Best Buy has announced a new suite of membership options called My Best Buy Memberships™ to give customers more freedom to choose a membership plan that fits their technology needs, budget, and lifestyle. The new membership options include My Best Buy™, My Best Buy Plus™, and My Best Buy Total™, each with a different set of benefits ranging from members-only pricing and deals, access to exclusive sales and events, 24/7 tech support, product protection, free shipping, and more.[0]
One of the most exciting options is the new My Best Buy Plus™, which focuses on free shipping, access to savings, and extended return times.[1] It is also more affordable than the other membership options. This new tier of membership is aimed at competing with Amazon Prime and Walmart+. For only $49.99/year, customers can get exclusive member prices and highly anticipated product releases, free 2-day shipping, and more.[0]
According to Patrick McGinnis, Best Buy’s senior vice president of memberships, they are enthusiastic about launching a new level of membership. They believe that member pricing is highly valued by many customers, so they want to extend this benefit to a broader group of individuals.[2]
Best Buy’s existing membership, Best Buy Totaltech™, launched nationwide in 2021 and helped shape the tiered My Best Buy Membership options. Totaltech members engage with Best Buy more frequently, purchase more of their tech at Best Buy, and experience considerably higher satisfaction rates, especially for tech support, compared to non-members. Members have taken advantage of benefits in noticeably different ways. For example, some of our members use member pricing and product protection more often, while other members more frequently leverage tech support services.[0] One of the most valuable benefits cited by all members is free shipping.[0]
Best Buy has found that its 5.8 million Totaltech members purchase more of their tech products at Best Buy and have higher satisfaction rates compared to non-members. Some of the benefits Best Buy discovered were the most important to members included free shipping, member pricing, and extended product protection.[2] The cheaper options for the new tiered program are hoped to broaden the base of customers who sign up for memberships.[2]
Best Buy will still be keeping the other two tiers of its membership programs.[1] Even with some of the other rewards perks, the standard My Best Buy account will continue to provide free shipping, albeit at slower speeds.[1] And then, at the opposite end of the subscription spectrum, the My Best Buy Total plan has been tweaked a bit with a $179.99 yearly fee.[1] It includes everything that the My Best Buy Plus plan has, just with 24/7 access to Geek Squad support, VIP priority to customer service, two years of product protection on Best Buy purchases including AppleCare+, as well as savings on repairs and in-home installations.[1]
My Best Buy Plus™ is set to roll out on June 27th, 2022.[1] Customers will pay $49.99 per year for the subscription, which is less than Amazon’s $139 per year fee and Walmart+’s $98 cost.[1] The new membership options are aimed at providing customers with the ability to choose an option that best fits their convenience, value, support, and protection needs.[0]
0. “Best Buy Unveils My Best Buy Memberships” GuruFocus.com, 11 May. 2023, https://www.gurufocus.com/news/1997047/best-buy-unveils-my-best-buy-memberships
1. “Best Buy rolls out new My Best Buy Plus membership with 2-day shipping and more” 9to5Toys, 11 May. 2023, https://9to5toys.com/2023/05/11/my-best-buy-plus-announcement/
2. “Best Buy’s new membership program offers a range of customer perks at three price points” Star Tribune, 11 May. 2023, https://www.startribune.com/best-buy-reduces-prices-as-it-creates-tiered-store-memberships-electronics-phone-tv-totaltech/600274057