Before we dive head-in to this review, we should learn a bit more about the current retail market, and how it is being reshaped as cryptocurrencies start to become stronger and stronger within the global economic engine. Statistically speaking, we can see that more than $20 billion is spent each year by companies to improve their retail management practices.
A majority of this money is spent exclusively to bolster customer loyalty programs via the use of various incentive schemes and other similar means. However, most of these loyalty programs are ridden with loopholes which make it extremely difficult for customers to gain actual benefits (thereby leading to increased dissatisfaction).
About BitRewards BIT
BitRewards is an all new “blockchain loyalty platform” that has been designed to help retailers reward their customers in a streamlined/ easy fashion. What makes this platform standout is the fact that it uses a crypto incentive system that allows users to “redeemed their loyalty points” for assets that can then be used for purchases or transferred to a crypto-wallet.
Some of the key aspects of this service include:
Owing to the company’s unique business model, the reward system allows for incentives to keep increasing as time goes on. Additionally, rewards are given in the form of cryptocurrencies and not points, thereby allowing for better customer satisfaction.
When compared to conventional retail systems that charge in excess of $500 per month, BitRewards BIT will be available for use at a meagre sum of $200 per month. .
In order to make its rewards scheme more accessible, BitRewards makes use of an AI-based predictive analytics system. This program allows for the automatic configuration of the core system so as to alter its functionality based upon the needs and demands of each particular business and its target audience (thereby allowing for the best possible ROI).
According to the company’s whitepaper, BitRewards is compatible with “most existing e-commerce systems”. These include platforms such as Magento, Shopify, WordPress, Ecwid, etc. Not only that, the API used by the developers is quite simple and can be integrated quite easily onto various other e-commerce programs.
What are the Advantages Being Offered by BitRewards?
- Ease of Use: to register on the platform takes under 3 minutes. All users have to do is link their FB account with the Bitrewards system and start to reap loyalty rewards directly into their desired e-wallet.
- Usability: bonuses that are procured from different merchants can be accumulated into one account. Not only that, the collected tokens can be “redeemed with any merchant within the BitRewards Network”.
- Fiat Compatibility: another underrated aspect of BitRewards its seamless integration potential with regular debit cards. This allows for digital currencies to be used via regular Visa/ Mastercard based channels (allowing for more usability).
- Unique: while most loyalty programs pander to regular shoppers, BitRewards goes a step further and also helps lure in crypto enthusiasts.
- Usability: this system is available for use by any retailer, brand or service looking to expand their customer base in a steady and sustainable manner.
- Seamless exchange: BitRewards has been designed to allow for an easy conversion of BIT (native tokens) into Bitcoin, Ether and any other crypto-currency.
BitRewards BIT ICO Token Details
As mentioned previously, the BitRewards eco-system will make use of a native currency called BIT to power its network. In all, there will be a total of o 2,000,000,000 tokens that will be created. Out of this number, 1,280,000,000 will be made available during the sale periods.
The public pre-sale is currently underway, and is scheduled to end on the 31st of March 2018. Similarly, the crowdsale will commence on the 1st of April, and end on the 30th of the same month.
Token Distribution Scheme
- 12% of the entire currency will be reserved for liquidity purposes.
- 64% will be made available to the public during the aforementioned sale periods.
- 14% have been set aside for the company’s management team.
- 3.5% will be reserved for use by the company's advisors.
- 4.5% will be used for the creation of a bounty.
- The remaining 2% will be set aside for the creation of a contingency plan.
Allocation of Funds
- 27% of all collected revenue will be used for further product development.
- 12% of the money will be set aside to cover for salaries of individuals involved with marketing, sale, admin.
- 39% has been reserved for the promotion of the platform (so as to attract new customers). In addition to this, a portion of this money will also be used to create partnerships with third party businesses.
- 6% of the collected money will be used to cover for legal expenses incurred by the company,
- The remaining 16% has been reserved for payment of salaries of C-level executives.
Who is Behind BitRewards?
Alex Egorov is the CEO and founder of BitRewards. He has been in the digital finance sector for over 15 years, and was previously the Vice-president of the National Reserve Bank (Moscow, Russia). During his tenure there he was in charge of
- International relations
- Foreign financial market handlings
- Trade finance
Similarly, Alexander Nevidimov serves as the company’s CTO. He has over “12-years of experience in backend development (and 3 years fullstack)”, and his previous work experience includes:
- Principal developer of 50btc.com
- CTO of GIFTD for 4 years
Lastly, Vitaliy Makarenko serves as the project COO. According to his professional LinkedIn page, he has “vast experience in corporate process management and sales”. He has worked on various strategic industrial projects for a wide array of Fortune 500 companies.
For any further details regarding this platform, users can get in touch with company officials via email or through the live chat option.