Hallelujah! And the department store can thank Aussies getting their glam on for the sudden spike in sales.
Background: Aussie department store Myer has been a bit of a sinking ship lately. Its share price was sitting at around $3 back in 2013... and in 2020, it dropped to just 10 cents.
What happened: Myer's share price is now up 50 cents thanks to its half-year results, which showed total sales growth jumped 8.5% to $1.5 million. And now, Myer's set to deliver its first dividend in four years.
What else: It's all thanks to Myer's 3.5 million Myer One customers, who represent around 70% of the company's sales.
💡Loyalty programs are on the rise in Australia and around the world. In fact, 89% of Aussies are currently enrolled in at least one loyalty program...and the average person is subscribed to 4.4 memberships.
💡 Loyalty programs are so appealing to companies because generally a small percentage of a company's customers generate most of its sales. And it tends to be loyalty customers (case in point: Myer One customers).
💡 The challenge for companies is getting these members to actively participate (ie take up personalised discounts, incentives or invites).
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