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Bed Bath & Beyond unveils new buy now, pay later and rewards programs

Bed Bath & Beyond is introducing a new rewards offering.

Bed Bath & Beyond Inc. is offering a new payment option and revamping its rewards program.

The home goods retailer is introducing an all-new buy now, pay later (BNPL) solution called “Welcome Pay,” which offers customers an opportunity to pay more flexibly over time, with no fees and zero interest. Payments can be managed through any Bed Bath & Beyond banner website or mobile app, and there is an ability for shoppers to pay in advance.

[Read more: Buy-now-pay-later’ use soars 81% over last year]

In addition, Bed Bath & Beyond is launching Welcome Rewards, an upgraded loyalty program that will bring savings, benefits, and special perks to customers who shop online and in stores nationwide at Bed Bath & Beyond, buybuy Baby, and Harmon. Welcome Rewards allows customers to earn and redeem points across all three retail banners on every purchase, with no exclusions, every time they shop. The program is available now at each banner's website and app, and is being rolled out to all stores in the coming weeks.

The Bed Bath & Beyond, buybuy Baby and Harmon websites and mobile apps also offer a Welcome Rewards dashboard that allows customers to gain access to their available points and rewards, exclusive benefits, birthday reward, and more. Over time, the retailer plans to add new components, including early access to new products, sales events, exclusive events, and expert reviews.

Coinciding with the Welcome Rewards launch, Bed Bath & Beyond will release an "open the door to more" integrated marketing campaign including in-store and online marketing, email, organic and paid social media ads, digital video, SMS text, and affiliate marketing.

Welcome Rewards and Welcome Rewards+ members, and Welcome Rewards Credit Card holders, can choose to apply a Bed Bath & Beyond, buybuy Baby or Harmon coupon as part of their transaction and still earn points for the entire purchase. For example, Welcome Rewards+ members can elect to apply a 20% off a single item coupon and still get 15% off the rest of their eligible items, while also earning 50 points per dollar for their entire transaction.

Additionally, Welcome Rewards or Welcome Rewards+ members choosing Welcome Pay at checkout at any of the three banners will receive an additional 10 points per dollar. Current members of the Beyond+ loyalty program can have their memberships transferred to Welcome Rewards+ to take immediate advantage of the program's benefits and perks. Beyond+ members do have the option to stay in their current program until their membership's expiration date.

"Our new Welcome Rewards program allows our customers to get even greater value, benefits and perks whenever and wherever they shop with us," said Rafeh Masood, executive VP and chief customer officer at Bed Bath & Beyond Inc. "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. Now, they can do just that, and without any exclusions on earning points, customers can also quickly gain rewards that will make shopping for everything from special occasions to everyday essentials even more affordable."

As of November 27, 2021, Bed Bath & Beyond had a total of 995 stores, including 809 Bed Bath & Beyond stores in all 50 states, the District of Columbia, Puerto Rico, and Canada, 133 buybuy Baby stores and 53 stores under the names Harmon, Harmon Face Values or Face Values. The company is a partner in a joint venture that operates 10 stores in Mexico under Bed Bath & Beyond banner.

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