The global loyalty program market is in the hundreds of billions of dollars. Just the companies that manage these programs bring in billions in revenue each year. What exactly do these companies manage? Virtual points?
There are brokers for your airline miles now that trade with you for cash or points in another loyalty program. The entire industry is a bunch of antiquated systems that do not speak well to each other, which kills the user experience, program utility, and partnership opportunities.
Solution:
A global loyalty program with a common unit of account that is managed using smart contracts.
- Easy and real-time transfer of points between different programs without the need for conversion with a common unit of account
- Program rules can be enforced and different stakeholders can remain synced using smart contracts
- Power users can be targeted with additional benefits from the same programs or complementary programs
- Simple and uniform integration with existing PoS systems to provide immediate and wide redemption capabilities for points
In the 21st century, it is ridiculous that we need an actual industry to keep track of everyone’s loyalty points. The industry should be focused on advising brands to create effective loyalty programs instead of functions that can be replaced using technology.