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Since Kohl’s introduced its multi-year strategic framework last year called the Greatness Agenda, the company has produced four consecutive quarters of positive comps. A key component of that Greatness Agenda is the Yes2You Rewards loyalty program.
During the company’s third-quarter earnings conference call last month, CEO Kevin Mansell said that the Yes2You Rewards program reached 34 million members, with almost 24 million enrolled since the national launch in October 2014.
“As we anniversary the launch, we’re seeing significantly larger reward levels as we enter the holiday season,” Mansell said, according to Seeking Alpha. “Those high outstanding reward levels combined with the high redemption rates we experienced will be a key driver of incremental traffic and sales this fourth quarter. While Kohl’s has been always been a destination for great value, we know we’re not getting full credit with consumers. We’ve analyzed multiple years of Kohl’s data and, along with qualitative research, we are now focused on using data-driven insights to make our value much more apparent to customers. We’ll focus intensely on the categories and items that create the greatest impact on value perception.”
Another strategic pillar for Kohl’s focuses on personalized connections.
“We’ve now successfully piloted and tested new marketing strategies using both segmentation and personalization to lift results,” Mansell said. “Those tests continue to be successful in the third quarter. Just as importantly, our new mobile app along with the functionality it provides has now reached nine million downloads. As part of the evolution of our plan, we’ll be activating beginning in the fourth quarter a series of initiatives to drive traffic with our 34 million Yes2You members to reward their engagement. We’ll also be concentrating our personalization efforts to specifically drive new customer engagement and targeting two growing segments of the population, Millennials and Hispanics.”
Mansell noted that the new mobile platform has driven significantly higher conversions since the launch and has reached 50% of total online traffic.
“BOPUS (Buy Online, Pick Up In Store) has been embraced by consumers, driving in-store traffic, and we’ve enjoyed better than expected attachment rates to those visits, consistently exceeding 20%,” he said. “As part of the evolution of the plan, we’re changing our objective from being world-class in mobile to being world-class in digital. And this is to acknowledge the importance of giving a complete great digital experience both out of store and in-store.”
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