Between 2015 and 2017, loyalty program sign-ups have shown a significant increase of 25%, although actual participation has failed to reflect the spike. Most consumers simply sign up but never bother to get involved in the program.
As a number of loyalty programs saturate the market, the rewards dwindle and consumers determine that it is far too difficult to earn enough spending power with any one of them and ultimately decide participation in most loyalty programs will not benefit them, so they stop using them. This also means merchants will miss out on potentially increased sales generated through loyalty programs.
Elements aims to transform the conventional loyalty programs with new blockchain-based loyalty programs. Elements (ELM) is a digital currency with X11 Algo(Digishield) and works on Proof-of-work (POW). It is a universal loyalty currency that retailers, travel companies, banks, e-commerce companies and other merchants can use.
Reduced cost of liability :
Merchants/Brands can mine Elements for free, thereby reducing the cost of liability.
Greater Value :
Merchants can incentivize to commerce through a reward of greater value than conventional loyalty points. Elements are delivered to the consumer instantly, can be spent, sent to others or can even be cashed-out.
Universal Loyalty Coin :
Consumers can hold one loyalty currency which is accepted by various merchants which provides an advantage to both consumers and merchants.
Centralized Rewards :
With a currency universally accepted by merchants, consumers are motivated to spend more for faster, more valuable rewards when spending their money.
Customer Satisfaction :
A single loyalty currency creates more value to a consumer from a merchant loyalty program, leading to improved customer satisfaction.
Data Privacy :
Elements does not store any personal data, which means both merchants and customers retain their privacy.
Elements can be exchanged for not only products from merchants by also for other coins and currencies.
E-wallet Support :
Customers can use a single wallet to store their points rather than diluting their points across different merchants' native apps. Elements wallet has support for all operating systems.
Value Appreciation :
Elements has a fixed supply. Every time merchant partner transacts, it creates fresh demand and causes an increase in price.
Merchants are able to mine Elements for free without any dedicated hardware and reduce cost liabilities.
Elements uses X11 Algo(Digishield). The blocks are generated by proof-of-work(POW) consensus protocol. On a block is mined, the miner is rewarded with 50 Elements and a share of the transaction fees within the block. Users can explore generated blocks from the block explorer on Elements' website.
- Algorithm – X11
- Coin name and ticker – Elements, ELM
- Total supply – 1080000000 ELM
- Block reward – 50 ELM
- Block maturity – 12 blocks
As merchants seek new ways to incentivize loyalty program participation, Elements offers merchant partners the opportunity to secure a significant strategic advantage over their competitors.
With Elements, merchants are able to leverage blockchain to roll out a revolutionary loyalty program which piques consumer interest. Consumers will appreciate a frictionless, transparent and valuable reward for their transactions with a merchant.
The implementation of Elements loyalty program creates a virtuous trading cycle between merchant and consumer with greater, value-appreciating benefits for both parties when compared to traditional loyalty programs.