What do you think? Do those crazy loyalty programs really work? Well, it looks like Buy.com is betting that they do. As a matter of fact, they are rolling out a program of their very own in order to compete in the ever-crowded online shopping arena.

Aliso Viejo-based Buy.com has rolled out a loyalty program based on its Yub.com web site, where shoppers at Buy.com and other stores get a 1% rebate on purchases. The Yub.com site puts a shopping spin on social networking, by promoting the ability of friends to recommend products to their friends and others and receive 1% of the purchase of those goods. Buy.com said that it will also offer a yearly, subscription program where shoppers can earn up to 15% back on their purchases. The Yub.com site was recently launched encourages users to upload photos and share information about themselves–along with reviews of products carried by Yub.com retailers.