What Is Rewards RWRD Token?
The Rewards Project has been designed with the aim of creating a globally acceptable solution to the loyalty industry. It utilizes the blockchain to create a universal loyalty token, which will be known as RWRD. This token can be used for travel, the purchase of gift cards, or to receive cash. Meanwhile, it manages to reduce the outstanding liabilities that merchants hold due to unredeemed rewards.
The Problem Rewards Token Seeks To Solve
A study conducted in 2015 shows that every household in the US participates in about 29 loyalty programs. That means there are over 3.3 billion loyalty accounts in the US alone. The study also showed that about 84 percent of businesses in the US provide some kind of award to their consumers.
However, data shows that most consumers are usually frustrated when they have to juggle between different loyalty programs. The reason for this is that most loyalty programs are usually quite complex in how you can earn your points. For reward programs to work, they need to be simple to use and meet the needs of every user.
Rewards Cryptocurrency Loyalty Points Coin Solution Proposed
In 1793, a local merchant decided that in order to get more customers to his store, he would reward patrons for their loyalty. After a few attempts, he came up with copper tokens, which he would give to customers. These tokens could later be redeemed for items within his store. The idea soon spread everywhere, and it is now an industry worth billions of dollars.
The developers of this project believe that technology has finally evolved enough to accommodate this idea, which is over 200 years old. With the blockchain, they believe that they can be able to disrupt consumer habits globally by placing the power of loyalty in the hands of customers. Today, there are countless programs, which are constantly changing the redemption value of tokens.
Besides that, most merchants have a hard time managing their reward programs. The reason for this is that these programs usually lead to rising operational costs, increasing liabilities, and system inefficiencies. Despite these issues, the loyalty industry continues to grow at 30 percent annually. Today, about 85 percent of all global consumers belong to at least a single consumer loyalty program. That means there are over $300 billion in reward points distributed around the world each year.
If a loyalty solution were created, which had all the benefits without any of the drawbacks, it would be a game changer. The creators of this project believe that they can make this dream a reality with the power of the blockchain. To achieve their objective, the creators of Reward will introduce an easy learning path. This will be used to educate consumers on the benefits of holding rewards in crypto.
Rewards Token Conclusion
The Rewards Project intends to bring together a global marketplace that will bring together over 100 million products and seven thousand merchants. The project will let customers earn RWRD tokens and redeem them at any merchant who takes part in the project. The final goal is to ensure that true value is restored to customers.