Brands must tokenize their loyalty and rewards programs
Branded stablecoins will revolutionize reward points in the same way nonfungible tokens are revolutionizing ownership. The adoption of nonfungible tokens has served as a practical entry point for users joining the crypto economy, driven primarily by their respective fandoms and the benefit-centric nature of the tokens. For instance, if you're a Lebron James superfan, you can understand why “The Block” from the 2016 NBA finals is valuable on NBA Top Shot without understanding the blockchain. But when it comes to brands, stablecoins are likely to become the biggest entry point.Reimagining....
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A new report from Deloitte explores how blockchain could be used in loyalty rewards programs. The report, released by the Deloitte Center for Financial Services, argues that most loyalty programs offered by US companies face a problem, as they are underutilized and have high management costs. At the same time, loyalty rewards recipients are just as likely to leave a program due to a perceived lack of convenience, the study found. Blockchain, according to Deloitte, presents a potential solution, offering a mechanism by which a loyalty program would function similarly to digital currency.....
Loyalty reward programs have been growing rapidly for a long time, but they are not realizing full potential on account of customer account inactivity, time delays, low redemption rates, high transaction and system management costs, high customer acquisition costs and low client retention. The Deloitte Center for Financial Services (DCFS), in a recent report, claims blockchain technology can improve customer loyalty and reward programs. Enrollment in loyalty programs jumped 20 percent to $3.32 billion in 2015 from the prior three years. But according to one study, only 42% of those....
Bitscan, a cryptocurrency merchant directory, has partnered with blockchain platform Waves to bring customer loyalty programs to the blockchain. If successful, the partners say their Incent Loyalty network will make loyalty rewards programs more useful and cost-effective. By utilizing the blockchain, the team says the platform allows merchants of any size to create customer rewards programs without incurring wasteful costs. The platform works by allowing merchants to choose a reward size for their programs, which get pooled with other rewards across the platform’s network. According to the....
A partnership between online rewards system Tango Card and bitcoin wallet SnapCard can now allow people to convert loyalty points to bitcoin. Prior to this, the only ways to acquire bitcoin was through mining or an exchange. Through this partnership, people can be able to gain bitcoin by walking 10,000 steps in a corporate wellness program or by trading loyalty rewards points in their program. Bitcoin and Loyalty Points. Apart from that, rewards programs that are powered by Tango Card already features the bitcoin option among their offerings. This is done through the company's "Reward as a....
Blockchain has already demonstrated its ability to disrupt many industries. There is a whole load of companies playing around with Blockchain only the laziest haven't thought of new applications for it. Obviously, Blockchain is not a panacea for every problem. Does it have the potential to deal with challenges in the loyalty rewards industry? Blockchain certainly has a potential to bring changes to the industry but perhaps it would be fairer to consider it as a system facilitator rather than a replacement for a current system. Besides, the success of the undertaking would largely depend on....