Latest / Omni Talk Retail / Wayfair Launches Membership Program: Are Consumers Interested?
Transcript
- 0:00Wayfair
- 0:00has
- 0:01launched
- 0:01a
- 0:01new
- 0:01paid
- 0:02loyalty
- 0:02program.
- 0:03According
- 0:03to
- 0:03Retail
- 0:03Dive,
- 0:03Wayfair
- 0:04has
- 0:04launched
- 0:04a
- 0:04new
- 0:05membership
- 0:05loyalty
- 0:06program
- 0:06across
- 0:06all
- 0:07of
- 0:07its
- 0:07banners,
- 0:08including
- 0:08Wayfair,
- 0:09All
- 0:09Modern,
- 0:09Birch
- 0:09Lane,
- 0:10Joss
- 0:10and
- 0:10Main
- 0:11and
- 0:11Paragould.
- 0:12I
- 0:12think,
- 0:13I
- 0:13think,
- 0:13I
- 0:13think
- 0:13Wayfair
- 0:14ascribes
- 0:15too
- 0:15much
- 0:15value
- 0:15to
- 0:15all
- 0:15those
- 0:16brands,
- 0:16but
- 0:16I
- 0:16don't
- 0:16know.
- 0:16That's
- 0:17just
- 0:17my
- 0:17opinion.
- 0:17The
- 0:18program
- 0:18costs
- 0:18$29
- 0:19per
- 0:19year.
- 0:19They
- 0:20put
- 0:20them
- 0:20in
- 0:20every
- 0:20press
- 0:20release.
- 0:21The
- 0:21program
- 0:21costs
- 0:22$29
- 0:22per
- 0:23year
- 0:23with
- 0:23rewards
- 0:24that
- 0:24never
- 0:24expire
- 0:25as
- 0:25long
- 0:25as
- 0:25subscriptions
- 0:26do
- 0:26not
- 0:26lapse.
- 0:27According
- 0:27to
- 0:28a
- 0:28company
- 0:28press
- 0:28Release,
- 0:29members
- 0:29get
- 0:305%
- 0:30back
- 0:30in
- 0:31rewards
- 0:31on
- 0:31all
- 0:31purchases,
- 0:32early
- 0:32access
- 0:33to
- 0:33major
- 0:33sales
- 0:34events
- 0:34and
- 0:34free
- 0:34shipping
- 0:35on
- 0:35orders
- 0:35of
- 0:35any
- 0:35size,
- 0:36among
- 0:36other
- 0:36perks.
- 0:37Ann?
- 0:38Yes.
- 0:39Are
- 0:39you
- 0:39buying?
- 0:40I
- 0:40have
- 0:40no
- 0:40idea
- 0:41which
- 0:41way
- 0:41you're
- 0:41going
- 0:41to
- 0:41go
- 0:41on
- 0:41this.
- 0:41Are
- 0:42you
- 0:42buying
- 0:42or
- 0:43selling
- 0:44Wayfair's
- 0:44new
- 0:45paid
- 0:45subscription
- 0:45program?
- 0:46Because
- 0:46as
- 0:46you
- 0:46mentioned
- 0:46at
- 0:47the
- 0:47outset,
- 0:47you
- 0:48are
- 0:48in
- 0:48the
- 0:48middle
- 0:48of
- 0:48a
- 0:49home
- 0:49move.
- 0:50Yes,
- 0:51I'm
- 0:52selling.
- 0:52I'm
- 0:53not
- 0:53interested
- 0:53in.
- 0:53You're
- 0:53selling.
- 0:54I.
- 0:55Well,
- 0:55let
- 0:55me
- 0:56clarify.
- 0:56Okay.
- 0:57Okay.
- 0:57As
- 0:57we've
- 0:58said,
- 0:58with
- 0:58just
- 0:58about
- 0:58three.
- 0:58Weeks,
- 0:58you're
- 0:58not
- 0:59signing
- 0:59up.
- 0:59You're
- 1:00not
- 1:00signing
- 1:00up.
- 1:00I'm
- 1:01definitely
- 1:01not
- 1:01signing
- 1:02up.
- 1:02Okay.
