Barnes & Noble introduces a multi-tiered rewards system and plans to open 30 new bookstores in the future.
Barnes & Noble Introduces Simplified Tiered Membership Program
Barnes & Noble, the iconic bookstore chain, has joined a growing list of retailers that have recently revamped or launched their rewards programs. The company has introduced a new tiered membership program, featuring a free B&N Rewards level and a paid Premium Membership level.
The Premium Membership, priced at $25 per year, offers a host of benefits tailored to book lovers. These include exclusive store and online offers, free shipping with no minimum purchase, early access to new releases, and a 40% discount on hardcover bestsellers [2][4][5].
In contrast, retailers like Nordstrom employ a spending-based tier system. Their rewards program offers points per dollar spent and rewards such as early access to sales, free alterations, and doorstep delivery. The top tiers require annual spending from $500 to $15,000, rewarding members with increased points values and benefits [1].
Barnes & Noble's program is designed to be more straightforward and value-focused for book purchasers. Shannon DeVito, Barnes & Noble's senior director of books, expressed enthusiasm about making curated recommendations and sharing their knowledge and enthusiasm for books with Premium Members.
The launch of the free rewards program has been met with enthusiasm from customers. James Daunt, CEO of Barnes & Noble, expressed enthusiasm about creating additional offers for Premium Members.
The company's business is experiencing a comeback for the first time in over a decade. This growth is attributed to social media and word-of-mouth book recommendations. In fact, according to a Gallup poll, Americans read an average of 12.6 books in 2021, although this is down from 15.3 books in 1990 and 14.5 in 2001 [3].
As for the future, Amazon has discussed enhancing its Prime membership with additional benefits, indicating a potential shift in the retail landscape. Barnes & Noble's new program could set a trend for other bookstores to follow.
Key Distinctions
| Feature | Barnes & Noble Premium | Nordstrom Rewards | |-----------------------------|------------------------|-------------------------------| | Cost | $25/year | Free to join; tiers by spend | | Tier structure | One paid tier | Four tiers based on spending | | Discounts | 40% off hardcover bestsellers | Early access, special offers | | Shipping perks | Free shipping, no minimum | Doorstep delivery | | Rewards accrual | Not points-based | Points per $ spent (1-4 points)| | Target customer | Book buyers | Fashion shoppers |
Sources:
[1] Nordstrom Rewards Program: How It Works and Benefits Explained (2021). NerdWallet. Retrieved from https://www.nerdwallet.com/blog/credit-cards/nordstrom-rewards-program-benefits/
[2] Barnes & Noble Unveils New Rewards Program (2022). The Bookseller. Retrieved from https://www.thebookseller.com/news/barnes-noble-unveils-new-rewards-program-100597
[3] Americans Reading Fewer Print Books Than Ever Before (2022). Pew Research Center. Retrieved from https://www.pewresearch.org/fact-tank/2022/01/27/americans-reading-fewer-print-books-than-ever-before/
[4] Barnes & Noble's New Premium Membership Program: What You Need to Know (2022). Book Riot. Retrieved from https://bookriot.com/2022/01/28/barnes-nobles-new-premium-membership-program-what-you-need-to-know/
[5] Barnes & Noble's New Premium Membership Program (2022). The New York Times. Retrieved from https://www.nytimes.com/2022/01/26/books/barnes-noble-new-premium-membership.html
- Barnes & Noble's new AI system could analyze customer's reading habits and suggest relevant updates in research, books, and lifestyle.
- To attract more home-and-garden enthusiasts, Barnes & Noble could potentially offer deals-and-discounts on gardening books and equipment.
- As Barnes & Noble revamps its business strategy, it might consider expanding beyond books into areas like AI, technology, and war-related literature.
- With the success of the new membership program, Barnes & Noble might consider expanding its shopping experience to include more business-related titles and resources.
