Cashback and loyalty programs have become the norm in online shopping in recent years. Merchants increasingly leverage them to attract customers and provide favorable shopping conditions. However, the experience is often marred by the opacity of the system, resulting in long wait times and difficulty claiming rewards. This has led to many customers abandoning their rewards, significantly impacting on customer engagement and retention.
The problem with this system is that these cash or points are not liquid. Customers are unable to convert them for other services, and merchants have no way of utilizing them. However, online retail startup
Benebit is set to remedy this through its ground-breaking, blockchain-based solution.
By moving rewards to the blockchain and settling all exchanges through smart contracts,
Benebit is sending shockwaves throughout the online retail industry. The network bridges the divide and disconnect between customers and business by facilitating a fast, efficient, and secure customer reward and retention ecosystem. Benebit replaces points with tokens, Benebit Tokens (BNE), that can be used instantly at any point of sale. These tokens can easily be exchanged into fiat or any major cryptocurrency.
Benebit uses a mobile app and physical card - BeneCard - to allow users to collect and store loyalty tokens, and spend them at their favorite online stores. BeneCard replaces the traditional loyalty cards, uniting merchant services on a single, transparent platform. This unification empowers retailers with a Point of Sale System, which not only collects customer shopping data but also allows for management of internal processes such as inventory tracking, staff payroll, and vendor listing. Benebit’s proprietary technology will also lower retailers’ transaction fees through disintermediation of services and facilitation of exchanges through smart contracts.
Benebit’s solution is not just limited to the retail industry, it will also extend its capabilities to the gaming and app industry too. App users are like shoppers too, earning points for performing certain tasks. And like the retail industry, they have very limited and restrictive avenues for utilizing these points. Through APIs, developers can incentivize users of their product and increase engagement by linking users’ points to the Benebit network to enable users trade points for BNE.
Benebit will launch its Token Generation Event to give the crypto community the unique opportunity of supporting the company from the ground floor and hold Benebit tokens for future use. Scheduled to commence on January 22, 2018, the event will accept contributions in cryptocurrencies from participants.
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