In 2019 Myer’s loyalty scheme was terminal. Five years later, it is central to driving sales at the recharged department store.
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.
“It’s not something that you see often. Usually, a loyalty program is complementary to the business. I think that’s given them the confidence to say, ‘loyalty is the secret sauce for us’,” he says. “The real battle within loyalty programs is being fought over the delivery of meaningful value. Those programs that are providing it to their increasingly savvy members are winning, while the rest suffer their plastic membership card being thrown in the recycling bin.”earlier this month 76 per cent of Myer’s sales are attached to Myer One members. That is not the only source of its turnaround – King has downsized real estate and recruited better brands into stores too.
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