Canadian Tire Corporation Navigates Murky Waters With Robust Store Modernization and Loyalty Strategy
Registrations among new members are lagging — 73% of all loyalty members are registered, but only 30% of members who joined the program in the last 12 months are.
“We believe that early registration has the potential to unlock considerable additional sales,” said Hicks. “A registered, new-to-CTC member spends 2.5x more than a non-registered new member in the first 12 months post registration.”
Early efforts in this space have been successful — the company already has 200,000 more registered members than last year. Initiatives included adding widgets to the CTR website that encourage customers to activate a Triangle Rewards membership. The widget displays how many bonus points they would receive if they purchased a specific product.
“Now we have scaled this program to include mass promo items,” said Hicks. “And we’ve learned that by displaying the dollar amount to be earned on the product display pages drives results for both one-on-one and mass offers. We will continue to investigate ways to leverage the widget for future brand and category multiplier offers, and identify new and innovative opportunities to meaningfully engage with our customers.”
Navigating Volatile Landscapes
The company is alert of the challenges that exist in the marketplace, and the uncertainty the future holds. However, Hicks is confident that CTR can continue to “manage in dynamic times” and “weather any storm.”
It’s likely that CTR will need to give back what it has gained in 2019 moving into the next year, he said, but through different consumer demands, the brand will not be taking its foot off the gas on its Better Connected strategy.
“We are resilient, have plenty of operating levers at our disposal, and harder insight and perspective from which we can successfully operate our business in difficult times,” added Hicks.