BitRewards, the blockchain-based rewards, and loyalty system for e-commerce businesses, announces a partnership with OSA Decentralized — an AI-driven blockchain platform that collects and analyzes data from retailers, manufacturers, consumers, and open data sources in real-time.
The pursued strategy will help both companies to shape the future of the retail market.
OSA is an acronym for optimal shelf availability — a standard term in the retail industry that refers to the immediate availability of all the relevant goods on a retailer’s shelves at any moment in time. The retail industry loses $400 billion in sales annually from product shortages and understocked inventory. But it is just a part of the problem.
The problem itself is even more diverse because retailers and product brands either may suffer negative consequences of stock-outs indirectly; for instance, they may feel the effects in the 55% of shoppers who report having given a negative social media review to suppliers or retailers, according to PwC. The retail market badly needs a technological solution that will improve all the processes while fixing inefficiencies.
The platform aims to solve the major challenges retailers face across the globe due to the distrust and lack of transparency that plagues the supply chain industry. OSA Decentralized has already attracted a lot of attention and high valuation from experts community — for instance, it was awarded 1st place at d10e in Seoul — the leading conference on decentralization.
The partnership between OSA and BitRewards aligns 5 key points:
- BitRewards integrates with OSA DC;
- The retailers connected to OSA DC receive exclusive access to the BitRewards platform so that they can easily launch loyalty programs for their customers;
- The retailers’ customers receive BIT tokens as a cash-back for their purchases;
- There will be an easy and secure exchange of BIT tokens to OSA tokens (through Bancor, for instance);
- Both companies will start working on the token exchange economy soon to approach a win-win model.
The crypto market becomes mature day by day and already established businesses are coming on the scene to replace all those idea-only backed projects. In that sense, BitRewards and OSA have a lot in common: OSA was established in 2015, it’s already a successful standing business serving the world’s leading FMCG companies including Coca-Cola, Mars, L’Oreal and many others.
In its turn, BitRewards is based on GIFTD, a motivational marketing SaaS that has been (and still is) on the market for over 5 years, it works with a global companies like TUI, WarnerMusic group, and GoPro, some of them have already confirmed that they will implement blockchain-based loyalty solution from BitRewards.
Alex Egorov, CEO BitRewards, and GIFTD, commented on the partnership:
“Every year millions of retailers spend in excess of $20 billion on loyalty software, and they do it only in order to stay in the market. Taking into account other problems the retailers may have such as supply chains, product shortages and many more, there is a clear need for a comprehensive solution that will fix all inefficiencies of this market. At BitRewards, we see this partnership with OCA Decentralized as the first step towards this goal.”
Alex Isaiev, Co-founder of OSA Decentralized, gave the following statement on the collaboration of the two projects:
“At OSA, we are doing our best to ensure that our application will be used by millions of shoppers daily, and large brands will grant cash back to shoppers with our coins. We believe that loyalty means a lot in the consumer retail market, and we are thrilled to have found kindred spirits at BitRewards. We look forward to their progress and collaboration with like-minded initiatives.”
The synergy of both companies will fuel the retail market and unite various parties that are disconnected at the moment — retailers, loyalty software developers, data providers and end customers.