Best Buy Customer Loyalty in 2021
August 9, 2021
Since 1966, Best Buy has been America’s favorite consumer electronics retailer. For over fifty years, customers have come back time and again. Whether it’s because of their unbeatable deals come Black Friday, or their great customer loyalty program, Best Buy keeps their customers coming back.
Like most other retailers, the COVID-19 pandemic negatively affected Best Buy’s sales. While people were on lockdown, consumers purchased electronics online. As the COVID-19 vaccination rate increases and more people are comfortable shopping in-store again, Best Buy can expect more of its customer base to visit its stores. What does Best Buy’s customer loyalty look like in 2021?
Return Visits to Best Buy
As of the week of June 6, 2021, 12% of visitors return to Best Buy within the span of 3 days, which is up significantly from 9% at the beginning of January. This could indicate that people are ready to shop for electronics in-person again due to increases in the COVID-19 vaccination rate. However, this doesn’t necessarily mean that they aren’t still shopping online. Return visits could also be due to customers picking up products that they recently ordered online.
Best Buy Customer Loyalty by State
Return visits to Best Buy vary by state. Consumers living in Minnesota, California, and Washington D.C. are more likely to return to Best Buy again within three days. People who live in Wyoming, South Dakota, and Montana aren’t as likely to return to Best Buy so quickly. This could be a result of those consumers having to travel farther, on average, to visit a Best Buy store, or simply preferring to purchase electronics online.
When viewing the same return visit data on a map, it becomes clear that it’s people living on a coastline who are the most likely to return to Best Buy within three days. Consumers living in the Midwest and South are the least likely to return.
A very likely reason for the higher number of return customers on the West and East Coasts could be due to the fact that there tend to be larger cities where Best Buy is much easier to get to than in more rural states.
Best Buy’s Customer Loyalty Program
With its global footprint, Best Buy has been able to keep its status as a powerhouse electronics retailer by taking care of its customers. For example, they offer a program called My Best Buy where customers can accrue points for every dollar spent with them. Members also get access to exclusive deals and discounts.
Brands would do well to take a page out of Best Buy’s book and develop customer loyalty programs that suit their audience. Location intelligence can help brands get the insights they need to create an effective customer loyalty program. For more information on how to use location intelligence to measure customer loyalty, contact us today.