Welcome to the Future, where Shop Owners create Loyalty Points on the Blockchain BY THEMSELVES

Welcome to the Future, where Shop Owners create Loyalty Points on the Blockchain BY THEMSELVES

April 25, 2019 Off By Rob Logan

This article focuses on ease of creating loyalty points on the blockchain without the need of a developer.

Loyalty Rewards

Every business today with an online store knows the essence of monitoring customer shopping behavior. This is to better serve, retain and keep them coming back for more. Most businesses adopt the use of loyalty reward programs to help them gather this kind of information quickly and efficiently. To the customer, earning a loyalty or reward point means a lesser price of goods on the next purchase. To the business owner, organizing a loyalty program will help him gather more information about his loyal customers especially their shopping behavior. This he can use to help improve his service to retain customers and get new ones. A loyalty program helps to differentiate or make his business stand out.

Additionally, it has been found that loyalty reward programs have been adopted by 80% of Americans. Each household holding loyalty rewards from more than nine online shops on average. It has proven effective over the course of the years. Loyal customers are rewarded, company rewarding them are happy- this is the case with loyalty rewards.

The cons

Unfortunately, many people who hold reward points from shopping do not hold just one. They hold from multiple shops and in most cases, they tend to forget. Holding a reward point means registering on the shop’s reward program website. The points are given and saved on the website. Ultimately, a customer can have reward points from more than twenty online shops. If the customer will not forget any, it means he has to write them down or check-in frequently. This can be tiring.

Keeping rewards points transparent and secure is another thing the shop has to worry about. Unfortunately, it means paying for securities. Amazingly, some business owners are forward-thinking, they have sort for a better solution with blockchain and cryptocurrency. Sure the transparency and security of the blockchain technology are like none other. Reward tokens can easily be sent to a customer’s wallet address where it kept by the customers themselves. Additionally, the Blockchain technology is immutable therefore it is hack-proof.

The only downside with this is that shop owners are at the mercy of developers who created the tokens for them. They have to pay huge amounts for the developer’s services.

Shop owners as Developers

Recently, XinFin blockchain created mycontract.co which allows ANYONE, no matter their technical experience to create and deploy a smart contract. OR create a cryptocurrency. XinFin in a press release stated that mycontract.co can now be used by shop owners to create reward tokens or loyalty points. This will help put power back into this hands of shop owners as they cut costs running a blockchain based loyalty program.

The solution was created as a plugin to work perfectly with the Enterprise Resource Planning (ERP) or Customer Relationship Management (CRM) system. This will also save the cost of creating or running an entirely new system. The press release contains a step-by-step to creating a loyalty reward tokens. The team will surely be ready to help owners wherever they have questions.

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