We all love having a little extra, whether it’s a free desert with your meal in a restaurant, a bonus payment at work or a simple “thank you” for a deed you were prepared to do without recognition or appreciation. This underpins the success of cashback reward programs.
Then you have cryptocurrency, the rising digital payment system that rocketed in value tremendously throughout 2017, increasing the wealth of early investors and now everyone is trying to get involved and profit from this new technology.
Bill Gates: “The future of money is digital currency.”
So how do you get hold of something you can’t physically touch? Many have struggled with various online exchanges, some of dubious nature, whilst still others began “mining” digital assets on their home computer. One thing is for sure, as far as the common man on the street is concerned, it seems way too much hassle to capitalise on the crypto craze.
But what if you were able to receive cryptocurrency as cashback for purchases at your favourite stores? A loyalty program that provides you with an asset that can be exchanged for cash, transferred to anyone you choose, or spent as you see fit. This is the vision of BitRewards.
With over five years of experience in providing loyalty solutions for e-commerce, GIFTD has decided that it too wants a place in the new era of decentralised payment systems, and it is doing so by pushing its idea of an exchangeable asset that they believe will rise in value. The company’s CEO, Alex Egorov, believes the use of distributed ledger technology (blockchain), coupled with machine learning and the rising popularity of cryptocurrencies will take loyalty programs to the next level.
As such, they are issuing their own cryptocurrency: the BIT token. BitRewards has successfully been conducting its pre-ICO and is close to reaching its soft CAP of $3 million. The main ICO starting from April 1, 2018.
So is it the future or death of fiat? BitRewards is positive that there won’t be any suicides resulting from the issuance of their token. Their BIT token will free float on the market and be used as a method of payment for merchants to gain access to BitRewards, with the token also serving as a reward for loyal customers. Whether we will see its value go up or down, Egorov is quite certain BIT is set to rise in value and popularity; only time will tell.
This isn’t the only company looking to employ cryptocurrency in loyalty marketing, with many other companies, big and small, looking to take advantage of the blockchain-based tech. Successes so far, along with all of the companies aiming to fill the void give somewhat of an indication of the potential of loyalty marketing 3.0.
The figures show that the industry boasts 3.8 billion users of individual programs in the US alone and rose 15% and 26% in 2017 and 2015 respectively, a sure indication that consumers really value the rewards that loyalty programs deliver.
Getting excellent ratings from mainstream rating agencies like ICORating 9/10 and ICOBench 4.7/5, BitRewards expects to successfully capture the $20 billion worth of retail market globally through its revolutionary ecosystem.
As we move into a new kind of economic era that brings more and more autonomy and decentralisation, we all stand to reap the rewards from the increased value that these burgeoning technologies bring. For rewards programs to find their feet, they will have to not only identify and target the appropriate potential customers, but also improve customer lifetime value and consumer loyalty. Only a conservative fear of transition will limit any potential gains that can be achieved through rejecting the idea that the world is static.
Disclaimer. This article is paid and provided by a third-party source and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds in any company. CoinIdol shall not be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any such content, goods or services mentioned in this article.