Bed Bath & Beyond Debuts Rewards, BNPL Offering

Bed Bath & Beyond has launched a program that lets customers earn and redeem points at the company’s three retail brands, as well as a new buy now, pay later (BNPL) option.

The company said in a Thursday (June 23) press release that the rewards program, Welcome Rewards, is available at Bed Bath & Beyond, buybuy BABY and Harmon sites and on each chain’s app. It is set to be launched at all stores in the coming weeks.

“More than 80% of our customers shared that they would be excited for a program that would allow them to earn rewards across all of our banners,” said Bed Bath & Beyond Chief Customer Officer Rafeh Masood in the release. “Now, they can do just that, and without any exclusions on earning points, customers can also … gain rewards ...”

Welcome Rewards makes it easier for customers to accrue more savings, benefits and perks every time they patronize one of the three stores, according to the release.

Meanwhile, Bed Bath & Beyond has introduced Welcome Pay, its “pay-in-four” offering that lets customers pay for their purchases over time with no fees or interest, the release stated. Customers can manage their payments on the retailers’ apps and websites, with the option to pay in advance.

BNPL sales volume is on track to double this year. As adoption surges, retailers have climbed aboard, and no wonder, as nearly half of consumers spend more when using BNPL than they would if using traditional credit cards.

Read more: Is Consumer Loyalty Stronger to Merchants or to BNPL?

PYMNTS research found that 64% of consumers said store cards offer better rewards versus 57% who reported BNPL doing so. With that in mind, integrating BNPL installments into credit card offerings with rewards programs offers a unique opportunity to fuel cardholder loyalty and usage at point of sale.