An idea around an auction / rewards As many of you know, we have items made that have yet to release. Some of these items you have seen before, and others you may have yet to see. The biggest "issue" with these items is that some were produced when Minted New York was MUCH smaller.
The auction and charity idea is awesome. As far as the membership idea, I think a great blueprint would be looking at Dick's Sporting Goods. They have a reward system where you enter your email, phone number, and address which adds up points. (Roughly 1 point per $1, once you get to 300 points, you get a $10 reward. Also a cool way to implement this would be a Minted App where you need to create an account to have access to and having exclusive app only releases.
Can’t think of any recent rewards programs that provided really good value. Perhaps you can start with after spending a certain amount of money, the Cx can earn free shipping on their next order or an extra set of stickers. I guess you could also experiment a bit with discount codes for loyal customers.
I like the idea of a rewards system minted account. One system I kinda like is the chipotle reward system where each purchase gives you points which the user can save up for something bigger or spend right away. It gives the consumer the choice on how to use their reward for being a loyal customer. Idk if this can be applied to Minted when you want to make profit on every item. May have to limit to certain products. But I love the idea of saving up points for something big or spending them on something smaller like a pre workout
The customer experience when shopping with MNY is unlike any other, which is awesome. You can tell everything you guys do is driven to make a customer happy. I think an app or system that would allow for rewards and/or auctions which would be sweet, too. Not sure how exactly it all works, but I think the concept of Nike's shopping app and their run club app combined would an interesting idea, since MNY does have its own run club. It could be a way for the community in NY (and across the nation) to organize any group runs. Thanks for another great read.
Love the idea of a rewards program/system. The main rewards program I use would have to be Starbucks rewards where you get a free product (coffee) after so many purchases.
For Minted, I could see this as possibly a free essentials item after so many purchases but I also really like Hayden Tam’s idea with the ALD program.
I really like the idea of an auction to buy the more high end quality products, but how can you know whoever is buying the products are not just going to go off and sell them for a much higher price like some did with the jacket. The money will go to charity but the products are made to wear and be seen, so that would be my only worry. I don’t really have a set opinion on the rewards system, I’ve used H&M and they give you rewards for each purchase, I don’t know many points per dollar, but they do expire every year. That was something I regret not taking advantage of! And lastly, I like login/sign up option 1.
The best rewards program I’ve been a part of is the froyo place next to the tennis courts I always go to after practice. Each order gets you points and after 100 points you get $10 worth of froyo (which is basically a free froyo). I’ve racked up 100 points at least three times 😭
As far as clothing, the only successful one I can think of is Kendra Scott (they give you 50% off every birthday month, and I know lots of girls who love and use that every year). One of my favorite brands Archive the Label allows previous customers to be 10 minutes early to every drop (you email them your previous order number), which I love.
I like the idea of having a Minted account where all purchases are tied to the account. A rewards program system that I like that could possibly be implemented is one similar to the Aime Leon Dore early access where customers who have spent X amount on previous releases are afforded early access to new releases a day early. This X amount would be set at something that is not super high like ALD, but at a point where frequent customers are rewarded by being able to compete for drops against a smaller group of people, a day earlier than the general population.
One of the only rewards system I use that actually has value is surprisingly the McDonald’s rewards system. With every purchase through the app you earn points that can be redeemed on a variety of items. The more you spend = more points = higher value/quantity of item you can redeem for. One feature I think is important is the low barrier to earn points. You can spend a dollar and earn points. My question is what would the threshold be for MNY to earn a meaningful reward? Will a customer have to spend $500 to get a reward or will every purchase warrant some type of reward?
I genuinely like the auction idea. But would it be too much to develop this auction style product page into the current Shopify stack? You could possibly try an auction through eBay (trying to think of the least amount of build time for your team). However it would be hard to gate the product to only Minted users. But the winner of the auction could tell you via eBay message their minted account to get their points.
As for reward/loyalty systems, Ghost Lifestyle has the best rewards system I’ve seen. All products bought on the web store give you points, with the addition of bonus points through the rewards card included in each item. You can redeem points for gear, etc..
I am a fan of the REI dividend model for the rewards program. When thinking about purchases that can be made at REI vs other stores, I will always favor REI due to the dividend.
I like the simple idea of earning rewards through purchasing merchandise and even sharing links/social media plugs. Those rewards being a certain discount percentage or money to be used towards buying more merch.
