The Beer Retirement Account is a groundbreaking initiative that revolutionizes retirement planning for Colombia’s shopkeepers. It taps into the everyday activity of selling beer and transforms it into a sustainable pension solution, addressing the plight of those left out by traditional pension schemes. This program not only tackles a pressing social issue—ensuring a dignified retirement for lower-income groups—but also innovates within the financial and retail sectors. It's an exemplary model of how brands can extend their influence beyond conventional business roles to enact social change.

In Colombia, a significant demographic of small shopkeepers form the backbone of the local economy, often operating in lower-income neighborhoods. Cultural norms around community and local commerce are deeply ingrained, with these shopkeepers—notably mature in age—being pivotal yet often overlooked contributors. Historically, many of these individuals lack access to formal financial planning tools, including retirement pensions, with only 25% of Colombians having pension coverage. This gap highlights an underserved community deprived of financial security as they age. Poker, a brand deeply rooted in Colombian culture with its ethos of fostering friendships—mirroring the community-centric spirit of these small businesses—recognized an opportunity to strengthen its relationship with this key customer base. The launch of the Beer Retirement Account amidst growing awareness and concern for economic disparities provided a timely, culturally resonant response, not just enhancing brand loyalty but addressing a significant social issue. This initiative harnesses the everyday sales interactions of these shopkeepers to build towards their futures, blending cultural respect with innovative financial solutions, positioning Poker as a brand that cares deeply for its community.

Situation

Pension systems worldwide, especially in Latin America and Colombia, are under strain. ASOFONDOS indicates that 75% of Colombians won't retire comfortably. Neighborhood shopkeepers, representative of informal workers, struggle with this reality, often choosing daily necessities over retirement savings due to scarce resources.

Brief

In Colombia, neighborhood stores dominate beer sales, presenting fierce competition. Poker faces the dual challenge of growing its market share and enhancing relationships with these vital partners. The question arises: How can Poker both deepen its ties with shopkeepers and positively influence their futures?

Objectives

Strengthen the loyalty and engagement of shopkeepers towards Poker, ensuring they felt valued beyond just transactional relationships.

Position Poker not just as a beer brand but as a proactive contributor to the socioeconomic health of its community.

Achieve a significant increase in BEES adoption among shopkeepers

Ultimately, enhance Poker’s market share and brand preference through meaningful differentiation and social impact.

Poker, the second best-selling beer by AB InBev in Colombia, partnered with the Colombian government and the Colombian Pension Fund (Colpensiones) to launch the Beer Retirement Account. This innovative pension scheme has transformed the future prospects of Colombian shopkeepers, who represent the cornerstone of the company's sales network. The initiative was realized through BEES, AB InBev's global B2B platform, which enables retailers to purchase beer for their businesses and earn redeemable rewards points. However, an astonishing 70% of these points went unused and expired. In response, Poker took proactive measures to empower shopkeepers by allowing them to convert their points into funds deposited into their retirement accounts. This transformative platform update has paved the way for a more dignified retirement. Currently, over 9,250 retailers are actively saving, with projections indicating that this number will exceed 30,000 by 2025.

Our strategy involved creating a new way for shopkeepers to retire by leveraging what they do best: selling beer. The Beer Retirement Account was designed to boost AB InBev's sales and increase the number of retired shopkeepers in a country where only 25% of the population has a pension, according to the Territorial Development Finance Corporation (Findeter). This was all implemented through BEES, a platform familiar to shopkeepers aged 40 to 60 from lower socioeconomic backgrounds. Reputation-wise, Poker successfully repositioned itself not just as a brand that sells beer, but as a company investing in the future of its most vital partners, transforming their stores into sustainable, appealing businesses with a promising future.

Implementation

We selected top-performing store owners on the BEES platform, introducing them to the Beer Retirement Account and inviting them to enroll. Training sessions and tutorials were created to help them convert BEES points into retirement savings. The initiative was launched via BEES app push notifications, supported by in-store materials and Poker's social media postings.

Timeline

In the Q3 of 2023, we identified and informed store owners about the initiative. On December 1st, we launched the Beer Retirement Account on the BEES platform, where we currently have 10,000 shopkeepers saving for their pensions, and we expect this number to continue to grow.

Placement

Beer Retirement Account operates exclusively on BEES, AB InBev's B2B platform, where shopkeepers purchase Poker beer for their business.

Scale

Initially, the Beer Retirement Account was piloted with 9,000 store owners across Colombia. We anticipate more corner shop owners joining in the coming months.

In just 4 months, we've achieved:

+10,000 shopkeepers are already saving for retirement by selling Poker.

Poker's orders have increased by +12.5% among shopkeepers, +16% in major cities.

271.4 million BEES points redeemed for pensions.

Net savings: 480,000 USD.

+21% BEES adoption among shopkeepers

Colombian government boosted these savings with an additional 20%.

End of 2024 goal: exceed 30,000 participating shopkeepers, with a 2025 target of over 70,000—supporting the UN's Sustainable Development Goals for inclusive economic growth and decent work.

COLPENSIONES and the Colombian government have endorsed the Beer Retirement Account as a pivotal initiative set to transform the pension landscape, potentially aiding over 500,000 shopkeepers in the long term.

This initiative demonstrates to the world that the business of selling beer and the well-being of shopkeepers can grow together, positioning Poker and AB InBev as pioneers in business transformation once again.