Membership Rewards is the latest feature to drop in the Storis ERP, introduced in the home furnishings technology provider’s 10.8 release launched in February. This new feature empowers home furnishings retailers to operate sophisticated membership programs. Highlights are tiered levels, reward point accruals, reoccurring subscription payments and auto-applied incentives.
Retention strategies are critical for retailers as it costs up to five times more to acquire a new customer than to continue growing the lifetime value of a current one, according to Forbes, and retailers are evaluating customer loyalty programs to differentiate their businesses in competitive markets.
Fiona Richardson, product manager for Storis, notes, “Our home furnishings and appliance retail partners are taking the next step in loyalty by leveraging paid membership programs and reoccurring brand subscriptions. Loyalty programs with a paid point of entry are proven to increase average order values.” As highlighted in Storis’ 2024 Trend Guide, a PYMNTS study finds, “77% of consumers with retail subscriptions buy more products from the brands they have relationships with.”
With Storis Membership Rewards, retailers can offer incentives desired by customers shopping for furniture and appliances. This includes exclusive pricing and promotional offerings and also extends to unique financing programs, protection plans and plan terms. Additionally, exclusive in-home delivery services or waived delivery fees can be offered as incentives.
