As countless retail businesses find themselves struggling amid the global pandemic, companies are looking for new ways to attract customers and garner business.
While deals and sales may initially bring people back into stores, it’s important for these businesses to have a long-term plan to keep people coming back.
In fact, it feels as if a number of retail businesses decided to start loyalty programs in recent months.
And, though Kohl’s already had a loyalty program in place pre-pandemic, the business just announced that they’ll be revamping their previous program.
Kohl’s announced on Tuesday, September 8 that they’re planning to revamp their previously popular loyalty program which was called Yes2You Rewards.
Now simply called Kohl’s Rewards, this new loyalty program looks to focus on earning Kohl’s Cash for customers.
“We will maximize value for our Kohl’s customers nationwide with the launch of Kohl’s Rewards by rewarding them with more Kohl’s Cash every day,” Kohl’s Chief Marketing Officer Greg Revelle said in a press release.
“Kohl’s has always been synonymous with value – and over the last decade we’ve built one of retail’s leading loyalty programs, a critical element in delivering an outstanding experience for our customers.”
Members of the new loyalty program will earn 5% Kohl’s Rewards on every purchase, which will then be converted into Kohl’s Cash in $5 increments.
The Kohl’s Cash coupons will be valid for 30 days and members will be alerted when they have the cash to spend.
Shoppers will also get $10 for every $50 spent during Kohl’s Cash promotional events. This new program was tested in 13 different markets, but it is now being rolled out nationally.
And, if you are already a member of the Yes2You program, you will automatically be transferred to the Kohl’s Rewards program.
The launch of this new program comes just a few weeks after the company announced that their second-quarter revenue decreased 23% and that their net sales fell 23% to $3.2 billion.
With COVID-19 still seriously affecting the retail business, companies are recognizing the need to drive sales and encourage more shopping.
“Loyalty is another important piece of our strategy,” CEO Michelle Gass said on a call back in August.
“We saw positive results in our pilot and are confident that this new program will further enhance our position as a leader in the industry. It’s a very important launch for us because we’re starting from strength.”