The Power of Loyalty Points and the Importance of Getting Them Right – Dennis...
Prominent DeFi projects such as Uniswap, Curve, Aave, and MakerDAO declined in ETH terms since at least Q1 2021. Some see this as a fundamental failing of DeFi protocols to capture value and an inability to create moats. There are questions whether the composable and open nature of crypto prevents sufficient moats from being made at all. I don’t agree with this. I think DeFi projects have done a poor job at creating sticky rewards and utility with their tokens. In traditional markets, rewards and utility schemes are called loyalty reward programs. In this....
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Everyday consumers are reaping the benefits of brand loyalty points, as they can be used for future discounts or even free items, depending on how many points have been saved. For the brand itself, this is a great way to tie customers to their stores, and make them revisit the store every so often. But are we really using these loyalty points to their full effect? A recent UK study shows most loyalty points rewards are left unclaimed. The concept of loyalty points is quite beneficial to both the store and the consumer alike. Stores can use these points – which are in a digital format, mind....
Blockchain loyalty platform Chain of Points has appointed iPayYou CEO and ex-Amazon executive Gene Kavner to its board of advisors. In a press release issued Tuesday, Kavner, whose startup facilitates Bitcoin payments with merchants including Starbucks, said he was “honored” to join Chain of Points. “Chain of Points is the clear leader in the Blockchain-loyalty market and has realized tremendous growth over the past few months,” he commented. “I look forward to working with the company's management team to drive Chain of Points in the market as an essential component of the retail and....
More than just rewarding customers in cryptocurrency, the underlying bitcoin technology holds a lot of promise in changing the loyalty rewards industry. In the latest version of the BitLicense framework in New York, these reward points based on the cyrptocurrency's blockchain were exempted from regulation. These comprise frequently flyer miles, hotel loyalty points, return-customer retailer programs and so forth that were developed using bitcoin blockchain. Ribbit.me, a company whose RibbitRewards are tradeable, blockchain-based loyalty tokens, gives reward points that are generated by an....
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....
Incent Loyalty, an Australian-based company, wants to tap into the potential of loyalty rewards points through creating a tradable, “open-value” token called Incent, which customers use to gain and trade loyalty points near-instantly and worldwide. While low-cost blockchain technology helps to solidify storage, Incent Loyalty’s consumer facing applications can be personalized to align with the branding of merchant partners. Incent: Tokenizing Loyalty Rewards. To provide an easier customer experience, loyalty values will additionally still be displayed in terms of that particular region’s....