Le Club AccorHotels is bit late to the game but they have now launched La Collection (probably only for the French market) that allows members to use their points for merchandise and to earn points for purchases made on the site (makes no sense due to prices).
You can purchase the showcased products using your points or using cash when you earn some points for the purchases made.
You can access La Collection by Le Club AccorHotels here.
Here are to price examples:
Veuve Clicquot Champagne
Price using cash is 115.16 euros. You can buy this champagne from a supermarket in Central Europe for 35 to 40 euros without the flutes.
The price using points is 11,516 points.
Sony Digital Camera
Price on Accor’s website 140.02 euros
or 14,002 points.
Price on Amazon’s French website 109.90 euros.
Using hotel or airline loyalty program points for merchandise rarely makes any sense and this is the case with Le Club AccorHotels too. It can only make sense if you have more points that you can ever use or they are about to expire. Better then to use them for something, right?