- 1:03As
- 1:03we've
- 1:03said
- 1:03though,
- 1:04with
- 1:04just
- 1:04about
- 1:05every
- 1:05subscription
- 1:06program
- 1:06like
- 1:06this,
- 1:07it
- 1:07costs
- 1:07you
- 1:07absolutely
- 1:08nothing
- 1:09but
- 1:09time
- 1:10and
- 1:10probably
- 1:10not
- 1:11that
- 1:11much
- 1:11time
- 1:11to
- 1:12try
- 1:12something
- 1:12like
- 1:12this.
- 1:13So
- 1:14if
- 1:14you
- 1:14want
- 1:15to
- 1:15put
- 1:15it
- 1:15out
- 1:15there
- 1:15and
- 1:16see
- 1:16who's
- 1:16willing
- 1:16to
- 1:16pay
- 1:17you
- 1:17for
- 1:17it
- 1:17and
- 1:17just
- 1:18get
- 1:18the
- 1:18data
- 1:18about
- 1:19how
- 1:19they're
- 1:19using
- 1:19it,
- 1:19like,
- 1:20go
- 1:20for
- 1:20it,
- 1:21be
- 1:21my
- 1:21guest.
- 1:21But
- 1:22great
- 1:22point.
- 1:22With
- 1:22subscription
- 1:23programs,
- 1:23great
- 1:23point.
- 1:24Yeah.
- 1:24But
- 1:25you
- 1:25get
- 1:26free
- 1:26shipping
- 1:26right
- 1:26now
- 1:26on
- 1:27Wayfair
- 1:27for
- 1:27anything
- 1:28you
- 1:28order
- 1:28over
- 1:28$35.
- 1:30And
- 1:30my
- 1:30guess
- 1:31is
- 1:31that
- 1:31the
- 1:31majority
- 1:32of
- 1:32people
- 1:32who
- 1:32are
- 1:33ordering
- 1:33things
- 1:33from
- 1:34Wayfair
- 1:34are
- 1:35at
- 1:35least
- 1:35spending
- 1:36$35.
- 1:36So
- 1:36that
- 1:37$30
- 1:37a
- 1:38year
- 1:38is
- 1:39really
- 1:39of
- 1:39no
- 1:39value.
- 1:40And
- 1:40I,
- 1:40you
- 1:41know,
- 1:41I
- 1:41looked
- 1:41in
- 1:42specifically,
- 1:42I
- 1:42went
- 1:43to
- 1:43Wayfair,
- 1:44I
- 1:44do
- 1:44have
- 1:44the
- 1:44tab
- 1:44open.
- 1:45Sure
- 1:45you
- 1:45did.
- 1:46But
- 1:47I
- 1:47went
- 1:47in
- 1:47there
- 1:47and
- 1:48I
- 1:48checked
- 1:48like
- 1:49price
- 1:49low
- 1:49to
- 1:49high
- 1:50even.
- 1:50They're
- 1:50like
- 1:51under
- 1:51$20
- 1:52section,
- 1:52which
- 1:53wouldn't
- 1:53qualify
- 1:54for
- 1:54the,
- 1:54you
- 1:54know,
- 1:54free
- 1:55shipping.
- 1:55And
- 1:56it's
- 1:56just
- 1:56basic
- 1:57stuff
- 1:57like
- 1:57mugs,
- 1:58shower
- 1:58organizers,
- 1:59Reed
- 1:59Diffuse,
- 2:00like,
- 2:00you
- 2:00know,
- 2:00that
- 2:01kind
- 2:01of
- 2:01stuff.
- 2:01And
- 2:01I
- 2:01think
- 2:02that
- 2:02if
- 2:02I'm
- 2:03shopping
- 2:03for
- 2:03that
- 2:04stuff,
- 2:04like
- 2:04I
- 2:04can
- 2:04get
- 2:05that
- 2:05faster
- 2:05and
- 2:06cheaper
- 2:06using
- 2:06Amazon,
- 2:07going
- 2:07to
- 2:08Walmart
- 2:08or
- 2:08going
- 2:08to
- 2:09Target
- 2:09to
- 2:09get
- 2:09all
- 2:10that
- 2:10stuff
- 2:10because
- 2:10it's
- 2:10really
- 2:11basic,
- 2:11non
- 2:11descript
- 2:12stuff.
