“We are a young company at heart,” Karanikolas says. To keep that edge, the company continues to look for new ideas from an even younger generation that it is recruiting to join its ranks. There is so much more to do online long term,” he says.Īs a technology powerhouse, rather than a more conventional fashion company, it gains the understanding it needs about its customers and their taste for fashion from its proprietary data analytics rather than from being weighted down by operating retail stores. “The point of that store is to give customers a place to have a tangible taste of our brand, but at this point we’re not investing in physical retail. Unlike so many other digitally-native brands that are crossing over into physical retail, Karanikolas says brick-and-mortar stores are not in the cards for the company, other than the one long-term popup shop located in the Palms Casino in Las Vegas. We believe this new program will really resonate with them,” he shares. “The biggest key to our success is that we built real relationships and connections with our customers. The plan is to capitalize on the brand loyalty the company has already built and take it to the next level. “So, while there is a transactional element to the program, it is more about giving customers something back, like giving them access to events and experiences that they couldn’t get anywhere else.” “We designed it to show our customers they are appreciated,” he said. Karanikolas describes the Revolve loyalty program as being a way to say thank you to its customers. The influencers are largely credited with building the brand’s cult following, who were led to Revolve’s door through the “bread crumbs” the influencers dropped on Instagram and Facebook.Įntrance to the Squad level is by invitation-only, but since the next level down, VIP, is for those members spending over $2,000 annually, that gives some idea of the kind of spending needed to become a member of the Revolve Squad. Those social media influencers are celebrities in their own right, at least to Revolve’s customer. The levels and tiered rewards are intended to build aspiration to reach the pinnacle Sqaud level, whose members can gain access to previously inaccessible special events that are hosted for Revolve’s 4,500 and growing army of social media influencers. Those added perks include early access to new arrivals and sales and personalized shopping experiences with Revolve stylists. So, while loyalty members will accumulate transaction-based awards, specifically $1 spent earns one loyalty point with 2,000 points yielding a $20 discount reward, the rewards that will matter most for Revolve customers come as members advance to higher levels of loyalty. The key to the new four-tiered program was to design it around enhancing the emotional connections it has built with its customers. “We saw the opportunity to innovate and trail blaze in loyalty programs, like we did in fashion retail,” he says. With the company driven by data and analytics, rather than the whims of a fashion designer, the company used that left-brained approach to design its loyalty program. “We tackled the problem of how to bring fashion to customers through data and technology,” Karanikola shared with me, adding “Yes, we’ve been tremendously successful, and even filed an IPO last year, but we are just getting started.”
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |