Nowadays, many companies cannot see the digital investment that plays a main role in the IR 4.0. Therefore, this study is investigating the study of investment as plays a critical role in an analytical activity to assess the benefits and costs of an investment and can be used as an investment justification. Traditional investment appraisal uses a financial approach where the benefits and costs are quantified in a certain amount of value for money and then compared in value. Moreover, this study is revealed the fruitful outcomes because revealed the investment valuation method with NPV (Net Present Value) and ROV (Real Option Valuation). ROV is an alternative to financial valuation. Seeding from the same philosophy as Financial Option, ROV has advantages in handling the flexibility, risk, and volatility that may occur from an investment. Thus, ROV is considered more able to appreciate an investment that has these characteristics. Investment appraisal with ROV is better able to appreciate investment than traditional financial methods, as shown by ROV's NPV results in the case of marketing with Loyalty points through email communication as a digital investment that are greater than ordinary NPV. This is because ROV can appreciate flexibility in investments that have choices of investment plans in the future. © 2023 University of Tehran. All rights reserved.