’s Clubcard turned points into a profit engine.
Pepkor, the owner of Pep, Ackermans, Tekkie Town and Incredible Connection, isn’t only copying them, it’s adapting the model for our unique SA friction: unreliable stock, costly delivery and the need for trust.
The +more programme solves these pains with elegance. It means a customer can check if a size is in stock before a long taxi ride. A reliable payment and credit history with Ackermans can help you qualify for a small loan on the basket platform for a fridge.
The value promise shifts from “low price” to “we understand your life and stretch your rand”.
For investors, this is the magic. This transition might in future move Pepkor from a traditional retail stock, valued based on store openings, to a platform stock, valued based on engaged users and ecosystem growth.
That 13-million member base is a goldmine. It allows for targeted promotions that protect margins, and enables cross-selling financial services: a higher-margin game than selling T-shirts.
The +more programme turns each store into a logistics node, reducing last-mile costs. Most importantly, it builds an unbreakable barrier.
Why would a customer leave if their purchase history unlocks easier credit, personalised deals across all their family’s needs and seamless service everywhere?
Each new member makes the platform smarter and more attractive, a virtuous cycle known as the network effect.
Is it working? The evidence is in the numbers: 13-million members in 18 months is a resounding yes. Pepkor is no longer only a holding company of brands; it is weaving them into an integrated, data-powered platform.
The customer gets a smarter, fairer partner. The investor gets a more defensive, profitable business with new revenue streams. Pepkor is systematically unlocking the latent value within its unparalleled physical footprint and customer relationships.
My “reluctant” +more sign-up now feels like an early ticket to the main event.
Pepkor is using AI to build the definitive value platform for the African consumer. And 13-million of us are already along for the ride.
• Lourie is founder and editor of TechFinancials.
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