đź’° Blockchain in Customer Loyalty
Using blockchain to combat inefficiencies in loyalty reward programs
Today's Highlights
- Revamping customer rewards program for Web3
- Blockchain jobs - a listing of fresh jobs related to web3/blockchain/crypto.
- In Other News - a few interesting developments we're tracking.
Revamping customer rewards program for Web3
One of the most important things a business can do is build customer loyalty. It is much more efficient to bring back customers to purchase products/services than to spend a ton of money on marketing to bring in new customers each time. But as companies grow more extensive, especially with online expansion, customer loyalty programs are starting to falter due to their incapability to adapt to current technology.
Blockchain, however, can help unlock the full potential of customer loyalty reward programs.
Returning customers is a significant reason for how companies generate profit, and blockchain allows for greater yields as it can reduce costs. Smart contracts create a blockchain-based customer loyalty experience where system management costs are all but eliminated. There is also greater security and more money could potentially be saved by having smart contracts accurately report errors and fraud.
Blockchain enables a more frictionless system for redeeming rewards, much like how an airline rewards a flyer in the same digital wallet that they redeem them for a hotel. Through decentralization, blockchain can “centralize” all of the customers’ rewards programs by securely keeping the rewards in the same wallet. Companies decide how a customer uses these rewards, but the customer has full access and the ability to manage them.
All transactions are recorded in real-time which is a really big benefit for businesses since they can cut through coordination inertia to credit points faster.
Overall, blockchain in rewards programs offers unique business opportunities by having the ability to create a massive interlinked loyalty network that could offer value to other businesses.
đź’ˇ Blockchain Jobs
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O-MEE.IO
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Chorus One
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Parcl
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Wyre, Inc
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In Other News
