Loyalty points, rewards and referral bonuses are well famous strategies used by the e-commerce marketplaces. If you're familiar with e-commerce marketplaces such as online retail stores, most of them use these strategies to improve their customers loyalty and retention. What they do is introduce rewards or point system to their marketplace and the customers will receive those rewards or points for their activities such as purchases, referring friends, social activities etc. Customers can redeem those points/rewards for their future purchases or sometimes it can be withdrawn.
With the rapid growth of e-commerce industry, there is a huge competition between marketplaces and therefore retailers have to use these strategies to have customer loyalty and profits. But, the problem is how effective is these loyalty programs. Because, most of such programs fail to get client's attraction due to the difficulty of earning points. So, the ultimate result is not positive for the customers or even retailers.
BitRewards comes into the picture as a unique solution for all these issues in loyalty programs with blockchain technology. Let's see how BitRewards platform solves these problems.
BitRewards token (BIT)
BIT is the cryptocurrency introduced by the BitRewards platform to solve these issues, which is a Etherium based ERC20 compatible token. BIT is the currency unit used to conduct all operations within the BitRewards platform. That means customers will be rewarded with BIT tokens on any loyalty program.
The importance of a single currency unit for all the loyalty programs can be explained by a simple example. Let's consider you engaged with a loyalty program in a retail store and you have earned some points. But, those points are only redeemable within that particular store and you won't be able to use them outside. But, if you're rewarded with a cryptocurrency, you have a lot of benefits. Mainly, you can withdraw your tokens to any ERC20 compatible wallet like MyEtherWallet, MetaMask, etc. And also, it's tradable on exchanges. That means you can buy or sell them for fiat currencies or you can convert it to another cryptocurrency. So, all these features you will have with this BitRewards ecosystem and their BIT tokens. BitRewards called this as a customer-centric approach.
Every user on BitRewards network will have their own single wallet and that is the wallet, you receive all BIT tokens from the loyalty programs that you rewarded with the BIT tokens. That wallet allows you to withdraw BIT tokens to any ERC20 compatible wallet.
Benefits for Retailers
This network gives benefits not only to the customers, but also for retailers. BitRewards is a totally free platform. Any retailer can easily install their modules or plug-ins easily, no need any advanced technical knowledge. BitRewards offers plug-in and modules for all the popular online trading platforms such as OpenCart, Shopify, WordPress, Magento, etc.
Also, BitRewards offers an AI based data analysis system called BitRecommendations for all merchants, which automatically recommends suitable actions and rewards for the moment to get more advantages.
Token Sale
BitRewards conducts an four stage initial coin offering program and already two stages has been completed. Whitelist presale stage will be conduct from April 9, 2018 to April 11, 2018 and the public token sale will be conducted from April 12, 2018 to May 9, 2018. Below figure shows the details of the toeken sale. You also can participate on their token sale from BitRewards website: https://bitrewards.network/.
I invite you to participate in this great project if you're interested to invest on good projects. ICO rating systems has highly recommended this project and these are a few of them.
You can read more about BitRewards project from their whitepaper. https://bitrewards.network/wp.pdf
My BitcoinTalk profile: https://bitcointalk.org/index.php?action=profile;u=1611255