FinancialsSep 01, 2022
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Signet Expands Loyalty Program, Adds Personal Jewelry Insurance
Customers earn one “gem” for every dollar spent as part of the “Vault Rewards” program, unlocking discounts and special member-only offers.
Signet is boosting its services offerings, offering customers a new loyalty program and personal jewelry insurance.
Akron, Ohio—Signet Jewelers is expanding its loyalty program for Jared, Kay Jewelers, and Zales customers.
The “Vault Rewards” program first launched in select Jared stores last year, expanding to all Jared locations earlier this year.
The program rolled out to Kay Jewelers last week and will be available at Zales on Oct. 4, Signet announced.
Customers can sign up for free, earning one “gem” for every dollar spent.
There are four membership tiers, Sapphire, Ruby, Emerald, and Diamond, and customers move up a tier by earning gems. Each tier unlocks additional perks.
Member-only benefits include jewelry discounts, unlimited professional jewelry cleaning and inspections, free shipping, complimentary jewelry style consultations, and access to events and experiences.
At Jared, transaction values for reward program customers have increased by nearly $600 and repeat transactions are up 7 percent, Signet said during its earnings call earlier this month.
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The “Vault Rewards” program first launched in select Jared stores last year, expanding to all Jared locations earlier this year.
The program rolled out to Kay Jewelers last week and will be available at Zales on Oct. 4, Signet announced.
Customers can sign up for free, earning one “gem” for every dollar spent.
There are four membership tiers, Sapphire, Ruby, Emerald, and Diamond, and customers move up a tier by earning gems. Each tier unlocks additional perks.
Member-only benefits include jewelry discounts, unlimited professional jewelry cleaning and inspections, free shipping, complimentary jewelry style consultations, and access to events and experiences.
At Jared, transaction values for reward program customers have increased by nearly $600 and repeat transactions are up 7 percent, Signet said during its earnings call earlier this month.
“This value-add opportunity is one more way to show our appreciation to shoppers at Kay, Zales and Jared stores,” said Bill Brace, president of Jared and jewelry services, Signet Jewelers.
“Our customers can now earn rewards as they shop across Signet’s differentiated family of brands, earning personal rewards while shopping for themselves or for others.”
Signet is also offering Jared, Kay Jewelers, and Zales customers jewelry insurance via its new partnership with Lavalier Personal Jewelry Insurance.
“Our commitment to our guests is paramount and the addition of personal jewelry insurance to our suite of protection plans enables us to deliver full ‘worry-free wear’ coverage,” said Brace.
Customers can obtain an instant quote online and receive coverage within minutes, said Signet.
The jewelry-specific policies include coverage for loss, damage, theft, and more.
“We look forward to being an integral part of expanding Signet’s commitment to the customer by offering a superior insurance product to protect valued purchases,” said Joseph Dowd, president of Lavalier’s insurance provider, Berkley Asset Protection.
Signet has been bolstering its services sector in recent quarters as part of its “Inspiring Brilliance” growth plan.
Its services category posted 7 percent growth in its second quarter, driven by warranty and repair services.
The category also includes Rocksbox, the jewelry subscription business Signet acquired last spring, as well as appraisal services at select Kay Jewelers.
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