Loyalty is method devised by brands to keep existing customers or get new customers. The loyalty sector is however expanding as time passes. A simple case scenario of loyalty program is a supermarket offering a point for every $X purchase from the supermarket, the when the $X accumulates to $10X, the customer can then come and get a specific item with the loyalty point gotten. As nice as this sounds, there are various drawbacks to this:
- Customers get their point but refuse to redeem them.
- All this points that are accrued by customers and not redeemed turns out to the deferred revenue on the part of the brand and wasted patronage on the customer's part.
- It is an expensive gamble when it comes to acquisition of new customers.
- Loyalty points accrued by users cannot be monetized.
Use case scenario (without qiibee):
roks purchases an item from shop A, in lagos for every item he purchases, he is given a point. Something comes up, john doe has to travel from lagos, and the loyalty program is about ending, here are the problem roks john doe faces:
- He has to come back to shop A to redeem his rewards, since he is out of town, he cant redeem it.
- His reward for patronage is then wasted
- His loyalty point cannot be transferred to any person
The Qilbee Solution:
Qiibee is a platform that allows both customers and brand owners to manage loyalty programs. One key feature of this is that it is built on block chain (Etherum).
The qiibee ecosystem is divided into two parts; the developers kit and the quibee app.
Developer kit:
The developer kit enables brand set up their loyalty programs. Here they choose how customers are to be rewarded, and what they are to be rewarded with. For instance rokscorp could start a loyalty program by saying that upon every $50 purchase from rokscorp, there is a redemption code that wen entered into the platform, would give the customer 10rokscoin.
Qiibee app:
This is the interface via which the customer interacts with the loyalty program of various brand. The qiibee app comes with various features:
- A unified wallet for all loyalty programs; no need to create new wallets for different loyalty programs
- View ongoing loyalty programs that other brands are currently organizing.
- Users get to see an overview of all loyalty points that they have been rewarded with.
- Users also get to cash out at the current value of currency to the cryptocurrency (QBX).
Setting Up loyalty programs: There are two stages in setting up loyalty programs; rewards and redemption.
Reward:
Brands buy QBX token, they then create their own customized token say rokscoin. If they bought 500QBX, it only means that they would give 10 people each 50rokcoin. Upon exhausting the tokens, brands can either decide to end their loyalty programs or end the loyalty programs.
Redemption:
For a specific loyalty points, brands can decide that they want to give the customers a specific product/service. The customer can then request for the product upon cashing in the loyalty points as awarded by the brand. Customers can also choose to send loyalty points to their families and friends, thus also expanding the reach of the brand.. it also important to note that customers can choose to cash out their loyalty points for cash if they choose to at the current exchange rate.
Use case scenario (with qiibee):
Roks purchases an item from shop A, in lagos for every item he purchases, he is given a point. Something comes up, john doe has to travel from lagos, and the loyalty program is about ending with qiibee her are the opportunities roks has:
- He only has to go to shops that have qiibee integrated to their system, and have loyalty program running to redeem his reward.
- If he chooses, he can transfer his loyalty points to his family and friends
- If he chooses, he can cash out as the loyalty points as money as his loyalty point are cryptocurrency based
- Roks remains a loyal customer to shop A, Shop A remains loyal to roks
Conclusion
Roks as a customer would definitely remain loyal to all stores or business using the qiibee because he knows that no matter where he is in the world, as far as he has a loyalty pint, he can always redeem it. Companies would also want to embrace the qiibee platform because they know that they not only get new customers by rewarding with loyalty points, but they get also from qiibee platform itself.
personally i would say this is an innovative platform that would definitely kick out the conventional loyalty award system.
For more information:
qiibee website
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qiibee2018