- 2:12But
- 2:13pretty
- 2:13much
- 2:13everything
- 2:14else
- 2:14that
- 2:14you're
- 2:14ordering
- 2:15from
- 2:15Wayfair
- 2:15is
- 2:16going
- 2:16to
- 2:16be
- 2:16above
- 2:17that
- 2:17$35
- 2:17threshold.
- 2:18And
- 2:18I
- 2:18just,
- 2:19I
- 2:19don't
- 2:20see
- 2:20the
- 2:205%
- 2:21cash
- 2:21back
- 2:21is
- 2:22like
- 2:22something
- 2:22that
- 2:23you're
- 2:23going
- 2:23to
- 2:23use
- 2:23all
- 2:23that
- 2:24often
- 2:24because
- 2:25Wayfair
- 2:25to
- 2:26me
- 2:26is
- 2:26so
- 2:26much
- 2:27more
- 2:27of
- 2:27like
- 2:27a
- 2:28one
- 2:28or
- 2:28once
- 2:28or
- 2:29twice
- 2:29a
- 2:29year
- 2:29time,
- 2:30purchase
- 2:31time.
- 2:31It's
- 2:32not
- 2:32like
- 2:32something
- 2:32consistent
- 2:33that
- 2:33I'm
- 2:33going
- 2:33to
- 2:34time
- 2:34and
- 2:34time
- 2:34again
- 2:34like
- 2:34Walmart
- 2:35or
- 2:35like
- 2:36Amazon.
- 2:36But
- 2:37you,
- 2:38you
- 2:38probably,
- 2:39I
- 2:39don't
- 2:39know,
- 2:39you
- 2:39love
- 2:40this,
- 2:40I
- 2:40think.
- 2:40Right.
- 2:41This
- 2:41is
- 2:41your.
- 2:42You're
- 2:42in.
- 2:43I
- 2:43kind
- 2:43of
- 2:43do
- 2:45explain
- 2:46why
- 2:46I'm
- 2:47wrong.
- 2:47Because
- 2:47I
- 2:47don't.
- 2:49Okay,
- 2:50all
- 2:50right.
- 2:50Why?
- 2:50I
- 2:51don't
- 2:51know.
- 2:51I
- 2:51don't
- 2:51know
- 2:51that
- 2:51you're
- 2:52wrong.
- 2:52I
- 2:52think
- 2:52it's
- 2:52just
- 2:53perspective.
- 2:53I
- 2:53think,
- 2:54I
- 2:54think
- 2:54the
- 2:55audience
- 2:55they're
- 2:55trying
- 2:55to
- 2:55hit
- 2:55is
- 2:56exactly
- 2:56the
- 2:56audience
- 2:57that
- 2:57they're
- 2:57trying
- 2:57to
- 2:58hit.
- 2:58I
- 2:58mean,
- 2:58I,
- 2:59I
- 2:59mean,
- 2:59what
- 2:59do.
- 2:59You
- 2:59mean
- 2:59by
- 3:00that?
- 3:00Well,
- 3:01so,
- 3:01okay,
- 3:01if
- 3:02I
- 3:02step
- 3:02back,
- 3:02I
- 3:03think,
- 3:03I
- 3:03think
- 3:03this
- 3:04announcement
- 3:05or
- 3:05this
- 3:05headline
- 3:05in
- 3:06particular,
- 3:06it
- 3:07shows
- 3:07just
- 3:07how
- 3:07left
- 3:08brained
- 3:08Wayfair's
- 3:09management
- 3:09is.
- 3:11Which,
- 3:11and
- 3:12this
- 3:12type
- 3:12of
- 3:12idea
- 3:13works
- 3:13in
- 3:13instances
- 3:14where
- 3:14you're
- 3:14talking
- 3:14about
- 3:15things
- 3:15related
- 3:15to
- 3:15E
- 3:15commerce.
- 3:16Like
- 3:16this
- 3:16is
- 3:16a
- 3:16great
- 3:16E
- 3:17commerce
- 3:17idea.
- 3:17So
- 3:18first
- 3:18off,
- 3:18and
- 3:19Right.
