First off, I have to acknowledge that Best Buy offering a rewards program is a privilege and not a right, so I have to express my gratitude for this; However, in a constantly changing, competitive landscape, the rewards program has started to stagnate a lot and I feel like it's time for Best Buy to go back and get fresh ideas on how to make it better.
Problems with the current rewards program:
(1) A lot of the "perks" are standard now. For instance when I go to the store, it's rare to NOT get free two-day shipping on something and that's without them even knowing if I'm a rewards member or not.
(2) Some of the "exclusive deals" are not competitive at all (i.e. 15% off Philips Soniccare heads; competitors have lower base prices and allow you to clip digital coupons making them cheaper elsewhere).
(3) Certain perks, like point banking, should just be standard across all tiers.
(4) Exclusions. I dread getting the very rare coupons I do get from Best Buy because there's about 2-3 pages of exclusions that follow the offer. You feel like Best Buy would be really good at coming up with an Airline rewards program.
Suggestions on things to add/revise:
(1) The "new credit card" offer of 10% back on purchases when financed and paid off within 30 days should be standard for Elite Plus members. Customers would spend more if they knew they would get more back and more often than not people spend way over the amount of rewards they redeem.
(2) All tiers should be able to get reward points for gift card purchases. I quite frequently purchase gift cards from Best Buy for birthdays, Christmas, etc. It's disappointing that you don't get rewards for this a I spend quite a bit of money within Best Buy just on gift cards.
(3) Allow customers to use reward points towards gift cards. I asked why this was in place and was told fraud, yet they captured my rewards information when I purchase gift cards and you'd technically be capturing my rewards information again for me to redeem rewards, so I'm not sure how much I believe this is due to fraud prevention.
(4) Bring back coupons WITHOUT all the exclusions. I can't recall the last time I got a coupon from Best Buy and when I did it excluded 3/4 of the store. That doesn't spark buying behaviors which is the point of coupons. At that point you're wasting postage money, printing costs, etc.
(5) Bonus points when you trade-in and trade-up. Best Buy's trade-in program is notoriously lower than competitors. How about if I'm Elite Plus and I trade in an item and upgrade to a replacement item, I get double or triple rewards on that upgrade/replacement item?
(6) Open Items, Clearance/End-of-Life, etc. plague stores and sometimes that's compounded by the fact that there's simply not a high traffic area to put them so they end up in a far corner or in the back of a store in a stock room, etc. To help move open items/clearance/eol, how about creating tags that could go over the price tags (like those red "Sale" or "As Advertised" inserts) that call out that the item is eligible for double or triple points and offer this on all open boxes, clearance, etc. This would be HUGE on certain items (Apple Watches come immediately to mind) where you only save $15-30 off.