Benebit aims to create a currency for customer loyalty. Find out how it works today in our review.
What Is Benebit?
Benebit, found online at Benebit.io, is a global decentralized ecosystem that enables interactions between brands, companies, and consumers over blockchain technology. The goal of the platform is to disrupt today’s cashback and loyalty market, creating a better loyalty program for all parties involved.
Here’s how the Benebit website explains it:
“Benebit simplifies and introduces a new way for businesses and consumers to interact, which drives traffic, increases loyalty and trust, and enhances convenience and security.”
With Benebit, users can earn money back with every purchase, while brands can increase sales and encourage customers to come back. You can earn points (and spend points) using the Benebit card.
Overall, Benebit wants to create a better loyalty program for customers and businesses.
How Does Benebit Work?
Here’s how Benebit works for the two users involved in the loyalty program industry:
Users earn money back with every purchase and benefit from cashback and loyalty points every time they shop. Users can start using and redeeming loyalty points right away.
Brands can expand their customer base and increase sales at a low price.
The platform comes with a point of sale system that accepts multiple currencies. Users and brands can transact in their choice of currency (fiat or crypto) through the Benebit platform. The point of sale system analyzes customer behavior and provides brands with integrated analytics.
Meanwhile, customers can collect points and spend points over the Benebit card. That card can be used as easily as you would use cash or a traditional payment card.
Users also interact with the platform over a mobile app. They can browse the mobile app for nearby offers, for example. They can also complete quizzes to earn loyalty points or engage in other gamified systems offered by local brands.
You can transact in your choice of cryptocurrency or fiat on the Benebit platform.
Point Of Sale System:
Benebit offers intuitive brand management powered by customer behavior and integrated analytics.
Benebit Loyalty Card:
The “Bene Card” replaces all loyalty cards with one simple card. That card provides fast, easy, and secure participation in different brand loyalty programs.
C2C transactions are easy, instant, and secure with Benebit. You can send BNEs or your choice of currency to any user on the platform.
Lower Transaction Costs:
Benebit will lower transaction costs by implementing a decentralized, all-in-one platform accessible to consumers and brands with lower transaction fees and operational costs.
Premium Toolkit For Brands:
Benebit aims to revolutionize consumer targeting by giving brands the tools and insights they need to know their customers and understand their purchasing behavior.
Games and applications can use Benebit to customize cashback and loyalty programs for regular users.
Benebit’s QR code feature makes the transaction easier than ever: each company gets its own unique QR codes that can be scanned directly through the app by the consumer, which makes the transaction instant and confirms it at the POS machine or online portal.
The Benebit application allows users to search nearby stores of their favorite companies to browse available deals.
Points For Fun Short Quizzes And Fun Facts:
Users will be able to earn cashback by participating in short daily quizzes or questions, reading fun facts, and completing milestones. Businesses can customize quizzes to keep consumers engaged and rewarded.
Custom Deal Alerts:
Benebit aims to avoid the problem of consumers receiving irrelevant deals.
Special Deals For Inactive Members:
Many loyalty points members are inactive. Businesses struggle to encourage these users to become active again. Benebit aims to solve that problem by offering special deals for inactive members.
The Benebit mobile app is already available for Android, and is coming soon to the iOS app store.
Through all of these systems, Benebit aims to create a better loyalty program for everyone involved.
The Benebit Smart Card
The key feature of the Benebit ecosystem is a smart card that replaces all other loyalty cards you use. Instead of having to carry around 10 different loyalty points cards, you’ll be able to carry a single Benebit card for all point collection and redemption. Key features of the card include:
All-in-One Loyalty Card:
Having one BeneCard for all brands ensures easy, convenient, and secure participation in different loyalty programs.
Replace Fiat Money:
With the BeneCard, there’s no need to carry cash or credit cards anywhere you go. You can pay with BeneCard wherever you shop.
Secure And Reliable:
Benebit aims to offer enhanced security and transparency thanks to the use of blockchain technology. The blockchain safeguards user data, transaction information, and brand data.
Payments are processed instantly using the card, just as easily as you’d pay with an ordinary credit or debit card.
What Problems Does Benebit Seek To Solve?
The creators of Benebit see big problems with today’s loyalty program industry. Despite the huge size of the cashback and loyalty program industry today, customers and businesses do not seem to be content. Here are some of the problems outlined in the Benebit whitepaper:
- Consumers rarely encounter personalized offers
- Customers often need to wait a long time, or collect a lot of points, before they get any value
- Only 22% of loyalty points members feel they are being treated better than non-members (Benebit claims this is due to lack of customer-merchant understanding)
- Even after earning points, customers face difficulties because cross-platform redemption of points is not common, and cross-border utilization is not available; that makes earning and using points difficult
- Merchants, meanwhile, struggle to understand customers, provide personalized offers, or make customers feel “special”
- Many customers sign up for loyalty programs, only to immediately go inactive after signup (over 60% of loyalty program members are inactive)
The Benebit Token Sale
The Benebit token (BNE) sale is scheduled to begin with a pre-ICO from January 22 to March 21, 2018, followed by a main ICO from March 25 to April 30, 2018.
There’s a total supply of 300,000,000 BNE tokens, with 225 million tokens available for sale. Tokens are set at a rate of 1 ETH = 3,000 BNE.
Of the total supply of tokens, 11.25% are reserved for the pre-ICO, 63.75% for the main ICO, 15% for the reserve fund, 5% for the Benebit team, 3% for advisors, and 2% for bounties.
Who’s Behind Benebit?
Benebit is led by John Laverty (Co-Founder and CEO), Howard Sharp (Co-Founder and CTO), Ian Livingstone (COO), Victoria Ellison (CFO), and Robert Davis (CMO).
The company was formed in February 2017 and is headquartered in London.
The cashback and loyalty program industry is ripe for disruption. Benebit is one of several companies seeking to disrupt the loyalty program industry with a blockchain-based solution. To learn more about Benebit and how it works, visit online today at Benebit.io. The token sale is underway from January to April 2018.