In today’s time, the gaming industry has become extremely competitive. This is why gaming operators are constantly looking for ways to be unique and more profitable than the traditional gaming and eSports industry. The online gaming industry continues to flourish due to the increased usage of internet, the introduction of new markets, and signing up of new players. Just like most of the industries, online gaming also utilizes the loyalty programs to reward the gamers for their active participation in games. In fact, loyalty marketing is all about encouraging engagement with the gamers. This is the reason that gaming is one of the hottest buzz in loyalty program.
In every industry customer loyalty is the sole factor in determining whether the customer is interested in doing further business. In fact, in 2017 there was a 64% increase in loyalty programs offered by various brands. Moreover, customer loyalty is a sure shot method to increase sales and get referrals. Most of the companies and brands rely on ‘Loyalty Programs’ to attain customer loyalty through online and offline channels.
Similarly, in gaming attaining the loyalty of the gamers is one of the key focuses. This can be attained by providing satisfactory gaming loyalty programs.
Loyalty Programs for Online Gaming
Loyalty programs have burgeoned in the gaming industry and have become the hottest trend. As a result gamers across the globe are introduced with loyalty points and various redemption possibilities, with inconvenient processes that are difficult to exchange among the gamers worldwide. Moreover, the loyalty programs that are being used by the gaming industry have number of flaws that comprise of inactive accounts, low rate of redemption, very high costs, more time usage and low client retention.
These problems lead to a broken loyalty program that fails to cater to the large audiences rather gamers. Consequently, gamers lose interest as they feel unrewarded as a result of a complicated system of loyalty programs.
Blockchain Technology Revolutionizing the Loyalty Programs
Blockchain technology is one of the most groundbreaking technologies that have been introduced to us in the past decade. With the rapid emergence of blockchain in the online casinos, eSports as well as in the online gaming industry, the broken loyalty programs can be addressed. Indeed, cryptocurrency and smart contracts are the latest resources to attain gamer’s loyalty over a gaming ecosystem.
Blockchain distributed ledger technology offers solutions to solve the broken loyalty program, schemes, and challenges in the rewarding system. The blockchain powered platform enables to reward the gamers with loyalty tokens in the form of cryptocurrency. Blockchain allows a ledger of transactions to be done and shared over a network of participants. If a new digital transaction takes place, for instance, a new loyalty point is exchanged, issued or redeemed then automatically a new algorithm generated token is created and accordingly allotted to that transaction. These token are collected in blocks and are distributed across the network, which immediately updates every ledger. Similarly, new transaction blocks are automatically linked and validated to the existing blocks. This process creates a secure, robust, and validated record of each and every transaction done on the platform, without the need for a centralized database.
How about having a loyalty program for online gaming where you can earn cryptocurrency rather than points? Cryptocurrency offers the capability to replace points and be the new loyalty currency. All this is possible by using blockchain that creates a secure digital currency platform that is managed transparently. The amalgamation of blockchain and digital currency inside a loyalty program can exchange the loyalty points into a valuable currency.
Besides, cryptocurrencies have the ability to deliver more to the gamers than just rewarding with loyalty points, which is basically the central idea behind the engagement of the gamers worldwide.
Benefits of Blockchain as a Loyalty Program
•The distributed ledger and blockchain technology offers unparallel growth and value to the loyalty program.
• Loyalty points/ rewards are earned in cryptocurrency and not points.
• These rewards are valued rather than expired.
• Easily exchangeable or redeemable into any other cryptocurrencies or fiat currencies.
• Personalized, rewards and points, and easy & secure transactions.
• Minimum risk of security and scams.
• Low transaction cost and easy transaction cost.
The Ultimate Solution
BigBang is one such solution as a distributed ledger technology that is a pioneering idea to change the future of the gaming industry. Since, blockchain allows keeping a public record of agreements, interactions, and transactions to be linked cryptographically. Online gambling platforms and services have never had a better opportunity to innovate, expand their potential and also improve their relationship among the actors and offer more to the gamers. The platform has an inbuilt mechanism to fight against fraud, incentivize gamers, ensure privacy, and create new revenue sources and create retention opportunities through a loyalty token. It allows benefiting each and every actor with loyalty incentives and a better source of entertainment for the gamers, reduction of cost, and loss of prevention and automated marketing for the operators.
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