- 3:20Wayfair
- 3:20knows
- 3:21that
- 3:21everyone
- 3:21has
- 3:21subscription
- 3:22fatigue
- 3:22so
- 3:22there's
- 3:23no
- 3:23way
- 3:23they're
- 3:23going
- 3:23to
- 3:24get
- 3:24someone
- 3:24to
- 3:24pay
- 3:24like
- 3:2599
- 3:25like
- 3:26people
- 3:26are
- 3:26for
- 3:26Walmart
- 3:27plus
- 3:27or
- 3:27something
- 3:28comparable
- 3:28for
- 3:28Amazon
- 3:29Prime.
- 3:29So
- 3:30they
- 3:30have
- 3:30smartly
- 3:31just
- 3:31computed
- 3:32the
- 3:32inflection
- 3:32point
- 3:33of
- 3:33where
- 3:34the
- 3:34customer
- 3:34sees
- 3:35value
- 3:35and
- 3:36hopefully
- 3:36they're
- 3:36going
- 3:36to
- 3:36get
- 3:36the
- 3:36incremental
- 3:37revenue.
- 3:37So
- 3:37there's
- 3:38some
- 3:38portion
- 3:38of
- 3:38their
- 3:38customers
- 3:39that
- 3:39are
- 3:39probably
- 3:39not
- 3:40hitting
- 3:40the
- 3:40free
- 3:40shipping
- 3:41threshold
- 3:41and
- 3:42the
- 3:42value
- 3:42is
- 3:43relatively
- 3:43equivalent
- 3:44to
- 3:44them
- 3:44signing
- 3:45up
- 3:45for
- 3:45this.
- 3:45And
- 3:46therefore
- 3:46they're
- 3:46going
- 3:46to
- 3:46sign
- 3:47up
- 3:47for
- 3:47it
- 3:47because
- 3:48it
- 3:48just
- 3:48makes
- 3:48sense
- 3:48economically.
- 3:50And
- 3:50therefore
- 3:51they're
- 3:51going
- 3:51to
- 3:51get
- 3:51more
- 3:51loyalty
- 3:52too
- 3:52in
- 3:52the
- 3:52long
- 3:52run
- 3:53because
- 3:53you
- 3:53get
- 3:53the
- 3:535%
- 3:53discount.
- 3:54And
- 3:54then
- 3:54people
- 3:54generally
- 3:55are.
- 3:55The
- 3:56general
- 3:56concept
- 3:56around
- 3:57a
- 3:57loyalty
- 3:57program
- 3:57is
- 3:57you
- 3:57pay
- 3:58for
- 3:58it,
- 3:58you're
- 3:58going
- 3:58to
- 3:59shop
- 3:59there
- 3:59more
- 3:59often.
- 4:00That's
- 4:00just
- 4:00kind
- 4:00of
- 4:00tried
- 4:01and
- 4:01true.
- 4:01A
- 4:01tried
- 4:02and
- 4:02true
- 4:02axiom.
- 4:03But
- 4:04so
- 4:04you
- 4:04know,
- 4:04net
- 4:04net.
- 4:05I
- 4:05think
- 4:05it's
- 4:05a
- 4:05very
- 4:06smart,
- 4:06analytical
- 4:07left
- 4:07brain
- 4:08move
- 4:08from
- 4:08a
- 4:08retail
- 4:09company
- 4:09run
- 4:09by
- 4:09the
- 4:10most
- 4:10left
- 4:11brain
- 4:11CEO
- 4:12in
- 4:12the
- 4:12industry,
- 4:12Nerd
- 4:13Shaw.
- 4:13And
- 4:14you
- 4:14know,
- 4:14I
- 4:14throw
- 4:14a
- 4:14lot
- 4:14of
- 4:14shit
- 4:15at
- 4:15them
- 4:15but
- 4:15you
- 4:15know,
- 4:15when
- 4:16it
- 4:16comes
- 4:16to
- 4:16E
- 4:16commerce,
- 4:16they
- 4:17just
- 4:17get
- 4:17it
- 4:17and
- 4:17they
- 4:18understand
- 4:18how
- 4:18the
- 4:18economics
- 4:19of
- 4:19it
- 4:19work
- 4:19and
- 4:20how
- 4:20to
- 4:20drive
- 4:20incremental
- 4:21Profit
- 4:21from
- 4:22thinking
- 4:22in
- 4:22this
- 4:23manner.
