Blockchain is the excellent expertise to attach the loyalty program trade because it delivers extra choices and worth to prospects.
That’s in accordance with the CEO and co-founder of Qiibee, a Swiss-based loyalty token protocol that helps manufacturers run their loyalty packages on the blockchain.
Speaking in an interview with Coinjournal, Gabriele Giancola spoke about how the expertise will rework the loyalty sector, and the way manufacturers can higher retain their prospects with it.
“We believe the more options you give your customers, the more they will be engaged and the more excited they will be with the brands loyalty product,” he stated. “At the end of the day, it’s all about the value that you give them.”
His feedback come at a time when the State of Customer Loyalty in 2018 survey discovered that over 50 per cent of loyal prospects stated that they’d be part of a loyalty program. Not solely that, however greater than 90 per cent of shoppers take into account themselves equally or extra model loyal in comparison with a yr in the past.
Yet, whereas buyer loyalty is extra essential than ever, the expectations from shoppers is rising. As a outcome, manufacturers want to seek out new methods to present them worth and preserve them engaged.
Giancola believes this may be achieved via the blockchain. Founded in 2015 by brothers Gabriele Giancola and Gianluca Giancola, Qiibee’s Ethereum blockchain plug-and-play resolution helps firms, giving them the platform to create their very own loyalty packages on Qiibee’s protocol. All of that are backed by the platform’s personal loyalty token, QBX.
Some of the manufacturers behind Qiibee embody Caffe Lattesso, the second largest espresso producer in Switzerland and Sausalitos, a cocktail bar and restaurant chain in Germany.
The most important concept with Qiibee is that when an individual outlets with a model they like, they’re then rewarded with the branded token, whereas interplay is fixed. If an individual has branded tokens with one firm, however requires tokens of one other that they don’t have, they will use the Qiibee platform as an change to get the tokens they want from somebody who requires the tokens they’ve. Not solely that, however by having all the tokens on the identical database this makes it simple for exchanges to happen slightly than on 10, 20 or 30 totally different ones.
At the second, for manufacturers loyalty is usually a difficult enviornment. According to 2017 figures from Bond Brand Loyalty, an estimated $100 million in factors had been left unredeemed by members. This presents each threat and alternative for loyalty operators. On the one hand, redeeming a small quantity would ship higher experiences for members, whereas on the different it highlights the want for loyalty operators to ship cost-effective redemption affords.
“If you can’t deliver in value it doesn’t matter what points you are giving them if they can’t use them,” stated Giancola. “Giving the points is the easy part, but then giving them value out of those is the difficult part, and this is where most loyalty products are struggling.”
According to Giancola, everybody concerned in loyalty packages believes that it is smart to have them related because it offers customers extra choices. Instead of constructing new purposes the place customers should obtain extra apps to be a part of one thing, why not see what’s already obtainable and join them, he stated.
“This is the perfect technology and it’s an organic move for the loyalty program because when a customer does something they get rewarded for it,” he added. “You give these factors again and I provide you with a product. It makes lots of sense taking the entire loyalty market on to the blockchain.”