Stein Mart Updates Loyalty Program: Everything You Need To Know

Discount retailer Stein Mart (SMRT) has launched a new loyalty program, building off its current rewards system to offer a quicker way for customers to earn cashback.

With the new program, now called SMart Rewards, Stein Mart credit cardholders will earn two points for every $1 spent at the retailer's stores. Elite cardholders will earn even more with four points for every $1 spent. When 1,000 points are earned, all cardholders will receive $10 in Stein Mart SMart Cash.

New cardholders will also receive $10 in Stein Mart SMart Cash as a gift upon enrollment as well as 10 percent off their first purchase. The company also promises extra saving and birthday surprises for its Stein Mart cardholders.

Current Stein Mart cardholders will receive a rebranded card in the mail from mid-October to mid-November.

The company said it expects to re-engage its current credit card holders while acquiring new cardholders to help drive more foot traffic into its stores as well as customers online. The decision to enhance its rewards program comes as many retailers are faltering as consumers choose e-commerce sites over brick-and-mortar locations.

Stein Mart, which offers off-price designer and name-brand fashion apparel for men, women, and children, as well as home décor, accessories, and shoes, has nearly 300 stores. The company also has an online presence for its discounted merchandise.

"The standard of what it takes to win and keep customers in today's competitive retail environment keeps getting higher," MaryAnne Morin, president at Stein Mart said.

"Whether it's introducing new products and services or improving our loyalty experience, we are always looking for new ways to be more relevant to our customers and better serve them .Earning more rewards, on top of our everyday low pricing, makes shopping at Stein Mart even more appealing for style-conscious, value-seeking customers," she added.

Stein Mart also said it will pilot a new multi-tender loyalty program for its customers at about 100 stores to give customers without a store credit card the ability to earn Stein Mart SMart Cash.

Shares of Stein Mart stock was down 1.19 percent as of 12:56 p.m. ET on Wednesday.