- 4:23Am
- 4:24I
- 4:24just
- 4:24in
- 4:24the,
- 4:25in
- 4:25like
- 4:26the
- 4:26outsider
- 4:27group?
- 4:27Like
- 4:27how
- 4:28much
- 4:28are,
- 4:28how
- 4:29often
- 4:29are
- 4:29you
- 4:29buying
- 4:30home
- 4:30decor?
- 4:31Stuff
- 4:31like
- 4:31that
- 4:32just
- 4:32seems
- 4:32so
- 4:33crazy
- 4:33to
- 4:33me.
- 4:34It's
- 4:34all
- 4:34incremental.
- 4:35Well,
- 4:35you're
- 4:35the
- 4:35one.
- 4:35I
- 4:36mean
- 4:36I
- 4:36remember
- 4:36back
- 4:37when
- 4:37I
- 4:37made
- 4:37the,
- 4:37I
- 4:38made
- 4:38the
- 4:38argument
- 4:38on
- 4:38this
- 4:39show
- 4:39if
- 4:39we
- 4:39played
- 4:40back
- 4:40the
- 4:40tape
- 4:40where
- 4:40I
- 4:40said
- 4:41like
- 4:41home
- 4:41furnishings
- 4:42is
- 4:42generally
- 4:42speaking
- 4:43about
- 4:43big
- 4:44purchases,
- 4:44moments
- 4:45in
- 4:45your
- 4:45life,
- 4:45like
- 4:45having
- 4:46a
- 4:46new
- 4:46kid,
- 4:47moving
- 4:47a
- 4:47second
- 4:48home,
- 4:48retiring,
- 4:48going
- 4:49to
- 4:49college,
- 4:49it's
- 4:50generally
- 4:50about
- 4:50that.
- 4:51But
- 4:51there
- 4:51are
- 4:52the
- 4:52top
- 4:52up
- 4:52purchases.
- 4:53You
- 4:53know,
- 4:53that's
- 4:53what
- 4:53Target
- 4:54has
- 4:54made
- 4:54its
- 4:54bread,
- 4:55bread
- 4:55and
- 4:55butter
- 4:55on.
- 4:56There's
- 4:56like
- 4:56the
- 4:56throw
- 4:56pillows,
- 4:57the
- 4:57decorative
- 4:57things
- 4:58that
- 4:58you
- 4:58add.
- 4:58Those
- 4:59throw
- 4:59pillows
- 4:59are
- 4:59all
- 5:00over
- 5:0035.
- 5:01Like
- 5:01you're
- 5:01not
- 5:02gonna
- 5:02get
- 5:02out
- 5:02of
- 5:02Wayfair.
- 5:03Like
- 5:03that's
- 5:03what
- 5:04doesn't
- 5:04make
- 5:04sense
- 5:04to
- 5:05me.
- 5:05Like
- 5:05I
- 5:06guess
- 5:06you
- 5:06have
- 5:06consumers.
- 5:07I
- 5:08just
- 5:08would
- 5:08want
- 5:09to
- 5:09see
- 5:09the
- 5:09data
- 5:09of
- 5:10like
- 5:10how
- 5:10many
- 5:10people
- 5:11are
- 5:11paying
- 5:11for.
- 5:12Well,
- 5:12the
- 5:12other
- 5:12point
- 5:13of
- 5:13this,
- 5:13if
- 5:13you're
- 5:13saving
- 5:145%
- 5:14on
- 5:14your
- 5:15purchases,
- 5:15the
- 5:1629
- 5:16gets
- 5:17to
- 5:17be
- 5:17a
- 5:17pretty,
- 5:18pretty
- 5:19economically
- 5:20advantageous
- 5:20thing
- 5:21to
- 5:21sign
- 5:21up
- 5:21for
- 5:21because
- 5:225%
- 5:22is.29
- 5:23is
- 5:24not
- 5:245%
- 5:25of
- 5:25all
- 5:25that
- 5:25much
- 5:25too.
- 5:26I
- 5:26think
- 5:26that's
- 5:26another
- 5:26point
- 5:27of
- 5:27this
- 5:27which
- 5:27I
- 5:27think
- 5:27we
- 5:28probably
- 5:28didn't
- 5:29give.
