Loyalty
Loyalty in business have a lot of definitions - Dick and Basu(1994) defined loyalty "as a consumer commitment to the brand or approach to the brand(service, product category, etc.)". Also, it is interpreted "as an expectation to continue business with a particular brand"(Wilson, 1995).
source. However, regardless of the aforementioned definitions, the ultimate aim of loyalty programs is consumer satisfaction, new consumer acquisition and brand to generate best return on investment(ROI) all of which leads to growth. Loyalty is emotional, a relationship between the consumer and brand. If maintained with both satisfied then it will or might last forever and vice versa. Loyalty programs involve a considerable amount of investment with both brand and consumer at loss if not properly executed. This exactly is the main problem facing the loyalty industry amongst others. Imagine being a loyal customer to a particular local brand or store you visit frequently then you must have made numerous purchases therefore accumulating some loyalty points which you can use to make purchase from the same brand or store when it reached a particular point but what of other stores and brands you are loyal to? You buy and make use of their services but not frequently, an example is that of airline service. It is not everytime you travel but whenever you do you make use of a particular airline company. You will realize over time that the loyalty points accumulated is not enough and has no liquidity therefore rendering it useless and going to waste. Customers accumulate a lot of points from different stores or brands only for them to be able to utilize little or nothing of all. This have a telling effect on both customers and brands;
Customers
- They get fed up of the whole loyalty programs as it is fragmented due to many loyalty programs thereby facing selection difficulty.
- Lack of options for exchange of loyalty points as the brands decide what and quantity of what their points can earn them.
- These accumulated points cannot be utilized outside the brand or store.
Brands
- Low return on investment as a result of low engagement level and redemption with customers.
- Loyalty points turning to liability in the long term with its effect telling on balance sheet.
- Acquisition of new customers through loyalty programs which is expensive in the first place is hard due to customers less than ideal experence.
- Data security is not always guarantee due to voluminous collated data on customers.
What qiibee is offering is solution to all these.
qiibee
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qiibee is a decentralized loyalty program platform based on the blockchain technology. The objective is to profer solutions to the issues facing the current loyalty programs therefore uniting brands and customers alike.
Features
- The platform is run on the qiibee token.
- The qiibee ecosystem will allow brands to run their loyalty programs with full control.
- Customers also have control over the programs and tokens.
- The blockchain technology ensures data protection.
- Easy engagement between brands and customers directly or indirectly
- Little or no integration needed
- Ability of brands to build their own loyalty application on the platform.
- Ability of the customer to exchange or trade tokens or cash out.
- Customers also reserve the right to opt out of the ecosystem.
How does it work
As explained above the platform is run on the qiibee token. The brand create a budget and make use of it to buy qiibee tokens which is then converted to brand tokens from which they can use to reward customers.
Customers can exchange these tokens, trade them off through third party, cash out or redeem them. They do not have to bother about their tokens going to waste. This ensures continuous patronage and satisfaction on the side of customers while the brands can continue generating enough tokens through redemption.
Brands can build their own loyalty application which they have control over with the qiibee developer kit without the need for integration. They no longer have to worry about these programs becoming liability. Since it is based on blockchain technology customers data are secured.
All of these made possible through the qiibee platform.
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Conclusion
With the current issues facing the loyalty sector, qiibee is exactly what is needed going forward. Brands and others alike should not hesitate in partnering because qiibee is taking the sector to the next level.
The Team
This is composed of veterans with years of experience armed with strong strategic advisers.
Advisers
Additional information and resources
- qiibee website
- qiibee whitepaper
- qiibee Telegram
- qiibee Medium
- qiibee Twitter
- qiibee Facebook
- qiibee Instagram
- qiibee LinkedIn
- qiibee Google Plus
This is my entry for 
qiibee2018