⚠ A Subscription Anyone Can Simply Not RenewModerate threat

Allegro (ALE) — threat to the moat

Smart! is bought most eagerly by the customers who needed the least persuading, and Allegro does not disclose the renewal rate.

Smart! is described here as Allegro's one genuine commitment, and it is worth being precise about how small a commitment it is.

Smart! against the base it is drawn from (millions)Active buyers, group (Jun 2026)20,9mPolish active buyers (Jun 2026)15,6mSmart! users in Poland (2025)7,5m+Allegro.eu half-year report, H1 2026; 2025 annual report
About half of Polish buyers pay for Smart!, and the company does not publish how often they renew.

The subscription is annual and inexpensive. A member who stops finding it useful does nothing at all and it lapses — there is no notice period, no penalty, and no accumulated balance to forfeit. Against 20,4 million active buyers1, the 7,5 million who have subscribed2 are the third of the base most likely to shop anyway, which is the usual difficulty with loyalty programmes: they are bought most eagerly by the customers who needed the least persuading.

The renewal decision is also getting harder to win rather than easier, because the competition is free. Temu and Shein compete with "direct-from-factory pricing and aggressive marketing spend"3, and a shopper comparing an annual fee against a rival with no fee is making a straightforward calculation.

Allegro's defence is that the product genuinely works — a relational net promoter score of 834 is not a number an indifferent membership produces.

The falsifier is the renewal rate, which Allegro does not disclose. Membership growth alone cannot distinguish a programme retaining its members from one replacing them, and the absence of that disclosure is the single most useful thing this company could add to its reporting.

References
  1. ReportedAgainst 20,4 million active buyers, the 7,5 million who have subscribed are the third of the base most likely to shop anyway, which is the usual difficulty with loyalty programmes: they are bought most eagerly by the customers who needed...
    Allegro.eu selected historical consolidated financial information for Q1 2026 - the operating KPI table (active buyers of 20,4 million with Poland at 15,5 million and the international segment down 7,5% to 4,9 million, GMV per active buyer of 3 492,4 złoty, GMV of 17 293,3m, 378,0 million items sold, a take rate of 12,43% unchanged year on year, and adjusted EBITDA of 931,8m) — Q1 2026 · publ. May 2026 · source ↗
  2. ReportedAgainst 20,4 million active buyers, the 7,5 million who have subscribed are the third of the base most likely to shop anyway, which is the usual difficulty with loyalty programmes: they are bought most eagerly by the customers who needed...
    Allegro.eu selected historical consolidated financial information for Q1 2026 - the operating KPI table (active buyers of 20,4 million with Poland at 15,5 million and the international segment down 7,5% to 4,9 million, GMV per active buyer of 3 492,4 złoty, GMV of 17 293,3m, 378,0 million items sold, a take rate of 12,43% unchanged year on year, and adjusted EBITDA of 931,8m) — Q1 2026 · publ. May 2026 · source ↗
  3. ReportedTemu and Shein compete with "direct-from-factory pricing and aggressive marketing spend", and a shopper comparing an annual fee against a rival with no fee is making a straightforward calculation.
    Allegro.eu Annual Consolidated Report 2025 - risk and control environment (the named competitor set including Amazon, Temu, Shein, Vinted and Zalando, Amazon's Prime ecosystem and Polish logistics footprint, Temu's June 2023 entry via Pinduoduo, and the warning that the shift toward sourcing from local merchants directly challenges Allegro's core value proposition of delivery speed and selection relevancy) — FY2025 · publ. March 2026 · source ↗
  4. ReportedAllegro's defence is that the product genuinely works — a relational net promoter score of 83 is not a number an indifferent membership produces.
    Allegro.eu Annual Consolidated Report 2025 - management report, business and operations (69 163,1m złoty of gross merchandise value with 68 282,4m third-party, 20,4 million active buyers, the Smart! programme past 7,5 million users in Poland at a relational net promoter score of 83, Allegro Pay financing 15,4% of purchases, Allegro One Box lockers, Ceneo and the PKO Bank Polski partnership) — FY2025 · publ. March 2026 · source ↗
Sources
Generated September 24, 2026