- 5:29It's
- 5:29just
- 5:29due
- 5:29here
- 5:30now
- 5:30that
- 5:30I'm
- 5:30thinking
- 5:30about
- 5:31it
- 5:31as
- 5:31well.
- 5:31It's
- 5:31more
- 5:32than
- 5:32the
- 5:3229
- 5:33year.
- 5:33I
- 5:34guess
- 5:34I
- 5:34just.
- 5:35Or
- 5:35the
- 5:35free,
- 5:36you
- 5:36know,
- 5:36getting
- 5:36past
- 5:36the
- 5:36shipping
- 5:37cost.
- 5:38All
- 5:38right,
- 5:38let's
- 5:38close
- 5:39up.
- 5:39It's
- 5:39not,
- 5:39you're,
- 5:40you're
- 5:40not,
- 5:40you're
- 5:40just
- 5:40not
- 5:41into
- 5:41it.
- 5:41Yeah,
- 5:41you're
- 5:41not
- 5:42into
- 5:42it.
- 5:42But,
- 5:42but
- 5:43Wafer's
- 5:43happy
- 5:43to
- 5:44know
- 5:44that
- 5:44you're,
- 5:44you're
- 5:45shopping
- 5:45at
- 5:45their
- 5:46site
- 5:48with
- 5:48all
- 5:48their
- 5:49wares.
- 5:49But
- 5:50I
- 5:50am
- 5:50not
- 5:51buying
- 5:52your
- 5:52subscription
- 5:53program.
- 5:53All
- 5:54right,
- 5:54speaking
- 5:54of,
- 5:54speaking
- 5:55of
- 5:55this.
- 5:55So
- 5:55Ann,
- 5:55before
- 5:55we
- 5:56move
- 5:56on,
- 5:56random
- 5:56aside,
- 5:57we're
- 5:57going
- 5:57to
- 5:58talk
- 5:58about
- 5:58this
- 5:58next
- 5:58week,
- 5:58but
- 5:59Walmart+
- 5:59half
- 6:00off
- 6:00right
- 6:01now.
- 6:01I'm
- 6:02official
- 6:02Walmart+
- 6:03members.
- 6:03I'm
- 6:03going
- 6:03to
- 6:03do
- 6:04all
- 6:04my
- 6:04shopping
- 6:04from
- 6:05Walmart
- 6:05this
- 6:05holiday.
- 6:06I,
- 6:07I
- 6:07like,
- 6:07we
- 6:08like
- 6:08watched
- 6:09Paramount
- 6:09plus
- 6:09last
- 6:10night,
- 6:10Chris.
- 6:10We
- 6:10were
- 6:10like
- 6:11in
- 6:11it
- 6:11and
- 6:12I
- 6:12was
- 6:12started.
- 6:12I
- 6:12already
- 6:13placed
- 6:13a
- 6:13grocery
- 6:13order.
- 6:14It
- 6:14was
- 6:14amazing.
- 6:15I'm
- 6:15like
- 6:15super
- 6:16into
- 6:16it.
- 6:16So
- 6:16yes,
- 6:17Walmart
- 6:17plus,
- 6:18big
- 6:19deal,
- 6:19big.
- 6:19Time
- 6:20and
- 6:20fun
- 6:21tip
- 6:21too.
- 6:21All
- 6:21of
- 6:22those
- 6:22brands
- 6:22you're
- 6:22probably
- 6:23shopping
- 6:23on
- 6:23Wayfair
- 6:23are
- 6:24also
- 6:24available
- 6:24on
- 6:25Walmart
- 6:25most
- 6:25likely.
- 6:26So
- 6:26I.
- 6:26Would
- 6:29you
- 6:29have
- 6:30told
- 6:30me
- 6:30to
- 6:30use
- 6:30Google
- 6:31lens
- 6:31to
- 6:31look
- 6:32at
- 6:32the
- 6:32furniture
- 6:32that
- 6:33I'm
- 6:33interested
- 6:33in
- 6:33and
- 6:34then
- 6:34see
- 6:34where
- 6:34I
- 6:34can
- 6:35find
- 6:35it
- 6:35for
- 6:35the
- 6:35best
- 6:36price.
- 6:36Just
- 6:36little
- 6:37shout
- 6:37out
- 6:37to
- 6:37Google
- 6:38Lens
- 6:38again.