As it expands its product offerings, Alo Yoga has joined the trend of retailers linking NFTs to real-life loyalty benefits. The Aspen Collection offers a new type of incentive for customers who are looking to gain exclusive perks.
“Being able to try the collection in real-time via AR, and receiving an immutable certificate of ownership not only elevates the purchasing experience, but also elevates the authenticity, transparency and security of our products and creates the building blocks to provide lifetime value and rewards to our most loyal customers,” Angelic Vendette, vice president and head of marketing at Alo Yoga, said in a statement.
The brand’s tech-driven New York Fashion Week event adds to its list of digital initiatives. Alo Yoga started accepting cryptocurrency as payment online in June and is allowing employees to receive full or partial paychecks in the currency. The DTC retailer also partnered with Roblox in February to open its virtual Alo Sanctuary, where visitors could receive a digital yoga mat to attend meditation retreats.
NFTs are increasingly being tied to exclusive perks for brands. Sports brand Puma is likewise launching NFTs through a metaverse experience at NYFW this year that can be redeemed for limited-edition physical sneakers. Prada announced plans in June to conduct monthly product drops that include NFTs for customers to access exclusive benefits. Luxury jewelry brand Tiffany released 250 limited CryptoPunks NFTs to customers in August, which came with matching necklaces based on the NFT designs.
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Rivals Pacsun and American Eagle Outfitters have similar target audiences but are approaching the rising popularity of digital currency differently.
Retailers are navigating excess inventory and cooling consumer demand.
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