The tide of e-commerce does appear to be raising all boats–even those vessels that have been sunk for many years.
Consider this unlikely case study in corporate resurrection: More than 100 years before today’s frequent-flier miles and other affinity awards, there was S&H Green Stamps. The loyalty program developed in 1896 was based on a stamplike type of scrip issued by merchants and redeemable for everything from toasters to croquet sets.
For a while in the ’60s, the S&H catalog was one of the highest-circulation publications in the country. Due to changes in consumer habits and marketing practices, by the mid-80s the company had faded to almost zero. (There are three stamp redemption centers that never closed.)
Walter Beinecke, a descendant of one of the original founding families, and a group of investors reacquired the venerable brand early this year. The new organization announced that it’s going to bring back the S&H name as “S&H greenpoints,” a “digital rewards currency” for on-line and off-line retailers. The preview Web site is at www.greenpoints.com.