BitRewards Vision
The main goal of BitRewards is to create a breakthrough product in the area of loyalty for e-shops. With this in mind, we develop and test products according to our roadmap and are always on the lookout for new opportunities in the field of loyalty and related products.
According to our roadmap, we already reported that we prepared the core product, “Loyalty platform with cashback in cryptocurrency” with flexible settings in rewards and actions for which they are given. The system is easily integrated into any online store via two simple lines of code.
At this stage, we have already launched the first pilot program of integration with our partners. Using BIT tokens, even today, you can already buy GIFTD services.
In the upcoming month we’re preparing:
- A release of the Marketplace with a cashback, where the offers of the largest online stores will be featured where cashback will be paid in BIT tokens, increasing the market demand on our cryptocurrency.
- Mobile application for buyers, where it’s possible to earn and spend BIT tokens.
- Product releases for the core product: we’re connecting effective widgets for instant motivation.
Also, we’re conducting a large-scale study of the market for loyalty and related niches in order to find that perfect niche for launching a breakthrough product. In the course of the study, we analyzed the services offered by some of the top-ranked companies in the sphere of loyalty, estimated their profits, the cost of products and the services provided [1].
Many products in the field of loyalty are in high demand, but nevertheless remain unautomated, since they work in more established markets. As our technologies and developments allow for the creation of almost any product in the sphere of loyalty very quickly, we’re moving towards the release of such niche products and testing the demand for them, which will serve to replace the services of large agencies.
Our strategy is to create effective products in the field of loyalty, which merchants will be able to easily and independently install and use. We select these products in already operating niches with an income of $3M to $10M [2]. From products sold through direct sales in these markets, we will create automated products that are independently sold via subscription models. The average initial cost of loyalty products is running at approximately $49 /mo [3]. Considering that there are about 2–3 million [4] online stores in the world (that’s not including China) reaching 0.2% of online stores will be enough in order to generate revenues of $3M.
The key indicator for us is to achieve a higher rate of connecting with merchants. This is the major challenge we faced when selling the core product, and that’s an entirely normal happening when building a business. Having already attained such experience, we simultaneously test the demand for different “packages” for our products.
Now we’re preparing a referral/influencer product — the Share button with a cashback. Share buttons on their own bring up to $80M in revenue [5], and referral products bring up to $12.2M. We create a niche and easy-to-use tool. Everyone is familiar with the Share button, but the user that shared it will receive a reward for bringing in new customers. And all these features will work right out of the box, integrated with BitRewards core platform. We plan to test the demand for this tool in the upcoming month.
Along with that, we’re developing in the following areas:
- Analyzing the effectiveness of all loyalty tools. The best results are shown by a tool with time-limited promo codes for new customers. We already have a practically complete technical solution, and currently, there is no similar automated product on the market.
- Large online stores often turn to agencies to develop sophisticated loyalty programs. We figured out how to automate part of this process to lower the entry threshold for medium-sized companies. Preliminary discussion with evaluation and selection of the necessary loyalty products can be reduced to the logic of the AI-bot, which recognizes the sphere of activity, turnover and current indicator, then offers professional solutions. If the customer is ready to work further, we continue into sales.
- In the offline sector, there are many purchases made for which buyers do not receive any rewards, and for which there are companies ready to pay. Imagine you have a coffee shop, and you have access to thousands of customers from other coffee shops, which you can invite over by presenting a welcoming gift to them. It’s really a win-win situation (On the plus side, both sides remain) and this kind of product has a massive virality.
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References:
[1] The estimate is based on more than 30 companies with the highest revenue as published on https://www.owler.com/
[2] Among such companies are https://www.extole.com/, https://www.dynamicyield.com/, https://zinrelo.com/, http://crowdtwist.com/
[3] For instance, the pricing of the tool https://www.referralcandy.com/pricing/
[4] http://blog.pipecandy.com/e-commerce-companies-market-size/
