Members accrue membership points from transactions at any of the group's family of businesses, which spans supermarkets, travel, pharmacies, funeralcare, banking and insurance.
The value of each point varies year-on-year because the dividend payment is linked to the profits of The Co-operative Group, which rose 8.6% to £431.6m last year.
The members' dividend is paid in the form of vouchers, which can be spent or cashed in stores, or paid into a bank account. Members can also instruct the group to pay their dividend direct to charity.
Patrick Allen, director of marketing at The Co-operative Group, said: ‘It is only right that our members, who ultimately own and control the business, share in our success. At a time when communities are becoming increasingly dominated by a handful of large and impersonal businesses, we are showing consumers that being a member of The Co-operative is a totally different experience from being just a loyalty cardholder with another retailer.'
The group is in the midst of what it claims is the biggest rebranding exercise in UK corporate history. Last week it launched a £1.4m national press campaign, developed by McCann Erickson, to demonstrate the links between its various businesses and the co-operative way in which they operate. The work uses the strapline: ‘The Co-operative: good for everyone.'
'The Co-operative is frequently cited in independent consumer research as one of Britain's most trusted and ethical brands, so we must ensure that wherever someone sees The Co-operative they know they can expect the same intrinsic values that set us apart from our competitors,' said Allen.
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