With Qiibee, the future is here.
What's in your wallet?
And Since the recent "Mobile wallet" innovation for Loyalty reward programmes, that includes your virtual wallets too.
Before the advent of these Smartphone based applications, much of what these purportedly consumer-centric, "loyal-customer rewarding" platforms promise, result in nothing but palpable, fat sized wallets,, inundated with safely stored hoarded loyalty cards that are barely ever redeemed.
According to a study conducted in 2008 by Consumer Reports, more than 80% of adults in Western economies participate in at least one and oftentimes multiple competing loyalty programs (Colloquy 2017). Moreover, the average American household is registered in 29 loyalty programs, but uses only around 12 of them (Colloquy2017), because more than 80% of users just want to use one loyalty ecosystem with one underlying loyalty currency.
Think about the last time a brand you patronised managed to efficiently integrate the "driving sales and attracting repeat customers tactic" with a solid, consumer rewarding and incentivizing plan to boot.
Got one? Yeah, I thought so. Loyalty reward programs are often just marketing strategies dressed up with the loyalty reward nomenclature. Only a handful of brands have been able to master this subtle delineation, crafting out a well suited, consumer-centric niche amongst the highly competitive loyalty market.
Loyalty is actually an emotional relationship, not a synonym for repeat purchases.
But what if companies used their loyalty programs to make the product or service better for me? What if, instead of compensating me for what is usually a similar (and not very good) experience, they made the experience better? Now, that would really be a loyalty program that I'd care about, and that's a card that would probably move out of the undifferentiated mass in the middle of my wallet to a special place in my heart.
Credible examples of these brands incinclude :-Starbucks, Walgreen that incorporate the loyalty market to their quasi lifestyle type of mobile application. "Lifestyle" been the key term. With points that are redeemable in real time, convenience of use and incentives for consistent engagement, these brands have been able to subvert the sales driven, "repeat customer pursuing" status quo with the development of these lifestyle enhancing, mobile based loyalty reward programmes.
Offcha
However, As seen with the qibee off the chain initiative launched in 2015, identified loyalty market problems far outweigh the scope of solutions offered by these smart applications.
With 35m data sets created, 100k active users, 6m customer activities and 900 brand partners within the space of only 12 months, the off the chain qiibee platform was able to create value, engage users, brand owners as well as gain the vital experience and firsthand knowledge required to catalyse its next big, blockchain based step.
Qiibee the future is here.
Qiibee is a decentralized loyalty ecosystem with the aim of making the loyalty landscape more efficient and user-friendly and in all, create a better experience for both the brands and the customers.
Think of Qiibee has this gargantuan multiwallet for all your virtual loyalty points. Not only does qiibee secure all your reward value points, it also allows for interoperability amongst all of these loyalty points. In the words of the CEO and Cofounder of Qiibee at the 12th global edition of d10e,
"For example, I Can Fly ATR, I get My ATR Tokens now I want to have a Starbucks Coffee, so I just exchange my ATR tokens for Starbucks tokens and get my Coffee".
All of that awesomeness is only a few clicks away! Think about the limitless possibilities and the fragmentation problem solved by the Qiibee ecosystem. As opposed to the locked-in reward system type that is the status-quo, wherein customers are at the mercy of the brand for exchange, the Qiibee platform will be implemented with the the optio of brand token exchange and the possibility of investing in other cryptocurrencies.
Asides from redeeming these tokenized rewards in form of various products and services, users are allowed to send as well as receive tokens from other Qiibee users, cash out their QBX based tokens and obtain real value for points won.
The Qiibee platform is in all, Stakeholder friendly. The blockchain based update tends to each and every key player in the loyalty ecosystem and provides solutions to the peculiar problems of the traditional loyalty reward programmes.
Loyalty reward programmes often deal with the acquisition of huge data sets, this poses a great risk in terms of the possibility of a massive data breach, since the data is often centralized. However with Qiibee wallet 1.0 being built with the blockchain tech, brands can boast of securely protected data on it's near trustlesss foundation.
The token reward and redemption dynamic on the Qiibee platform engages the users in a positive feedback loop, makes said engagement valuable and encourages consistency and increased user activity.
token
This dynamic also subverts the status quo. Unlike the "reliquary of promise" function assigned to tokens in the traditional loyalty market, loyalty tokens bought by brands are tradeable and are a store of real value. In this way, asides from the Qiibee platform rendering on-the-chain transitioning costs unnecessary and next to negligible for brands, brands are able to eliminate the deferred revenue balance sheet problem that is peculiar to the the traditional loyalty market.
Takeaway points from the Off the Chain Qiibee platform launched. Unveiling the vulnerabilities of the current system.
Brands require freedom and control over the interface of their programme.
With brands desiring control over the interface of their programs and not necessarily interested in being connected with other brands via the same point, just as consumers prefer to engage with their favorite brands and are constantly
comparing different loyalty programs, It became reasonable to develop a blockchain tech infused version in other to allow these brands to create their own Loyalty programs.
The Qiibee developer kit is an open source kit which consists of everything needed to successfully run the loyalty program on the blockchain, from support to education. The developer kit enhances seamless integration on the blockchain allows brands to opportunity to create their own Loyalty programs while retaining full control of the interface and customer journey.
The developer kit and the Qiibee app are the core pillars of the Qiibee ecosystem. With the Qiibee application, users are updated about new programs able to exchange/send/receive cash out tokens. Brands can also also utilize the Qiibee application in boosting visibility by hosting loyalty airdrops wherein users are gifted loyalty tokens.
The plug and play feature characteristic of the Qiibee ecosystem ensures that brands maintain overall control of their interaction with customers, for example, control individual application interface, brands can also determine how and when they want to reward their clients in exchange for the goods and services purchased.
To begin the Twofold qiibee loyalty programme setup, a brand sets up its loyalty budget. The brand then buys QBX on the public market based on this fixed budget. _ A smart contract is deployed which creates the loyalty tokens and sends them to the brand. The brand then decides how the tokens are allocated_.
Off Chain vs On The Blockchain.
There are endless possibilities associated with the blockchain technology. For brands that have off-the-chain loyal customer rewarding programmes, the incentives present on the blockchain represent a tech based, stakeholder-centric means of integrating solutions to the multi-problemed market.
Advantages of the Qiibee multiblockchain over Off the chain solutions include:-
- Decentralization.
- Enhanced security.
- Reduced costs.
- Redeemable tokens with real value.
- Tokens with no breakage and increased user interaction.
The Qiibee Platform subsists on two blockchains. A public ethereum blockchain and Qiibee's private blockchain. This multi blockchain system exists as a result of the scalability issues of the ethereum blockchain.
Token economics and smart contracts.
The public Ethereum blockchain is where the QBX token is deployed and its main use is
to back the loyalty tokens that are generated on the private chain. The QBX therefore functions as sort of entrance and exit to the qiibee ecosystem while the loyalty tokens only exist in the private blockchain.
The qiibee private chain stores the smart contracts that rule and define the ecosystem. Mining occurs when new transactions are executed and Nodes are in charge of validating and confirming transactions.
In terms of the infrastructure, the nodes are currently maintained by qiibee: One half of
them on separate Amazon EC2 Service instances and the other half on “dedicated servers” in Nürnberg and Frankfurt, Germany so as not to depend only on a same service.
Cryptoloyalty is a fitting term that bestdescribes what Qiibee has to offer all stakeholders of the loyalty market. Qiibee catalyses a positive feedback process backed by cryptography wherein users obtain real value through their engagement and loyalty while brands can explore their relationship with their users, save costs and enhance security.
What's in your wallet? The Qiibee platform makes it an easy one to answer.
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