Loyalty programs are becoming an effective way for brands and companies to engage with their customers in the different markets. Currently, the use of these programs has stretched to include travel finances, retails and other economic sectors. It is estimated that the average household participating in 29 different loyalty programs in annual rate and this might explain how rewards and loyalty programs are becoming popular. While every customer is always excited with the sound of loyalty more often they end up becoming disappointed due to some challenges facing the sector.
Consequently, that means the loyalty programs are an opportunity for disruptive innovation to come as a solution to our current system. Fortunately, blockchain technology is providing an instant redemption from the ability to provide a single, secure platform to have multiple loyalty programs and earn from the recovery without the need for the online middleman platform. Additionally, the technology could ultimately prove beneficial with its numerous useful capabilities which are applicable already in multiple industries. Here's one blockchain venture on course to the redemption of our loyalty and rewards programs and consequently eliminate the everyday irritations.
What Is Rewards Token (RWRD)?
Reward Token is a cryptocurrency set to be in use for loyalty programs and rewards programs within the blockchain. The token will work on the rewards.com platform. As the core online marketplace, rewards.com will incorporate the use of blockchain technology to facilitate merchants, shoppers, discounts, products, coupons, and contests within a single ecosystem, The customers get to redeem the tokens within the ecosystem while companies get to offer the games, and rewards freely within rewards ecosystem.
Rewards Token Features
- A shopping marketplace- Rewards will utilize the blockchain technology to establish a global marketplace for over 100,000,000 products and over 6,000 merchants in different industries.
- Delivery service- the engagement between customers and companies will provide for a more agile feedback delivery service on the blockchain
- A single crypto wallet- the Rewards Token is exchangeable, traceable through the platforms' provided e-wallet.
- RWRD Buybacks- as a measure to control the market value, Rewards.com will have a buyback clause for the tokens which will later go into distribution
How Consumers and Companies Stand To Gain
- Transparency- the merchants and customers will operate on a peer-to-peer level which will enable direct access to every transaction and detail. Consequently, this could reduce the loss of points, fraud, and other manipulations
- Discounts- users can redeem the RWRD tokens for discounts on commodities offered by rewards.com
- Liquidity of the token- the Rewards Token is exchangeable for fiat currency which aids its potential for value.
- Reduced customer retention- the trust and transparency within blockchain will enable more customers to participate in the programs frequently.
- Decentralization of loyalty programs- the distributed ledger (blockchain) allows for the loyalty programs to operate without the need for the collective online platforms
- More consumer engagement- more customers will gain the trust in the authenticity of the loyalty and rewards programs
Rewards Crypto Loyalty Points Token Conclusion
Investment in blockchain is finding different uses, and the customer loyalty programs seem to have finally found its purpose. While every company might want to participate in such innovation, the ultimate question is first to consider the risks. However, ventures such as Rewards token do have the potential to get the industry into using a whole new model of approaching customers and revolutionize customer loyalty and retention.