The online gaming industry is huge and is growing at a fast rate. At present, the industry is worth billion dollars. In fact, the online gambling industry is one of the most prominent revenue generating entertainment industry. This leads to remarkable competition and saturated markets in the industry. So, it becomes very important to retain gamers or gamblers across the globe.
The online gaming industry has evolved over the years due to a number of factors like internet penetration, the introduction of new markets, and signing up of new players. The popularity of online casinos is increasing in many countries. In fact, many countries around the world have allowed regulated online gambling. The global gambling industry is rapidly growing and is here to stay.
Use of loyalty programs in the online gaming industry is a powerful strategy to cater to the gamers. Usually, loyalty and reward programs aim at improving customer’s experience, increase customer spending, maintain a competitive position and capture new customer data. But in reality, can loyalty programs really achieve those aims? Are loyalty programs the ultimate solution for customer retention?
The Significance of Loyalty Programs for the Gaming Industry
The gaming industry with respect to online casinos is huge right now, more and more players are signing up every day and most of the times even on an hourly basis. Many operators attract the new gamers with quality promotions. Often players are offered with additional benefits like bonuses, additional spins. The key behind this is to engage the gamers and turn those customers into loyal players. A loyal program is one of the main reasons behind the profit of businesses. The main idea behind building a loyalty program is to heighten the gaming experience.
The current online gaming system provides loyalty programs but it has many flaws that must be addressed to make the most out of the loyalty programs.
• Small rewards do not thrill the gamers
One of the key reasons for the failure of loyalty programs in the gaming industry is that most of the times it fails to give enough value to the gamers.
• Loyalty programs are complicated
To attain gamers loyalty simplicity is the most important thing, nobody likes a complex set of loyalty programs. It is important that the gamers easily understand your program when they read about it on the signage.
• Leads to fraudulent cases
Fraud loyalty card swipes are one of the issues that many countries face. You need to review your data from time to time to avoid fraud cases. Even after so many efforts, the chances of frauds are quite high in loyalty programs.
• Not paying attention towards the gamers
It is not feasible to monitor every gamers’ purchase through loyalty programs on daily basis. The loyalty programs are not paid much attention towards until something goes wrong. Great loyalty programs are built in a unique way to cater to the gamers. This needs in-depth knowledge about the data and information which most of the loyalty program providers neglect. This is the main reason gamers feel monotonous about the gaming pattern.
Therefore, the broken loyalty program has many flaws, but the implementation of the blockchain technology can be a breakthrough for the online gaming industry.
• Reduce Cost
Blockchain can effectively reduce cost at three major levels: management of the system, transactional and gamer acquisition. A blockchain powered loyalty program must reduce the system management costs with the help of smart contracts that intend to report safe, tracked and transparent transaction on the platform. This helps in reducing the cost that is related to fraud and errors.
• Enables a frictionless system
The blockchain is a decentralized technology that enables gamers with a loyalty program. The gamers can use these loyalty programs in a frictionless system that offers secure transactions.
• Quick process in real time
Blockchain enables seamless transactions over a gaming platform for the gamers across the globe in real-time. Blockchain also allows to record and access transactions that involve multiple gamers in real time.
• Provides a secure platform
Blockchain has created an inflexible and time stamped distributed ledger database entry for every single transaction that is made on the platform. These transactions are recorded in blockchain and cannot be reversed. This prevents extra expenditure, fraudulent, and any kind of manipulation in the system.
How BigBang Revolutionize the Loyalty Programs for the Gamer?
The online gaming industry is huge; gamers rely on various platforms for gambling and eSports services. But there are several flaws that need to be addressed in the online gaming industry. Blockchain technology is a powerful technology that can be used to build a robust & trustworthy platform. This platform aims at providing all services at one place and a unifying loyalty program for the gamers across the world.
BigBang is a self-reliant blockchain powered ‘decentralized’ platform that avoids any kind of third-party interference. The platform itself makes the required infrastructure and services available to the gamers at one place- The BigBang platform.
It is a global loyalty and reward network that is built for casinos and eSports community. As mentioned above, the loyalty program has several flaws that BigBang has effectively addressed by using the blockchain technology. In fact, the blockchain offers the ability to revolutionize the loyalty program and also changing the relationship between the gamers, operators, and sponsors.
To do this BigBang introduces BigBang Token- a loyalty token that provides a unifying solution for the actors in the gaming industry and the ultimate loyalty program. The BigBang platform aims at fighting against fraud, incentivize the gamers, ensure privacy and safety through a cross-service loyalty token.
The BigBang Token provides an ecosystem that benefits every actor, with loyalty incentives and an improved all-in-one source of entertainment for the gamers, reduction in cost, loss of prevention and automated marketing for operators.
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