The retailer wants to grow the subscription program, which has about 5.8 million members.
Best Buy leans into loyalty, nationwide two years ago. The program grew to 5.8 million members by late January — adding up to nearly $1.2 billion in annual revenue. That's up from 4.6 million members the prior year.
The other two tiers are the retailer's free loyalty program, which includes free shipping with no minimum purchase, or an option in the middle: My Best Buy Plus. The new $44.99 per year subscription includes members-only prices, free two-day shipping with no minimum purchase and an extended return policy.
On an earnings call in March, Barry said Best Buy is pleased with the program's results. She said members shop more with the company, buy more across categories and rate their experience higher than nonmembers. "People just aren't buying electronics these days and you're seeing it across the spectrum, whether it's Walmart, Target, Costco, Amazon," Feldman said. "Electronics just aren't selling — especially big ticket electronics — and that's been a pressure point for the past half a year or so."
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