Hello Guys!!
Today I’ll be introducing you to an amazing new project on the blockchain. This project is called Universal Reward Protocol (URP). This is a project with lots of promises and potentials and gives you the opportunity to earn rewards from doing pretty basic things during shopping online. I am really excited to be sharing this new crypto project with you and I’m sure you’ll love it.
Universal Reward Protocol is a blockchain-based protocol where retailers can reward shoppers for different kind of behaviors like simply visiting the store, sharing data, buying a product etc. If a shopper agrees to share his/her data with the network, then reward tokens can be earned, while the data is used by retailers on the network to build redemption offers that best suit each customer’s needs. Shoppers can then redeem their tokens through these exclusive and personalized offers. Doing other activities too can earn shoppers some reward tokens.
Universal Reward Protocol provides a novel blockchain ecosystem that provides shoppers with full control of their data while allowing them to enjoy personalized offers made by retailers.
Why did Universal Reward Protocol (URP) Come into Existence?
Physical retailing has been on a steady decline for the last ten decades. This is largely because the growth of e-commerce and mobile purchases has significantly reduced the market share of physical retailing. This cut-throat competition has forced physical retailing into building new sales channels e.g. acquisition of pure player competitors, deployment of e-commerce websites etc. in order to try and wrestle back the lost market share. The e-commerce industry has more than doubled its market share in the past 7 years, and this trend is expected to continue into the 2020s. But unfortunately, these new sale channels have not yielded the desired results in that it is becoming increasingly difficult for physical retailers to track and manage the customer data and as such, they are unable to understand individual shopper needs.
There are basically three main problems that shoppers face when dealing with physical retail stores:
Lack of personalization of the shopping experience.
Data privacy.
Multiple incompatible loyalty programs.
Lack of personalization of the shopping experience
Despite the massive growth of e-commerce and mobile purchases, shoppers world over keep returning to physical stores. This is basically because of the wonderful experience they get when they visit these physical stores. Seeing the products up close, touching and feeling the products are still very important to most of these shoppers. But physical retailing lacks personalized shopping experience in that these brick and mortar stores do little to know more about their customers and hence cannot tailor their shopping needs accordingly. Shoppers want a more personalized experience and a seamless integration of their shopping activity when they visit these stores.
Data privacy
Data privacy is a major concern for shoppers around the world due to the fact that many fraudulent activities can be carried out in customer’s name once their data has been compromised. This is causing big problems in the business-customer relationships because most shoppers are still not able to trust retailers with their data. The frequent data hacks and leaks has deteriorated to a point whereby only 51% of Americans still trust loyalty programs with their personal data. This lack of trust on the part of shoppers to provide retailers with their personal information has further lead to the inability of physical retail stores to provide personalized shopping experience to shoppers.
Multiple incompatible loyalty programs.
Shoppers have quite a large number of loyalty programmes available to them. But only a few percentage of them actually make use of these loyalty rewards because a larger percentage of shoppers are unaware of these rewards. Even in situations where shoppers are aware of these rewards, some have complained that it took so long to earn rewards while others have complained about lack of fungibility and liquidity of these rewards. Shoppers desirer a more personalized reward system where they interact in a seamless way with retailers.
Despite all these challenges faced by physical retail stores to provide a more personalized shopping experience for shoppers, offline sales still represent a larger percentage of total retail sales, which shows that there is still an opportunity for these retailers to leverage on in order to reconnect with their customers and provide them with a more seamless personalized shopping experience that they expect.
Introducing Universal Reward Protocol (URP) – A Universal Reward System For Shoppers
The Universal Reward Protocol (URP) is a blockchain-based solution built to address the challenges highlighted above. The URP is a brand new system that allows retailers and brands to communicate and interact directly with their shoppers in a transparent manner, and also reward their shopping behaviors and data sharing in a personalized scenario. URP enables retailers to reward various activities of their shoppers, such as simply buying a product. When shoppers agrees to share their shopping behavior data with the network, they earn rewards in the form of URP tokens, These data can be used by retailers to provide a more personalized shopping experience for each customer. Shoppers can now use these tokens to buy goods and services that have been tailor-made for them through the analysis of data that they have provided.
So, how does the Universal Reward Protocol works?
Rewarding a shopper through URP consists of 8 steps:
Step 1:
Retailers are expected to design their respective campaigns in the URP web interface in a way that provides an incentive to shoppers’ behavior laying down the conditions to fulfill and the reward applicable.
For example: A retailer might be willing to give a particular reward to each shopper that buys something in the store.
Step 2:
The campaigns will be made available on the blockchain as a smart contract.
Step 3:
The various campaigns become available to shoppers.
For example: Shoppers can go through available offers by retailers on his smartphone inside the URP application.
Step 4:
The shopper will agree to the campaign data collection terms & conditions. This agreement is recorded on the blockchain.
For example: A shopper agrees to get rewarded for a buying a particular product and shares the details of the product bought.
Step 5:
A dApp collects data on the shopper’s type of behavior relevant to the campaign.
For example: The Occi dApp collects the product description data.
Step 6:
The dApp produces Proof-of-Behavior (PoB) data that certifies that the conditions of the smart contract have been fulfilled. A hash of the PoB is sent to the Smart Contract.
For example: A data point showing that the shopper bought a particular product is presented as proof-of-purchase.
Step 7:
The contract will then release the reward, after PoB has been authenticated.
For example: The shopper’s wallet is credited with the promised amount of URP tokens.
Step 8:
The full PoB data is encrypted on the blockchain and sent securely to the retailer.
After getting the reward tokens, the shopper can choose to redeem the tokens with the same retailer, or any other retailer on the URP network, through a personalized offer that the retailer has designed based on the data that the shopper has previously provided through PoB.
The URP token Utility:
- Retailers will reward shoppers with URP tokens based on the campaigns they choose to participate in. Shoppers can then redeem these URP tokens in exchange for discounts, gifts or premium services on the URP network.
- The URP token serves as an incentive to shoppers in order to encourage the desired behaviors in them. This token is redeemable across all retailers in the network, which makes it a universal reward.
Token Information:
Token Name: URP
Total Supply: 600,000,000
Token Price: 0.1EUR
Type: ERC 20
Soft cap 5,000,000 EUR
Hard cap 20,000,000 EUR
Token Allocation:
• Token Sale - 40%
• Reserve - 35%
• Founding Team – 15%
• Advisors - 5%
• Incentive Programme - 5%
Meet The Visionary Team Behind Universal Reward Protocol:
Meet The Advisors:
Conclusion
URP is developing a platform that is truly revolutionary and worlds apart from the way retailing is being done before in that URP allows retailers and brands to reward individual shoppers for any behavior they deem relevant for customer acquisition. This helps to provide a tailor-made, personalized shopping experience to shoppers thereby retaining them on the platform.
For more information about Universal Reward Network, visit the following useful links:
Website: https://rewardprotocol.com
Whitepaper: https://rewardprotocol.com/wp-content/uploads/URP_Whitepaper_VL3.pdf
Telegram: https://t.me/UniversalRewardProtocolOfficial
Twitter: https://twitter.com/RewardProtocol
Facebook: https://www.facebook.com/Unitedfans-182663395666593/
ANN: https://bitcointalk.org/index.php?topic=4446716
BTT: https://bitcointalk.org/index.php?action=profile;u=2077261
Bounty0x Username: Folorunsho15