Bed Bath & Beyond Relaunches Its Market-Leading Gift Registry
- None.
- None.
Insights
The introduction of Bed Bath & Beyond's revamped gift registry, through its partnership with MyRegistry.com, represents a strategic move to bolster its competitive edge in the home and lifestyle retail sector. This collaboration aims to enhance the customer experience by integrating digital-first features that cater to the changing consumer behaviors, particularly the shift towards online shopping and the use of social media for event planning and sharing.
The new registry's social sharing capabilities, live gift feed, real-time pricing, built-in gift management and native checkout/fulfillment are designed to provide a seamless and interactive experience for both gift-givers and recipients. The 20 percent completion discount incentivizes registrants to return and make additional purchases, potentially increasing customer loyalty and lifetime value.
From a market perspective, this initiative could drive increased traffic to Bed Bath & Beyond's online platform, potentially translating into higher sales volumes. The focus on a frictionless customer experience is in line with industry trends, where retailers are leveraging technology to personalize the shopping journey and streamline purchasing processes.
Bed Bath & Beyond's partnership with MyRegistry.com signifies a deliberate effort to enhance its e-commerce capabilities. This move is reflective of the broader retail industry's pivot towards omnichannel strategies that integrate online and offline experiences. The digital-first features such as real-time pricing integration and native registry checkout are critical in providing transparency and convenience, which are key factors in driving online sales.
The social sharing functionality and live gift feed align with the social commerce trend, where consumers discover and purchase products within their social networks. This could potentially amplify Bed Bath & Beyond's brand visibility and engagement on social platforms, leading to organic growth and customer acquisition.
Furthermore, the completion discount serves as a strategic tool for inventory management, encouraging customers to purchase remaining items, which may help in reducing stock levels and improving inventory turnover ratios.
The partnership between Bed Bath & Beyond and MyRegistry.com is an indicator of the company's adaptation to the evolving retail landscape, where customer experience and digital innovation are key differentiators. This move could be seen as an attempt to reclaim market share and improve brand perception, especially after the challenges faced by traditional brick-and-mortar retailers in the digital age.
The enhanced registry service could potentially attract a younger demographic that values convenience and personalization, which are crucial for driving growth in the home and lifestyle segment. Additionally, the integrated features such as the live gift feed and built-in gift management tools signify an investment in customer engagement and retention strategies.
While this initiative may not have an immediate impact on the company's financials, it is a long-term investment in customer loyalty and brand strength. It will be important to monitor the adoption rate of the new registry service and its impact on sales and customer engagement metrics over time.
Platform includes new and improved digital-first features and benefits through Partnership with MyRegistry
MIDVALE, Utah, Jan. 11, 2024 (GLOBE NEWSWIRE) -- Bed Bath & Beyond, a Beyond, Inc. (NYSE: BYON) brand, announced today that its iconic gift registry is back and better than ever before. Through a partnership with MyRegistry.com, the new registry experience redefines the way customers celebrate life's major milestones – from weddings to birthdays and graduation to college prep.
“Bed Bath & Beyond has long been a go-to destination for life's special moments, but the registry experience in general hasn’t evolved much over the last 20 years,” said Dave Nielsen, President and Interim CEO of Beyond. “This partnership with MyRegistry was designed to innovate and elevate the experience for gift-givers and registrants.”
The gift registry offers a digital-first, frictionless experience, including:
Social sharing – Seamless registry sharing on social media, planning sites, and email that makes the registry easy to share and access.
Live gift feed – Real-time display of gifts wanted vs. purchased, and product recommendations that can add popular items to registry in one click.
Real-time pricing integration – Shopping directly off the registry ensures the best pricing, discounts, and sales.
Built-in gift management – Added capability of sending and tracking thank you notes to keep the registry owner organized.
Native registry checkout/fulfillment – All transactions and fulfillments live on our site, ensuring easy delivery and support in line with the standards our customers are used to.
Completion discount – A one-time 20 percent completion discount is provided for items not purchased off the registry.
Nancy Lee, President of MyRegistry.com, added: "Our collaboration with Bed Bath & Beyond is a perfect synergy. We're combining their leadership in home and lifestyle products with our expertise in registry technology to offer a uniquely personal and flexible registry experience. This partnership is all about empowering customers to celebrate their unique stories and life stages with a registry that's as adaptable and dynamic as they are."
Bed Bath & Beyond’s gift registry is seamlessly integrated into the MyRegistry.com universal registry platform, with its vast product catalogue of furniture and home furnishings available. Customers can create a Bed Bath & Beyond registry at bedbathandbeyond.com/registry or they can create a multi-retailer registry at MyRegistry.com and add products from Bed Bath & Beyond to a universal registry.
From small appliances to large furniture items and gifts for every room in the home, Bed Bath & Beyond’s vast product catalogue of furniture and home furnishings is accessible as part of the new gift registry platform. Create your registry at bedbathandbeyond/registry.
About Beyond
Beyond, Inc. (NYSE:BYON), based in Midvale, Utah, is an ecommerce expert with a singular focus: connecting consumers with products they love. The Company owns the Bed Bath & Beyond brand and associated intellectual property. Bed Bath & Beyond is an online furniture and home furnishings retailer in the United States and Canada. The leading ecommerce website sells a broad range of quality, on-trend home products at competitive prices, including furniture, bedding and bath, patio and outdoor, area rugs, tabletop and cookware, décor, storage and organization, small appliances, home improvement, and more. The online shopping site features millions of products that tens of millions of customers visit each month. Beyond regularly posts information about the Company and other related matters on the Newsroom and Investor Relations pages on its website.
Beyond, Bed Bath & Beyond, Welcome Rewards, Overstock and Overstock Government are trademarks of Beyond, Inc. Other service marks, trademarks and trade names which may be referred to herein are the property of their respective owners.
About MyRegistry.com
MyRegistry.com is the largest universal Gift Registry and Gift List software provider that allows consumers to create one centralized registry or Gift List for any gifting moment, from milestone events like weddings and baby showers to birthdays, holidays and housewarming occasions. We make it easy for friends and family to get you the gifts you really want while saving retailers the hassle of dealing with returns with our easy to implement technology for both consumers and retailers. MyRegistry.com - All stores, One registry.®
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include all statements other than statements of historical fact, including but not limited to statements regarding the timing and performance of the gift registry and partnerships. Additional information regarding factors that could materially affect results and the accuracy of the forward-looking statements contained herein may be found in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed with the SEC on February 24, 2023, Form 10-Q for the quarter ended March 31, 2023, filed with the SEC on May 2, 2023, Form 10-Q for the quarter ended June 30, 2023, filed with the SEC on July 31, 2023, Form 10-Q for the quarter ended September 30, 2023, filed with the SEC on October 31, 2023, and in our subsequent filings with the SEC.
Contacts
Beyond, Inc. Investor Relations:
Lavesh Hemnani
ir@beyond.com
Beyond, Inc. Media Relations:
Sarah Factor
pr@beyond.com
MyRegistry.com Media Relations
Emily Cegielski
ecegielski@myregistry.com
FAQ
What did Bed Bath & Beyond announce regarding its gift registry?
What are the digital-first features included in the new gift registry experience?
Who is the President and Interim CEO of Beyond, Inc. (NYSE: BYON)?
What is the ticker symbol for Bed Bath & Beyond?
What is the purpose of the partnership with MyRegistry.com?
