Best Buy Expands Loyalty Initiatives with My Best Buy Memberships
Best Buy is the latest retailer attempting to capitalize on the 61% of consumers who have up to four subscriptions. My Best Buy Memberships, which will launch nationwide on June 27, is a new suite of membership options designed to give consumers more flexibility based on their technology needs, budget and lifestyle.
The expanded program includes three tiers — My Best Buy, My Best Buy Plus and My Best Buy Total — with each offering different benefits, such as members-only pricing and deals, access to exclusive sales and events, tech support, product protection, free shipping and more. The tiers also have different annual pricing thresholds, which will undoubtedly appeal to consumers who are closely assessing the money they spend on subscriptions and membership programs.
The lowest (and only free) tier, My Best Buy, will offer free shipping, access to robust online order tracking and advanced wish list and checkout options. Conversely, the highest tier, My Best Buy Total, will set members back $179.99 per year, but will provide more perks to tech fanatics, such as VIP priority support at any time, 24/7/365 Geek Squad tech support and 20% off repairs.
“We’ve learned a tremendous amount from our members over the last couple years, especially that different customers value very different benefits when it comes to their technology,” said Patrick McGinnis, SVP of Memberships at Best Buy in a statement. “Creating these new membership options allows us to be there for all of our customers in the ways that are most important to them.”
With the launch of these new offerings, the electronics retailer will fold its existing membership program, Best Buy Totaltech, into the new My Best Buy Total tier. Launched in 2021, Best Buy Totaltech helped shape the new membership options. The retailer used customer insights to understand how members took advantage of different benefits. While some members used member pricing and product protection more often, others used tech support services more frequently.
The expanded, more flexible, tiers will allow the retailer to adapt to shifting consumer expectations and offer more pricing flexibility. Members will have the power to transition between the My Best Buy, My Best Buy Plus and My Best Buy Total tiers or cancel their membership at any time if their tech needs change.