Amazonwins share in the Wedding listMarket and overtook the former market leader Bed Bath & Beyond.
- Registrations are an important business for retailers as they increase margins and increase loyalty.
Amazon wins share of the
Bed Bath & Beyond’s market share of wedding registries fell to 30% in the fourth quarter, according to a new survey by investment bank Baird, which tracks data from wedding planning site Knot. The survey results were first reported by CNBC,
This is Bed Bath & Beyond’s lowest share of the wedding registry market recorded in the six years Baird has tracked this data. Meanwhile, 45% of wedding registry listing penetration for the quarter came from Amazon.
The decrease is significant for Bed Bath & Beyond, which is in the middle of a major turnaround effort. Wedding registration service is an important part of his business as it can help generate higher margins as couples tend to ask for more expensive products and the people who buy them are more likely to pay full price.
In addition, it helps to increase customer loyalty with the retailer and to put him in the foreground for future purchases.
“If you get a client when they’re married, what comes after that is maybe a new apartment or house, and maybe your family will have a new baby or two after that,” says Baird analyst Justin Kleber told CNBC.
Bed Bath & Beyond’s declining market share is also significant as the U.S. market prepares for a wedding boom in 2022. An estimated 2.6 million weddings will take place in the US in 2022, which is an all-time high for the knot.
Amazon has gradually grown into a more formidable force in the registration market, attracting couples with discounts and offering bonus gifts when gift givers spend a certain amount.