URP (Universal Reward Protocol) is Using Blockchain to Improve Shopper Engagement
URP (Universal Reward Protocol): Using Blockchain to Revolutionize Shopper Engagement
URP (Universal Reward Protocol) is a unique blockchain-based ecosystem that seeks to provide shoppers with incentives for their shopping behavior, both offline and online. Shoppers get to earn rewards from the system in the form of tokens. Its ICO is currently undergoing a private sale.
URP And The Retail Sector
Blockchain technology is in a unique position to disrupt the retail sector in a major way. It is something that can be seen in the fact that many international retailers have already started to ride the blockchain wave. Most of them have already started working with exciting developments already in place in this particular sector.
URP is one of the newest firms to start experimenting with blockchain technology in this particular sector. The firm and its founders are working on coming up with a blockchain-based protocol that will assist in bridging the existing gap between brands, retailers, and shoppers.
This is something that they hope to achieve by being able to streamline all their interactions. To make this a possibility, they have already announced plans to hold an Initial Coin Offering that will help them finance the project. The company has recently become very popular in the cryptocurrency space, and its founders are confident that they will be able to pull-off a successful token sale.
Yves Benchimol, the CEO and one of the co-founders is enthusiastic about the contributions that this emerging technology will bring to the retail sector. He is quoted as saying that the reason they chose to develop URP was that they wanted to disrupt the shopper experience, as well as be in a position to change the existing relationship between retailers and shoppers.
In addition, URP seeks to introduce a new way that will make it possible for brands and retailers to interact in a direct and transparent manner with their shoppers. Apart from changing the way they get to interact, they will also be able to automatically reward data sharing and the shopper’s behavior in a streamlined and custom-tailored manner.
The novel creation from the URP team took close to three years to complete. The creation will be able to provide retailers with an exclusive and previously unavailable set of data through data fusion, AI technology, and by collating geolocation. This is a product that has been exclusively tested, including collecting data from a sample of close to three hundred and fifty thousand shoppers.
During the data collection exercise, the team visited a total of ten million stores and sent out close to forty thousand offers to shoppers. All this was done with the aim of providing the developers with an in-depth experience of the pain experienced by retailers when they are trying to personalize their interactions with shoppers.
The URP solution is currently being implemented in France by companies such as Auchan, Carrefour, and Nestle. One of its standout points is its ability to audit shopper behavior when they are in a store. This has been seen as an asset that many retail chains will be able to utilize and is one that will enable URP reward shoppers who visit a particular store.