In an effort to capitalize on the rapidly expanding online furniture market, Bed Bath & Beyond is testing out a new paid loyalty program that follows the same model pioneered by Amazon.
The new paid loyalty program would be an exclusive option available to subscription-paying members. Like Amazon Prime, customers would pay a yearly fee that would give them special online shopping perks such a free shipping, discounts on purchases and access to exclusive products. The strategy is designed to help the chain capitalize on its ecommerce sales, while also opening up new revenue streams in the form of yearly membership fees.
With a growing number of consumers going online for larger items such as furniture, Bed Bath & Beyond's new loyalty program could help the company maximize its online sales.
Membership-Based Loyalty Programs
Bed Bath & Beyond is Testing Out a Paid Loyalty Program
Trend Themes
1. Paid Loyalty Programs - Bed Bath & Beyond is testing out a new paid loyalty program that offers exclusive perks for subscription-paying members, following the model pioneered by Amazon.
2. Ecommerce Sales Optimization - The new loyalty program could help Bed Bath & Beyond maximize its online sales, particularly for larger items like furniture.
3. Subscription-based Membership - By offering a yearly membership fee, Bed Bath & Beyond could open up new revenue streams and create a sense of exclusivity for customers.
Industry Implications
1. Retail - Paid loyalty programs can be implemented by retailers to boost customer loyalty and increase online sales.
2. Ecommerce - Ecommerce platforms can benefit from offering paid loyalty programs to enhance customer experience and increase revenue.
3. Furniture - The furniture industry can adopt paid loyalty programs to incentivize customers to make online purchases and increase customer retention.