Wellcoin: Health Currency
Boston-based start-up Wellcoin has launched a "health currency" that consumers earn for healthy behaviour, to spend in a growing marketplace of brand partners.
Consumers can earn Wellcoins in many different ways, including sleeping for at least seven hours per night, logging exercise and choosing healthy food and drink options. They verify activities by taking snaps of their meals or linking their accounts to fitness wearables.
Consumers can spend Wellcoins on products and rewards from over 65 partner brands, including Skechers, Reebok and Whole Foods Market. Popular rewards have included free running shoes, fitness classes and health trackers. In return, brands receive access to a pool of motivated customers posting content that features their products and venues, as well as insights from users' behaviour patterns.
For example, Wellcoin could help brands reach members who recently went kayaking, or discover how many people worked out near their business over the past month. Brands post offers and content for free, and are only charged a fee when rewards are redeemed.
Encouraging healthy behaviour change is a core concern for the start-up. "Wellcoin was founded on the premise that rewarding people for easy-to-adopt, positive behaviours can help create lasting lifestyle changes," said co-founder Glenn Laffel.
Growing numbers of consumers, particularly millennials, are elevating health and wellness to luxury status symbols. See Millennial Fitness: Party People and Luxury Changes Gear, part of our New-Era Luxury Macro Trend, for more.