Why Blockchain Loyalty Programs Provide A Win for Companies and Consumers❓❓❓🔥
We love getting points. Especially through credit cards. It feels like we’re getting free stuff when we buy items with points. And credit card points are a part of a larger ecosystem called loyalty reward programs. These programs can be as simple as a punch card where your 11th burrito is free or as involved as airline miles and credit card points.
Loyalty programs are advantageous for companies for two main reasons. The first is it encourages brand loyalty. You’re more likely to go to the same coffee shop if you know that if you buy enough coffee, you’ll eventually get some for free.
Another reason why loyalty programs are beneficial is that they can provide companies with important data on their top customers. This data can be used to track spending habits which can be used to determine the success of marketing efforts.
But running your own efficient loyalty program is challenging. It’s expensive due to the extensive manpower required to run the systems. In the end, it’s just not practical for most small to midsize businesses.
To accommodate this, there are a few reward program coalitions that companies can join. Plenti is an example of one. Through the Plenti card, users can earn points on everyday purchases. Plenti also allows discounts at checkout for select retailers and restaurants. They have hundreds of participating stores online, which allows for even more points to be earned.
The advantage for a company to join Plenti is that now they’ve been exposed to millions of Plenti users who are more likely to shop at that store because of the points they’ll earn.
THE LOYALTY PROGRAM BREAKDOWN
Loyalty programs have become so popular that seemingly every company was issuing their own points and rewards. While this may seem like a good thing, the points actually became less valuable. Now, instead of one store with all your points, you have multiple stores with only a few points.
You may have already experienced this problem with the airline industry. If you fly multiple airlines due to purchasing the cheapest ticket, then you’ll have multiple accounts with only a few miles in each one. The sheer number of accounts to manage has become so cumbersome that points are worthless in the public eye due to the time and management it takes to keep up with them.
THE BLOCKCHAIN SOLUTION
A solution to these problems and more can be found by pairing loyalty programs with blockchain.
This information is extremely valuable to businesses, but consumers are hesitant to give it out for fear of a hack. This makes blockchain a perfect fit for loyalty reward programs. It provides the necessary data for the businesses while giving security to the consumer that their information won’t be misused.
It’s important that companies use blockchain correctly when pairing it with their loyalty reward program. It would be wasteful for each company to create their own token and launch their own ICO.
Loyalty programs and points can be made more practical, more effective and more beneficial to both businesses and consumers, through blockchain.
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ANN thread 🖇 :https://bitcointalk.org/index.php?topic=4577346
Telegram ✉ ️: https://t.me/bbtokens
ANN thread 🖇 :https://bitcointalk.org/index.php?topic=4577346
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