New BitRewards tools, ecosystem development, and some social commerce stats
Hey there! We welcome our community and continue talking about our recent updates.
Unlike a great number of crypto-projects, instead of reckless spending on the informational noise and verbal interventions into token market price, we have focused all our efforts on making substantial progress with our product and have real traction, which promises great results for our business model and our token holders.
Over the past few months, we have managed to significantly develop the efficiency and integrity of our tools, which solves the important problems of retailers, sets out the growth points in new directions and gives the retailers a unique opportunity to reward their customers in cryptocurrency. We have also worked hard on packaging the tools, honing our sales pitches and reducing the time-to-value for our customers, which is a necessity for any service company. In April alone, we connected 18 new stores to our platform from various niches: beauty and cosmetics, clothes, event organizers and pet products. Some of the customers are testing the new tools, about which you will hear below. We are receiving a lot of statistics and useful feedback on what our customers think is cool, what they feel they are lacking and which facets of the tools can be improved, which is super important because this data allows adjusting the settings of various BitRewards tools, making it more useful and extremely competitive.
The BitRewards referral system launched by us has already shown excellent results with a client in the field of beauty and cosmetics — «Only French». Although the referral program is a long time game for every company, right in the first month after the implementation, our partner received 129 new orders from the new referral channel, which was generated by the current customers of the store. We plan to improve this progress and start active scaling of the referral system with the retailers over the entire retail spectrum.
If you have connections with the owners of online stores, you can participate in our own affiliate program. To do this, hit us up at email@example.com and we will send you the detailed information.
And now let’s go check what news we’ve got for you!
«Lucky spin» — a new gamification widget
Did you know that 98% of site visitors leave online stores without buying and never come back? To address this problem, we have already had a working tool called «Motivating Widget», which interacted with the users that potentially lost the interest while browsing the online store’s website. But the work with the bouncing users can’t be overdone, so we have developed a new incentivizing tool that uses gamification and allows us to keep new users who are about to leave the site and get them to buy and maybe come back. We called it «Lucky spin» (check how it works in this link).
The mechanics are very simple. If our system implemented at the website, understands that the user is about to leave without the purchase, we invite him or her to participate in an instant drawing. To do this, they need to give a spin to a virtual roulette and immediately find out the result. The online store sets rewards that the users can win. Most of the time the rewards are attractive discounts, small gifts or a chance to win a larger prize. This tool is also designed to collect contact information of the users and offer them other game mechanics via email or instant messengers, creating a positive impression of the store and returning users back to the site to make a purchase.
«BlogRewards» — harnessing the influencer commerce hype
Another useful tool that we have built addresses one of the biggest problems with online advertising. Nowadays, all Internet users develop «banner blindness» — a condition when ads almost entirely stop to be visible. Because of this phenomenon, the cost of classic digital advertising is constantly growing.
An efficient emerging alternative is native advertising through opinion leaders. It is a totally different thing when a product is recommended by the person you know or follow on the social network. Such advertising is seven times more effective than any other promotion channel. No surprise, that the influencer marketing market size is predicted to reach US$10 billion in the Western world alone by 2020. Asia will reach approximately the same figure by the same year.
It is clear why influencer marketing is so booming:
- Only 1% of millennials trust advertising. At the same time, ⅓ of them read blog reviews and social media comments for making purchasing decisions.
- Tomoson (an influencer marketing company) study shows, that influential marketing’s ROI is more than 600%.
- 40% of people admitted that they bought something online after seeing the message by an influencer on YouTube, Instagram, or Twitter.
- 71% of influencers agree that their audiences are attracted to them, because of their honesty and candidness, which shows the obvious value of the influencer marketing — if the product is genuinely great, there’s a high chance it can sell itself through the word of mouth.
We aspire to be at the top of commerce trends and technologies, so we developed and successfully tested with the first customers a new tool that allows promoting goods or services through influencers. The smart algorithms do the most work inside of the tool. Here’s briefly, how it works:
BitRewards system selects the best key opinion leaders from the advertiser’s niche, based on their engagement rates and other data and filtering fake accounts and followers. The merchants or brands are setting the campaign tasks, which the influencer is required to perform and rewards that they will acquire. For example, an influencer needs to make an Instagram post, containing a relevant picture, write a review of the product, inserting necessary hashtags and shoot a «stories» video. After the influencer completed the task, our system checks if the actions match the instructions of the advertiser. If all is well, the influencer gets the reward. This type of advertising campaigns is in great demand by advertisers all over the globe. There are several dozens of channels, through which the opinion leaders can reach out to their audiences, but the most active platforms are Instagram, YouTube, TikTok, Weibo, Twitch and Xiaohongshu (Little Red Book).
The rewards for the BlogRewards product as well as for Lucky Spin widget can be granted in BIT tokens, which increases our tokens utility and expands the BitRewards ecosystem.
We are extremely excited about these new developments of our tools and about the technologies that allow for truly new approaches to customer engagement. We are working hard on the integration of the abovementioned tools into the BitRewards platform and continue testing its efficiency with the clients. Several other fascinating tools are in the process of building and testing, which will make our system even more flexible and efficient. BitRewards proves to be one of the most cutting-edge services for online commerce out there, so please stay tuned for the upcoming updates.