Originally published: Australian Financial Review, 22 March 2024
In 2019, Myer’s loyalty scheme was terminal; unattached shoppers were outspending members of Myer One dollar for dollar. The program was placed under review by then-newly installed chief executive John King and barely rated a mention with investors.
Five years later, it is central to not just Myer’s survival but its entire value proposition, with 4.3 million active shoppers and more than 7 million accessible members. Today, most of Myer’s sales – which hit $1.8 billion in the December half – are at the hands of Myer One members.
There has been an 18 percent increase in consumer use of loyalty programs in the past 12 months, according to Retail Doctor Group and Pureprofile research. They found that half of respondents surveyed in categories such as fashion, homewares, and takeaway food and beverages, agree a retailer’s loyalty program influences their purchasing.
