Homeplus hits new milestone with 10 million plus members

[Courtesy of Homeplus]

Homeplus hit a new milestone by surpassing 10 million members through its My Homeplus membership program even amid China’s assertive e-commerce growth and fierce competition within South Korea’s retail sector. The program is lauded for its unique strategy that provides benefits across all Homeplus retail channels under a single membership, while also keeping its membership free to ease customer burdens.

According to industry sources on Monday, Homeplus’ free membership service, My Homeplus, topped 10 million members, or one-third of South Korea’s economically active population of 30 million, over the past weekend. It also marks a significant achievement for the retailer, who achieved the feat within a year of launching of Homeplus ONE grade system, its integrated online and offline free membership program.

The Homeplus ONE grade system, introduced by the retailer in June 2023, strengthened cross-channel connectivity. It integrated the existing grade system, which operated separately for Homeplus, Homeplus Express, and Homeplus Online, enabling members to enjoy benefits across all Homeplus channels. The VIP+ grade, which is attainable by spending over 700,000 won on four purchases over two months, also provided various benefits including a maximum of 12 percent discount coupons, birthday gifts, and free parking.

The rate of new member sign-ups has accelerated since the integration of memberships, and the 36 percent growth rate in membership among customers in their 20s is particularly noteworthy.

Customers who used the Homeplus ONE grade system enjoyed substantial benefits, with the highest-tier members receiving discounts of over 400,000 won annually, and 30 percent of VIP+ customers benefiting from discounts exceeding 100,000 won.

Homeplus said it has provided customers with benefits totaling over 20 billion won in the past year alone, through various convenience services such as free parking and shopping cart rental since the implementation of the Homeplus ONE grade system.