If I could afford it, all I would wear is Minted New York 🫡
The auction and charity idea is awesome. As far as the membership idea, I think a great blueprint would be looking at Dick's Sporting Goods. They have a reward system where you enter your email, phone number, and address which adds up points. (Roughly 1 point per $1, once you get to 300 points, you get a $10 reward. Also a cool way to implement this would be a Minted App where you need to create an account to have access to and having exclusive app only releases.
Can’t think of any recent rewards programs that provided really good value. Perhaps you can start with after spending a certain amount of money, the Cx can earn free shipping on their next order or an extra set of stickers. I guess you could also experiment a bit with discount codes for loyal customers.
I like the idea of a rewards system minted account. One system I kinda like is the chipotle reward system where each purchase gives you points which the user can save up for something bigger or spend right away. It gives the consumer the choice on how to use their reward for being a loyal customer. Idk if this can be applied to Minted when you want to make profit on every item. May have to limit to certain products. But I love the idea of saving up points for something big or spending them on something smaller like a pre workout
I like all the ideas. Also will you be restocking on the 2 pack necklaces?
The customer experience when shopping with MNY is unlike any other, which is awesome. You can tell everything you guys do is driven to make a customer happy. I think an app or system that would allow for rewards and/or auctions which would be sweet, too. Not sure how exactly it all works, but I think the concept of Nike's shopping app and their run club app combined would an interesting idea, since MNY does have its own run club. It could be a way for the community in NY (and across the nation) to organize any group runs. Thanks for another great read.
Love the idea of a rewards program/system. The main rewards program I use would have to be Starbucks rewards where you get a free product (coffee) after so many purchases.
For Minted, I could see this as possibly a free essentials item after so many purchases but I also really like Hayden Tam’s idea with the ALD program.
I really like the idea of an auction to buy the more high end quality products, but how can you know whoever is buying the products are not just going to go off and sell them for a much higher price like some did with the jacket. The money will go to charity but the products are made to wear and be seen, so that would be my only worry. I don’t really have a set opinion on the rewards system, I’ve used H&M and they give you rewards for each purchase, I don’t know many points per dollar, but they do expire every year. That was something I regret not taking advantage of! And lastly, I like login/sign up option 1.
You’re doing great and I love your products!!!
Also...the affect of early life stress on an individual is a fascinating topic of brain research (:
The best rewards program I’ve been a part of is the froyo place next to the tennis courts I always go to after practice. Each order gets you points and after 100 points you get $10 worth of froyo (which is basically a free froyo). I’ve racked up 100 points at least three times 😭
As far as clothing, the only successful one I can think of is Kendra Scott (they give you 50% off every birthday month, and I know lots of girls who love and use that every year). One of my favorite brands Archive the Label allows previous customers to be 10 minutes early to every drop (you email them your previous order number), which I love.
I like the idea of having a Minted account where all purchases are tied to the account. A rewards program system that I like that could possibly be implemented is one similar to the Aime Leon Dore early access where customers who have spent X amount on previous releases are afforded early access to new releases a day early. This X amount would be set at something that is not super high like ALD, but at a point where frequent customers are rewarded by being able to compete for drops against a smaller group of people, a day earlier than the general population.
One of the only rewards system I use that actually has value is surprisingly the McDonald’s rewards system. With every purchase through the app you earn points that can be redeemed on a variety of items. The more you spend = more points = higher value/quantity of item you can redeem for. One feature I think is important is the low barrier to earn points. You can spend a dollar and earn points. My question is what would the threshold be for MNY to earn a meaningful reward? Will a customer have to spend $500 to get a reward or will every purchase warrant some type of reward?
I genuinely like the auction idea. But would it be too much to develop this auction style product page into the current Shopify stack? You could possibly try an auction through eBay (trying to think of the least amount of build time for your team). However it would be hard to gate the product to only Minted users. But the winner of the auction could tell you via eBay message their minted account to get their points.
As for reward/loyalty systems, Ghost Lifestyle has the best rewards system I’ve seen. All products bought on the web store give you points, with the addition of bonus points through the rewards card included in each item. You can redeem points for gear, etc..
Hope this feedback helps
Have you thought of a CoOp style membership?
I am a fan of the REI dividend model for the rewards program. When thinking about purchases that can be made at REI vs other stores, I will always favor REI due to the dividend.
I like the simple idea of earning rewards through purchasing merchandise and even sharing links/social media plugs. Those rewards being a certain discount percentage or money to be used towards buying more merch.
If I could afford it, all I would wear is Minted New York 🫡
You could do something with a minted run club on Strava and use the API to use runners data for rewards etc
Also silk shirts for spring? 🤞🏽👀